Latest news with #RegisSchultz
Yahoo
21-05-2025
- Business
- Yahoo
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.' Shares were around 8% lower in early trading on Wednesday.
The Independent
21-05-2025
- Business
- The Independent
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.'
Yahoo
21-05-2025
- Business
- Yahoo
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.' Shares were around 8% lower in early trading on Wednesday.
Fashion Network
16-05-2025
- Business
- Fashion Network
World Retail Congress: On commercial chief talks sustainability, Switzerland and wholesale
The World Retail Congress this week saw two movers and shakers in global sports on stage together with JD Sports CEO Regis Schultz interviewing On chief commercial officer Britt Olsen. She was talking about sustainability, growth and why wholesale partners like JD remain important, despite On's big push to open its own stores. 'We never wanted to sway just one way,' she explained, referring to the retail vs wholesale debate and perhaps even underlining why Nike went wrong in recent years as it minimised wholesale. 'As a young, growing brand we would not be where we are today without [other retailers]. Wholesale partners are incredible and they continue to authenticate us and connect us with consumers we cannot reach'. That was something a relaxed and cheerful Schultz wholeheartedly agreed with! Olsen stressed that On's undeniable success was due to a mix of factors. 'Seeing a brand grow that was dominated by big players in the market is never down to just one thing,' she explained. 'Coming into an industry of giants, it was an advantage being the underdog. Our success is also down to naivety and blind optimism. Culturally we have a strong focus on innovation too.' But as it celebrates 15 years in existence, its success (underlined by Olsen/On being given WRC's 'Faster. Bolder. Smarter' award at the event) does have its downsides. 'Now we're in an era where our mistakes are not behind closed doors! As we celebrate our 15th birthday as a company, I joke we're just like a 15-year-old human too. Like a teenager, we love all the evolving tech around AI but it's a question of what to chase, and what not to chase,' she said. And she added that while Switzerland isn't exactly a giant player in the running shoe space dominated by big American or German names, its nationality does have some advantages. For a start, she said the Swiss flag on the company's products was important to its US audience and marked a 'premiumness'' associated with Switzerland and tennis superstar Roger Federer, who was an early investor in the company. 'Our Swiss flag is symbolic of the principles we have as an organisation. Design, impact and sustainability are key for us,' she said. And it means sustainability is baked into everything it does. As an American she was at first quite surprised about her Swiss colleagues' automatic assumption that a sustainable approach was normal and non-negotiable. 'We want to be sustainable because it's a key value,' she said. 'We care and we make sure we invest in sustainability – which is very Swiss. How we talk about sustainability is a constant point of discussion for us however'. And being Swiss also means it has to be outward-looking: 'We are disruptors too. We have to be. Being a Swiss brand, you have to leave Switzerland". That's because the country has a population of less than 10 million people. "We had to plan to grow globally. If I think of Asia, we are very much disrupting the space and, in the US, we are seeing hyper growth. If you think of us as a 15-year-old teen, this is super exciting!'
Fashion Network
15-05-2025
- Business
- Fashion Network
World Retail Congress: On commercial chief talks sustainability, Switzerland and wholesale
The World Retail Congress this week saw two movers and shakers in global sports on stage together with JD Sports CEO Regis Schultz interviewing On chief commercial officer Britt Olsen. She was talking about sustainability, growth and why wholesale partners like JD remain important, despite On's big push to open its own stores. 'We never wanted to sway just one way,' she explained, referring to the retail vs wholesale debate and perhaps even underlining why Nike went wrong in recent years as it minimised wholesale. 'As a young, growing brand we would not be where we are today without [other retailers]. Wholesale partners are incredible and they continue to authenticate us and connect us with consumers we cannot reach'. That was something a relaxed and cheerful Schultz wholeheartedly agreed with! Olsen stressed that On's undeniable success was due to a mix of factors. 'Seeing a brand grow that was dominated by big players in the market is never down to just one thing,' she explained. 'Coming into an industry of giants, it was an advantage being the underdog. Our success is also down to naivety and blind optimism. Culturally we have a strong focus on innovation too.' But as it celebrates 15 years in existence, its success (underlined by Olsen/On being given WRC's 'Faster. Bolder. Smarter' award at the event) does have its downsides. 'Now we're in an era where our mistakes are not behind closed doors! As we celebrate our 15th birthday as a company, I joke we're just like a 15-year-old human too. Like a teenager, we love all the evolving tech around AI but it's a question of what to chase, and what not to chase,' she said. And she added that while Switzerland isn't exactly a giant player in the running shoe space dominated by big American or German names, its nationality does have some advantages. For a start, she said the Swiss flag on the company's products was important to its US audience and marked a 'premiumness'' associated with Switzerland and tennis superstar Roger Federer, who was an early investor in the company. 'Our Swiss flag is symbolic of the principles we have as an organisation. Design, impact and sustainability are key for us,' she said. And it means sustainability is baked into everything it does. As an American she was at first quite surprised about her Swiss colleagues' automatic assumption that a sustainable approach was normal and non-negotiable. 'We want to be sustainable because it's a key value,' she said. 'We care and we make sure we invest in sustainability – which is very Swiss. How we talk about sustainability is a constant point of discussion for us however'. And being Swiss also means it has to be outward-looking: 'We are disruptors too. We have to be. Being a Swiss brand, you have to leave Switzerland". That's because the country has a population of less than 10 million people. "We had to plan to grow globally. If I think of Asia, we are very much disrupting the space and, in the US, we are seeing hyper growth. If you think of us as a 15-year-old teen, this is super exciting!'
