UK sportswear retailer JD Sports is forced to lower its predicted profit margin for this year as a result of its inability to entice weary customers even during the crucial Christmas season. Due in part to what it described as “increased promotional activity” throughout the industry, the retailer announced that it will bank more than £ 100 million less than initially estimated. However as per the brand, the revenue grew 6 per cent organically after taking fluctuating currency rates into consideration. The brand clarified that it was slightly less than what they had anticipated. CEO Regis Schultz said, “Our key markets have seen increased promotional activity during the peak trading season, driven by a more cautious consumer, but we continue to grow market share.

Source: Economic Times January 04, 2024 13:30 UTC