JD Sports Q1 LFL sales down 2% amid 'volatile' market, tariffs

(Sharecast News) - JD Sports said underlying sales fell 2% in the first quarter, in line with expectations amid a "volatile" market and uncertainty surrounding the impact of US tariff changes. The company on Wednesday also reported a 4% fall in full-year profit before tax and adjusting items to £923m, in line with January guidance of £915m to £935m. On a reported basis, earnings fell 11.8% for the year to February 1 to £715m. Revenue rose 8.7% to £11.45bn.

The company said it was taking action to mitigate any potential impact from tariffs through further diversifying the range of countries from which it sourced own brand and licensed products, and ongoing cost control.

It added that the biggest potential impact would be a rise in the price of products for consumers which could impact demand and dent confidence.

"The market remains volatile and visibility on the overall potential impact from tariffs is low," said chief executive Regis Schultz.

Reporting by Frank Prenesti for Sharecast.com