JD Sports Fashion has seen sales dip dramatically for the 11 weeks since September 13 but the group said it expected to meet profit expectations for the full year.
JD Sports Fashion said that like-for-like sales fell 1% in the 11 week period. Like-for-like sales at its sportswear fascias were down 1.8% but like-for-like sales at its fashion chains remained positive, up 3.3% for the period. Within that, Bank saw like-for-like sales rise 8.7% but Scotts saw a 6.8% fall in comparative figures.
JD Sports Fashion said that the sales fall off was partly due to the general economic background but pointed out that its chains were also up against tough comparative figures for the same period last year when the sports business saw like-for-likes up 12.9%.
JD Sports Fashion’s cumulative like-for-like sales are up 4% for the 43 weeks to November 29, with sports up 3.6% and fashion up 6.7%.
JD Sports Fashion said in a statement: “The overall performance is not unexpected given last year’s strong comparatives in the sports fascias and the board remains confident that profit before tax and exceptional items for the current financial year will meet current market expectations.”
JD Sports Fashion bought a 10% stake in JJB Sports last week.