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JD Sports has closed 13 shops across the UK amid a drop in revenue and profits in the first half of the year due to “strained consumer finances.”
JD Sports has 412 shops across the UK, on 6 September the retailer closed the Dagenham store at the Heathway Shopping Centre.
In the 26 weeks to 2 August the business experienced 2.5% fall in sales, which fell to £5.94 billion.
Chief executive Regis Schultz said the trading environment is looking uncertain for the rest of the financial year.
The retailer’s adjusted pre-tax profits dropped by 13.5% to £351 million in the 6 month period.
Shulz said, “We delivered organic sales growth of 2.7 per cent in H1, in what remains a tough trading environment.”
He added, “This demonstrates the resilience of our business, underpinned by our agile multi-brand model, broad geographic reach and unmatched connection with customers.”
Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said, “Overall, sales don’t tell the true story here, with total revenue rising by a seemingly impressive 20% in the period.
“But this growth was fuelled entirely by the acquisitions of Hibbett in the US and Courir in France last year, which are helping to flatter current performance.”
“Whilst we remain cautious on the trading environment for the second half, we expect limited impact from US tariffs this financial year, and our full-year profit before tax and adjusting items to be in line with current market expectations,” he added.
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