World Cup comparisons sour like-for-like figures for retailer JD Sports
The group, which operates 350 JD Sports and Size outlets in the UK, said same-store sales for the first 18 weeks of the financial year declined by 2.8 per cent, up from a 1.2 per cent fall in the first eight weeks.
JD reported a fall in like-for-like sales in both its sports and fashion sectors, down 3 per cent and 1.6 per cent respectively. But the retailer warned it was hard to interpret underlying trends because of the World Cup comparison. In its short first-quarter trading update, the firm also maintained its cautious outlook as the squeeze on consumer spending continues.
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Hide AdThe retail sector has been under heavy pressure in recent months as companies - including JD rival JJB Sports - have announced store closures in the face of soft trading.
Mark Photiades, analyst at Singer Capital, said JD remains "an extremely well-run business" with a number of growth opportunities at home and overseas. He said JD's overseas businesses - Chausport in France and Champion in Ireland - are fit for development and the refit programme in its core sport business in the UK presents a strong opportunity for growth.