Sales of trainers dive as cost of living pressures hit JD Sports performance

Inflation deterring shoppers from spending, especially in the US, says sportswear fashion chain Sports fashion retailer JD has slashed its profit forecasts as cost-of-living pressures, fuelled by the US war on Iran, weighed on sales of trainers. JD Sports, which sells a range of sports brands including Nike and Adidas, said widespread inflation had hit shoppers’ wallets, resulting in falling sales across important markets such as the US, where it struggled to quickly shift trainers and other footwear. Bosses went on to warn that the wider drop-off in consumer spending would likely continue into the second half of the year, leading to lower-than-expected profits. The sports retailer now expects pre-tax profits of between £700m and £800m for the full year, having previously hoped to reach £750m to £850m. Overall, JD said its like-for-like sales fell by 3.1% in the second quarter, with its North America operations taking the biggest hit, falling by 6.8%.

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