Owner of GO Outdoors and Fishing Republic downgrades full-year expectations
The owner of one of the UK’s largest suppliers of fishing tackle, has downgraded its profit expectations for its financial year following the first six months of trading.
JD Sports Fashion, owner of GO Outdoors and Fishing Republic, reported organic revenue growth of 6% and like-for-like growth of 1.8%, results which were described as ‘slightly’ below expectations.
Apparel revenue was impacted by milder weather from the second half of September, while peak trading across the market was softer and required an elevated level of promotional activity.
In terms of full year trading – ending February – JD Sports estimates profit before tax and adjusted items to be between £915m and £935m.
Régis Schultz, CEO of JD Sports Fashion, told investors: “We have made good progress against our five-year strategic plan, delivering global organic growth revenue of 6% in the period against very tough comparisons last year with the opening of over 200 new JD stores in the period.
“Our key markets have seen increased promotional activity during the peak trading period, driven by a more cautious consumer, but we continue to grow market share. We are confident in our strategy and continue to invest in our supply chain, systems and stores, supported by our strong cash generation and healthy balance sheet.”