Fishing Republic owner reduces guidance for current financial year

The owner of one of the UK’s leading retailers of fishing tackle delivered strong organic growth for the nine weeks to January 4, but delivered a profits warning to investors.

JD Sports Fashion, one of Europe’s largest suppliers of sportswear, saw its revenue grow 3.4% over the period and a strong Christmas which resulted in like-for-like (LFL) revenue growth. It included a strong performance from its Sporting Goods and Outdoor segment, which includes Fishing Republic and GO Outdoors.

Régis Schultz, group CEO, told investors: “Considering the headwinds in the market, we performed well. In line with our proven long-term approach, we chose not to participate in what was a more promotional environment in the period than we anticipated, fully maintaining our trading discipline to deliver gross margins ahead of last year, clean inventory and strong cash management.

“While I am pleased overall with our performance, market headwinds were higher than we anticipated and therefore our full year profit forecast is slightly below our previous guidance. With these trading conditions expected to continue, we are taking a cautious view of the new financial year.

“We now expect full year profit before tax and adjusting items to be between £915m and £935m.

GO Outdoors, which has more than 60 sports retail stores across the UK, opened Europe’s largest outdoor retail outlet late last year, which includes a large area on the first floor dedicated to fishing within the Fishing Republic concession.