Overview
- JD now expects full-year underlying pre-tax profit at the lower end of market forecasts (£853m–£888m), down from £923m last year.
- Like-for-like sales fell 1.7% in Q3; the UK was weakest at -3.3%, North America declined 1.7%, Europe 1.1%, and Asia Pacific grew 3.9%.
- The retailer links softer demand to rising youth unemployment and volatile sentiment, with ONS data showing 946,000 NEETs aged 16–24.
- Promotions squeezed margins by 30 bps excluding acquisitions (40 bps group-wide), and unseasonably warm September weather hit UK clothing and outdoor ranges.
- Shares fell more than 6% after the update, as analysts flagged the need for stronger product cycles and noted JD’s heavy exposure to Nike.