Asian-News.net is your go-to online destination for comprehensive coverage of major news across Asia. From politics and business to culture and technology, we bring you the latest updates, deep analyses, and critical insights from every corner of the continent. Featuring exclusive interviews, high-quality photos, and engaging videos, we keep you informed on the breaking news and significant events shaping Asia. Stay connected with us to get a 24/7 update on the most important stories and trends. Our daily updates ensure that you never miss a beat on the happenings in Asia's diverse nations. Whether it's a political shift in China, economic development in India, technological advancements in Japan, or cultural events in Southeast Asia, Asian-News.net has it covered. Dive into the world of Asian news with us and stay ahead in understanding this dynamic and vibrant region.

Contacts

  • Owner: SNOWLAND s.r.o.
  • Registration certificate 06691200
  • 16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
  • Czech Republic

UK's JD Sports shrugs off Nike woes with multi-brand approach

British sportswear retailer JD Sports Fashion is confident it will meet annual profit forecasts after its multi-brand strategy boosted half-year results even as Nike, which accounts for 45% of its sales, struggles.

FTSE 100-listed JD, which also sells Adidas, On, HOKA and other brands in Britain, Europe and the United States, said on Wednesday its growth plans were on track despite what it called a competitive and promotional marketplace.

Nike on Tuesday posted disappointing quarterly sales growth and warned its holiday season would likely be filled with discounts.

Worries over Nike hit shares in JD Sports in early deals. They traded down 3% to 145 pence, and have lost about 10% of their value in the year to date.

"We expect short term growth concerns over demand volatility and for Nike's underperformance to continue to weigh on JD's valuation," Investec analysts said in a note.

Nike's biggest competitor, German sportswear brand Adidas, has been gaining traction with its Samba and Gazelle sneakers, while nimbler rivals On and Deckers' HOKA are also taking market share.

JD Chief Executive Regis Schultz said those labels were helping it outperform the market.

"Our multi-brand model and the agility that we have around moving across different brands is the recipe of our success," he told reporters.

Signalling his hopes for a turnaround at Nike, he said he was "very happy" about the appointment of Nike veteran Elliott Hill as the sportswear giant's new boss.

In the 26 weeks to Aug. 3, JD posted adjusted pretax profit of 405.6 million pounds ($538.8 million), beating analysts' expectations of 384 million pounds.

For the full financial year, JD reiterated its guidance for profit of between 955 million pounds and 1.035 billion pounds, up

Read more on cnbc.com
DMCA