JD Sports Fashion holds outlook amid 'volatile' market as FY profits slip

(Sharecast News) - JD Sports Fashion on Friday held annual guidance despite a "volatile" market as it reported lower-than-expected full-year profits, with first-quarter like-for-like sales down 0.7%. Unaudited profits before tax and adjusting items for the 53 weeks to February 3 of £917.2m were down 7.5%, against forecasts of £920m. Organic sales were up 9%.

The company held full-year profit before tax and adjusting items guidance of £955m-£1.035bn.

"We have started the new financial year with Q1 in line with our expectations in a volatile market and we are on track to deliver our profit guidance for the full year," said chief executive Régis Schultz.

Reporting by Frank Prenesti for Sharecast.com