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UK's JD Sports Confident on Forecasts after First-half Beat

A logo is seen outside the newly renovated JD Sports store at Westfield Stratford City in London, Britain, July 30, 2024. REUTERS/Hollie Adams/File Photo
A logo is seen outside the newly renovated JD Sports store at Westfield Stratford City in London, Britain, July 30, 2024. REUTERS/Hollie Adams/File Photo
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UK's JD Sports Confident on Forecasts after First-half Beat

A logo is seen outside the newly renovated JD Sports store at Westfield Stratford City in London, Britain, July 30, 2024. REUTERS/Hollie Adams/File Photo
A logo is seen outside the newly renovated JD Sports store at Westfield Stratford City in London, Britain, July 30, 2024. REUTERS/Hollie Adams/File Photo

British sportswear retailer JD Sports Fashion beat a consensus forecast for first-half profit and said it was on track to meet annual guidance, showing its multi-brand strategy working at a time when Nike is struggling.
The FTSE 100-listed group, which sells Nike, Adidas, On, HOKA and other brands in Britain, Europe and the United States, said on Wednesday it would meet targets, despite what it called a competitive and promotional marketplace.
Nike on Tuesday posted disappointing quarterly sales growth and
warned
its holiday season would likely to be filled with discounts.
For the 26 weeks to Aug. 3, JD Sports posted adjusted pretax profit of 405.6 million pounds ($538.35 million), ahead of analyst expectations of 384 million pounds.
"Our success is a direct reflection of the strength and agility of our global, multi-brand strategy, which allows us to adapt swiftly to fast-changing industry trends across the world," Reuters quoted Chief Executive Regis Schultz as saying in a statement.
The group also reiterated its guidance for annual profit of between 955 million pounds and 1.035 billion pounds.

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Zara Owner Inditex Sees Good Holiday Season after Weak Third Quarter

FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo
FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo
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Zara Owner Inditex Sees Good Holiday Season after Weak Third Quarter

FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo
FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo

Zara owner Inditex said the start of the holiday season had got off to a good start after it reported weaker than expected quarterly results as rainy weather hit some key European markets.
The company behind Zara and other brands said its sales rose a slower than expected 7% to 27.4 billion euros ($28.84 billion) during the period, below the 8% expected by analysts.
Its net profit of 4.44 billion euros for the first nine months of 2024, up 8.5% from a year earlier, was below analysts' average expectation of 4.52 billion euros.
The company however reported a better start of the holiday season, with revenues rising 9% during the six weeks to Dec. 9 as the world's biggest fast-fashion retailer kept drawing in shoppers even as rivals struggled.
Revenue growth in the period, which includes the key Black Friday sales, was slower than the 14% increase reported a year ago, though.
"We had a strong start to the last quarter against a demanding comparable in the same period of 2023," Inditex's capital market director, Marcos Lopez, told Reuters.
He stressed that in constant currency sales growth was 10.5% in the first nine months of the fiscal year and the growth in constant currency during the third quarter was the faster of the year.