UK's JD Sports multi-brand strength keeps it on track
HY profit 406 mln stg ahead of consensus
Reiterates FY profit guidance
On track despite challenges at Nike
Adds background on competitors in paragraphs 3 and 5, share move, paragraph 4
By Sarah Young
LONDON, Oct 2 (Reuters) -British sportswear retailer JD Sports Fashion JD.L is confident it will meet annual profit forecasts, it said on Wednesday, after its multi-brand strategy boosted half-year results even as the Nike brand is struggling.
FTSE 100-listed JD, which sells Nike as well as Adidas, On, HOKA and other brands in Britain, Europe and the United States, said its growth plan was on track despite what it called a competitive and promotional marketplace.
Nike NKE.N on Tuesday posted disappointing quarterly sales growth and warned its holiday season would likely be filled with discounts.
Shares in JD Sport opened down 3% on Wednesday.
Its biggest competitor, German sportswear brand Adidas ADSGn.DE, has been gaining traction with its retro-style Samba and Gazelle sneakers, while nimbler rivals On ONON.N and Deckers' Hoka DECK.N are also taking market share.
JD, which has been expanding fast in North America and completed the acquisition of Hibbett there in July, said its relationships with all the brands were helping it outperform the global sportswear market.
"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," Chief Executive Regis Schultz said in a statement.
For full-year 2024/25, the group reiterated its guidance for annual profit of between 955 million pounds ($1.27 billion) and 1.035 billion pounds, up from the 917.2 million pounds made in 2023/24.
In the 26 weeks to Aug. 3, JD Sports posted adjusted pretax profit of 405.6 million pounds ahead of analyst expectations of 384 million pounds.
($1 = 0.7528 pounds)
Reporting by Sarah Young, Editing by Paul Sandle and Barbara Lewis
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