0841 GMT - JD Sports' woes are related to key supplier Nike, even if the U.K. sportswear retailer hasn't called out any brand in particular, says Mamta Valechha, consumer discretionary analyst at Quilter Cheviot. The supply of new franchises will be further constrained over the next few seasons, and this is likely to hinder top-line momentum for JD Sports too, Valechha says. JD Sports protected its gross margins by not fully participating in the market promotions that characterized trading in its market, but saw lower sales as a result. The weaker sales mean the U.K. retailer downgraded full-year profit guidance by around 7% at the midpoint, with the top end of the new guidance still coming in below the lower end of the prior, the analyst notes. Shares are down 10%. (cristina.gallardo@wsj.com)
(END) Dow Jones Newswires
January 14, 2025 03:41 ET (08:41 GMT)
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