JD Sports UK business hit by bad weather and Red Sea disruption | JD Sports Fashion

JD Sports UK Business has seen demand for camping kit and clothing fall due to a drop in sales after the Red Sea halted deliveries.

The UK-based retail group, which owns Millet and Black, said sales of its outdoor kit chain fell 5.3% in the six months to August from March 3, as key product lines were affected by Yemen delays or Houthi attacks on transport and early days. Easter is out of the camping season for the first time since 2018.

Bad weather has made the problem worse, it said, reducing demand for seasonal outdoor items such as tents and camping gear.

The chilly, wet weather also reached the UK's major JD sportswear chain Group, where same-store sales fell 4.6% in what the group described as a challenging and often volatile British market.

JD said unfavorable spring and early summer weather conditions, reduced footfall and full demand for the season had led to a surge in discounts in the market. [clothing].

Strong sales of replica football kits at the Mens European Championship helped boost top line performance, but reliance on these low-margin items led to a 14% decline in profits.

Shares of JD Sports, which owns Sprinter in Europe and Finish Line in the U.S., fell 4.5% in early trading on Wednesday. The poor performance in the UK has added to concerns about the athleisure market, sparked by Nike reporting a 10% drop in quarterly global sales on Tuesday.

RGIS Schultz, Chief Executive Officer of JD Sports, said he was confident in JDS' ability to outperform the wider sportswear and athletics market and its multi-brand, multi-country mix.

[The sportswear market] He said there would be structural growth in the coming years, with continued favorable trends towards casualization and active lifestyles.

Schultz said he was looking forward to working with Nike's new CEO, adding: Nike will be back. Nike will be fine. Nike is a powerful brand.

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The decline in UK sales was largely due to the weather and had nothing to do with consumers, Schultz said. [sentiment]. Vintage running gear has spread beyond the revival of Adidas Gazelle and Samba shoes during the Christmas run.

JDS' poor UK performance was offset by strong sales growth in Europe and the US, which is JDS' largest single market and accounts for nearly 40% of sales. Group sales fell 5.055 billion and pre-tax profit fell 64%, including one-off costs such as warehouse closures and the acquisition of US chain Hibbett.

The group still expected to hit profit expectations of between £995m and £100m for the full year, but said the foreign exchange shift would cut profits by £6m in the first six months of the year and deliver a £20m hit in the second half of the year.

Sources 1/ https://Google.com/ 2/ https://www.theguardian.com/business/2024/oct/02/jd-sports-uk-business-bad-weather-red-sea-disruption The mention sources can contact us to remove/changing this article

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