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2 clusters · 6 sources · 1 days · First seen · Last updated

JD Sports Fashion financial performance and expansion

Overview

JD Sports Fashion has reported a decline in financial performance alongside strategic shifts in its market operations. The retailer saw pre-tax profits fall by 20% to £282 million for the six months ending August 1, citing a “tough global consumer backdrop” and cost-of-living pressures that impacted its core 16-to-24 demographic. Sales decreased by 0.7% globally, with declines noted in the UK and North America.

In response to these headwinds, CEO Régis Schultz indicated the company is diversifying its product assortment to include brands like On and Salomon rather than relying solely on Nike.

Simultaneously, the company is expanding its international footprint through acquisitions. JD Sports completed the full takeover of Cosmos Sport, a Greek and Cypriot sportswear retailer, by acquiring the remaining 20% stake for approximately €44 million. This move follows an initial 80% acquisition in 2021 and aims to strengthen the group’s presence in the Greek market.

Entities

Régis Schultz · Cosmos Sport · JD Sports Fashion · Sneaker10 · On

Timeline

  1. [BUSINESS] 2 sources
    JD Sports Fashion acquires full ownership of Cosmos Sport

    JD Sports Fashion has acquired the remaining 20% of Cosmos Sport for approximately €44 million, gaining full control of the Greek and Cypriot sportswear retailer.

  2. [BUSINESS] 4 sources
    JD Sports reports profit decline and shifts focus toward emerging brands

    JD Sports reported a 20% drop in pre-tax profits amid cost-of-living pressures, prompting the retailer to diversify its brand mix beyond Nike to include brands like On and Salomon.

Sources

fortunegreece.com · independent.co.uk · sgbonline.com · stocknews.com · thenewspaper.gr · wwd.com