JD Sports slashes profit forecast as cost-of-living crisis hits trainer sales

JD Sports, the British sportswear retailer, has issued its second profit warning in three months due to cost-of-living pressures and a promotional market. Like-for-like sales fell 3.1% in the 13 weeks to August 1, with North America down 6.8% and the UK up 0.8%. The company now expects full-year pre-tax profits between £700 million and £800 million, down from previous guidance. Shares fell sharply on the news.