Weak consumer spending led to a drop in profits at JD Sports. The British fashion retailer, which does gain market share, is betting on cost savings and operational efficiency
“Operational and financial discipline”
The retailer, which sells sports brands such as Nike and Adidas, saw adjusted profit fall 13.5% to 351 million pounds (about 410 million euros) in the first six months to Aug. 2. Comparable sales fell 2.5%. Nominal sales did rise 18%, mainly due to acquisitions of Hibbett in the U.S. and Courir in France. The retailer says it gained market share in North America and Europe.
