JD Sports sales fall in line with forecasts
Sports retailer JD Sports Fashion has seen sales continue to fall at a growing pace but said the declines remain within its expectations.
Sales falls seen in its full-year results have continued over the past three months, giving a like-for-like decline of 2.8 per cent in UK and Ireland net sales.
JD Sports, a one-time potential buyer of struggling rival JJB Sports, said its margins had also deteriorated in line with expectations.
“Our cautious outlook….remains unchanged and continues to be based on the very clear downward pressures on levels of gross consumer expenditure in our market and the increased VAT take from such expenditure,” it said in its interim management statement.
However, it hinted that it was still interested in acquiring another company or its assets.
“We continue to be well positioned to exploit our financial strength to take advantage of any strategic opportunities which may arise,” it said.