JD Sports issues profit warning: weak sneaker demand hits shares hard

British sportswear retailer JD Sports has revised its annual profit forecast downward, citing a notable slowdown, particularly in the North American market. The company's statement revealed that the weakness in consumer demand for sneakers is deeper than expected. This development was met negatively by the market, with shares falling by double digits. JD Sports operates around 4,800 stores globally and is one of the leading players in the sector. In its statement, the company noted that sales, especially in North America, fell short of expectations, putting pressure on overall profitability. This weakening in consumer appetite stands out as a trend felt across the sportswear and footwear industry. Analysts say JD Sports' profit revision is an indication of shrinking demand in the sector and that the company may need to focus more on cost control in the coming period. They also assess that the slowdown in North America could impact global supply chains and inventory management. JD Sports' decision comes at a time of ongoing uncertainty in consumer spending in the retail sector. The sharp decline in the company's shares has heightened investor concerns about the sector, and the company's performance will be closely watched in the coming quarters. This is not investment advice.