JD Sports has issued its third profit warning since early 2024, cutting its underlying pre-tax profit forecast and sending its shares down 14%, as weak demand for trainers continues to weigh on the retailer. The setback is particularly stark given this was a men's football World Cup year, which would normally have generated a sporting buzz and boosted sales, but the group instead pointed to a lack of exciting new footwear designs from Nike and Adidas, plus persistent cost-of-living pressures on shoppers, especially in the US.

JD now expects underlying pre-tax profit of £700m-£800m for the year, down from a prior estimate of £750m-£850m, with heavy discounting continuing to squeeze margins across the sector. Rivals are faring similarly badly: Nike's share price has fallen by a third this year, Adidas has admitted its World Cup marketing gamble failed to pay off, and Walmart reported its slowest US sales growth in six years. Commentators suggest the broader "athleisure" boom sparked by the pandemic may not be returning, with brands like Hoka and On also eating into market share; meanwhile, JD's cashflow forecast of £460m-£520m held steady, and tensions over strategy reportedly contributed to chair Andrew Higginson's exit last month, with the Pentland Group's 55% stake shielding chief executive Régis Schultz from wider shareholder pressure.