LONDON (Reuters) -British sportswear retailer JD Sports Fashion beat a consensus forecast for first-half profit and said it was on track to meet annual guidance, showing its multi-brand strategy working at a time when Nike is struggling.
The FTSE 100-listed group, which sells Nike, Adidas, On, HOKA and other brands in Britain, Europe and the United States, said on Wednesday it would meet targets, despite what it called a competitive and promotional marketplace.
Nike on Tuesday posted disappointing quarterly sales growth and warned its holiday season would likely to be filled with discounts.
For the 26 weeks to Aug. 3, JD Sports posted adjusted pretax profit of 405.6 million pounds ($538.35 million), ahead of analyst expectations of 384 million pounds.
“Our success is a direct reflection of the strength and agility of our global, multi-brand strategy, which allows us to adapt swiftly to fast-changing industry trends across the world,” Chief Executive Regis Schultz said in a statement.
The group also reiterated its guidance for annual profit of between 955 million pounds and 1.035 billion pounds.
($1 = 0.7534 pounds)
(Reporting by Sarah Young, Editing by Paul Sandle)
Formula 1 bosses have delayed a plan to host an end-of-season race for aspiring drivers until at least 2025.The idea, dubbed the 'rookie race', was to host a sp
Emerging Ireland started their tour of South Africa with a strong 36-24 win over the Pumas in Bloemfontein.Sevens star Zac Ward, who is transitioning back into
Hull KR's Mikey Lewis, Warrington Wolves' Matt Dufty and Salford Red Devils' Marc Sneyd have been nominated for the 2024 Steve Prescott MBE Man of Steel award.T
British gymnast Becky Downie has not ruled out a return to competitive gymnastics after surpassing her expectations at this year's Olympic Games in Paris.The 32