High street sports retailer JD Sports Fashion has seen the growth of like-for-like (LFL) sales slow down in the sixteen weeks ended 19 November due to the ongoing troubles facing the everyday consumer.
Since the end of the first half, LFL sales grew by just 0.2% from the same period last year, well under the 3.3% LFL sales growth reported in the first seven weeks of the period.
The group said that its performance has been hurt by the "continuing downward pressures on all elements of discretionary consumer spending and the recent market decline in consumer confidence."
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Nevertheless, margins have been maintained despite "adverse pressure", the group said.
JD says that while the full-year performance is "substantially" dependant on the key Christmas period, earnings should be in line with expectations.
BC
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