JD Sports (LSE: JD) has announced mixed results for the 13 weeks leading up to August 2024. The company experienced a 0.8% drop in UK sales, compounding a 6.4% decline from the previous quarter. Despite the challenges in its home market, JD Sports reported a 2.4% increase in global like-for-like sales, driven by a strong performance in the United States, where sales rose by 5.7%.
The retailer, which recently acquired US-based Hibbetts for $1 billion, attributed the uneven performance to ongoing volatility in the global macroeconomic environment. However, JD Sports remains cautious in its outlook for the remainder of the year, projecting a potential £15 million financial impact due to the strengthening pound.
The company’s shares rose by 3.1% following the results, although they remain down nearly 20% year-to-date.
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