JD Sports Slashes Profit Outlook as North America Sales Tumble 6.8%
NKE is trading near its 52-week low of $38.86 (5.8% above the low).
Summary
JD Sports cut its full-year profit guidance to £700M-£800M from £750M-£850M after Q2 like-for-like sales fell 3.1%, with North America down 6.8%. The retailer cited weaker consumer sentiment, slower high-heat footwear demand, and deferred back-to-school spending. Nike accounts for about 45% of JD Sports sales, so this warning signals continued softness in Nike's wholesale channel and North American market. This follows Nike's own gloomy outlook from late June, reinforcing the negative read-through for Nike's upcoming quarters.
At the time of this announcement, NKE was trading at $41.10 on NYSE in the Trade & Services sector, with a market capitalization of approximately $60.9B. The 52-week trading range was $38.86 to $80.17. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.