JD Sports warns on profit as consumers rein in spending

Sportswear retailer JD Sports Fashion lowered its full-year profit forecast on Thursday, citing higher costs, a slowdown in consumer spending and subdued demand for apparel amid milder weather conditions.

Retailers in the UK have experienced tepid growth as the ongoing cost-of-living squeeze prompts shoppers to rein in spending on non-essential items.

The company, which sells Nike, Adidas and other sports fashion ranges, now expects profit before tax and adjusted items to be between £915 million and £935 million (€1.06 billion and €1.08 billion) and for the year ending February 3rd.

It had earlier expected profit to be in line with market expectations of £1.04 billion.