JD Sports sales slumped in October

Third-quarter revenue across the group fell 0.3% year-on-year on a like-for-like basis and increased 5.4% year-on-year on an organic basis for the three months ended 2 November 2024.

UK like-for-like revenue declined 2.4% year on year, which the group attributed to unseasonably mild conditions in October.

The group now expects profit before tax and adjusting items (PBT) to be at the lower end of its original guidance range of £955m-£1bn.

JD Sports Fashion CEO Régis Schultz said: “After a good start to the period, helped by strong back-to-school sales, we saw increased trading volatility in October, particularly in North America and the UK, reflecting elevated promotional activity and mild weather.

“We have performed well in the key trading events this year and we are well positioned for the upcoming peak season. The trading environment remains volatile though and, following October trading, we now anticipate full-year profit to be at the lower end of our guidance range.”

The group opened 79 new JD stores during the third quarter as part of its global store expansion programme. The total number of stores as of 2 November was 4,541, up 1,224 from the start of the year, including 1,179 fascias acquired with US rival Hibbett.