JD Sports reveals weaker profits as tariffs set to lift US prices
JD Sports has reported a drop in profits for the past year as it warned that US customers could be facing higher prices over changes to tariff rules.
The company said there is market 'volatility' in the face of the tariff regime launched by US President Donald Trump last month.
It said the plans, which include a blanket 10% tariff on all US imports, could mean the 'cost of goods and services for US customers may rise to some degree', with this potential weighing on demand.
It came as the retailer said overall sales are being affected by 'slower' conditions in many markets.
JD Sports reported that organic sales grew by 3.1% in the quarter to May 1 as new openings offset a 2% decline in like-for-like sales.
In North America, organic sales were 1.4% higher but the company saw like-for-like sales fall 5.5% due to pressure on consumer confidence.
Meanwhile, organic sales grew by 6.5% in Europe as the retailer said good weather conditions helped to drive sales in the UK.
The group also reported that adjusted pre-tax profits dropped by 4% to £923 million for the year to February, largely due to investment in infrastructure and security.
Chief executive Regis Schultz said: 'Overall trading in the first quarter of the new financial year has been in line with our expectations in a volatile market.
'Despite this volatility, and uncertainty surrounding the impact of US tariff changes, we look forward into the medium term with confidence that we can continue to outperform the market, improve our profit margin and create significant value for our shareholders.'
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