JD Sports Issues Profit Warning and Blames Weather for Weak Sales [BNN Bloomberg (Canada)]
SUPERDRY PLC UNSP/ADR (SEPGY)
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Source: BNN Bloomberg
The British sportswear retailer now sees pretax profit for the full year between £915 million ($1.16 billion) and £935 million, down from £1.04 billion previously. Shares fell as much as 17.6% in early trading in London. Clothing sales took a hit from milder weather from late September, the company said. Like-for-like sales growth was 1.8% for the 22 weeks to Dec. 30, according to a trading update Thursday. JD Sports said margins would be smaller than last year due to special offers and promotions used to attract shoppers during its peak trading period. Some other European retailers have also blamed mild weather for weaker sales. Zara-owner Inditex SA, British clothes store Superdry Plc and boot-maker Dr Martens Plc delayed their winter collections as unseasonably high temperatures persisted in Europe into September and October. Read More: European Retailers' Weather Woes Peak After Unseasonable Autumn However, other retailers are still performing well. Next Plc raised it
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