JD Sports Fashion, the leading British retailer of sports lifestyle products, indicates that comparable store sales have deteriorated at its sports stores in the last weeks. In an interim management statement for the weeks from Jan. 30 until June 4, the company said that they dropped by 3.0 percent, while they fell by 1.6 percent at its fashion stores. The retailer added that its profit margins had weakened in line with its expectations.
About two months ago, when it issued its results for the full year ended on Jan. 29, JD Sports Fashion said that for the first eight weeks of the current fiscal year, through March 26, comparable sales had declined by 1.4 percent for its sports stores, and that they were flat for its fashion stores. At the time, JD Sports Fashion was cautious in its outlook, pointing to strong downward pressure in consumer spending in the U.K. and Ireland. However, the retailer stresses that the latest comparatives are not so easy to interpret, because they coincided with the run-up to the football World Cup in 2010.
The retailer will provide its next trading update with its interim results on Sept. 21.