JD Sports sales dip but says on track for full yr

today Dec 2, 2008
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LONDON (Reuters) - Sports and fashion retailer JD Sports Fashion said on Tuesday, December 2nd that sales had fallen in the last 11 weeks but that it was on track to meet market expectations in terms of full-year profit.

JD Sports Fashion

The company said like-for-like sales at its stores fell 1 percent in the 11 weeks to November 29 versus the same period a year earlier with sports down 1.8 percent and fashion up 3.3 percent.

JD pointed to the general economic background and difficulty in matching particularly strong sports sales levels a year earlier as the main reasons for the fall.

"The overall performance is not unexpected given last year's very strong comparatives," the company said in a statement.

"The board remains confident that profit before tax and exceptional items for the current financial year will meet current market expectations."

The recent weakness meant group like for like sales growth now stood at 4.0 percent in the 43 weeks to November 29, the company said.

(Reporting by Paul Hoskins)

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