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The JD Sports logo is seen outside a store in London, Britain November 17, 2021. REUTERS/May James/File Photo

Sept 22 (Reuters) – Britain’s biggest sportswear retailer JD Sports ( JD.L ) struck a cautious tone on Thursday amid concerns that inflation could drive up costs and strikes at ports added to supply chain challenges.

The company’s comments come amid rising energy and other costs in Britain, with fashion retailers Primark ( ABF.L ) and ASOS ( ASOS.L ) and online grocer Ocado Retail (OCDO.L) warning on profits. Read more

JD Sports chief financial officer Neil Greenhalgh told Reuters that because its products are mostly shipped from Asia, industrial action at the ports of Felixstowe and Liverpool, among others, compounded the problems of the supply chain.

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JD, which sells global brands such as Nike ( NKE.N ), Adidas ( ADSGn.DE ) and Reebok, as well as private labels such as Pink Soda and Supply & Demand said UK sales, mainly online, softened in August and early September as customers delayed buying heavier fall products such as hoodies and tracksuits, while the weather remained relatively warm.

Greenhalgh said cheaper private label items were likely to perform better than other brands and the ‘Technicals’ clothing range performed best in this segment. This may interest you : Indy Q&A: Stevens says Circa Sports is finding its place in hypercompetitive market – The Nevada Independent.

JD, which has more than 900 stores worldwide, said sales so far in the second half of its financial year were up 8% year-on-year. It reiterated its forecast that profits for the year to January 28, 2023 would be in line with the previous year’s record performance.

Shares in the FTSE 100 company (.FTSE) fell as much as 8% to 113.95 pence, their lowest level in three weeks, before paring losses to trade 4% lower from at 08:30 GMT. They were still the biggest percentage losers in the blue-chip index.

Pre-tax profit fell 18% to 298.3 million pounds ($335.3 million) in the six months ended July 30, while revenue rose 14% to 4.42 billion of pounds

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Reporting by Aby Jose Koilparambil in Bangalore; Editing by Devika Syamnath and Mark Potter

Our standards: the Thomson Reuters Trust Principles. Read also : Blinken chides China’s ‘indifference’ has been determined in US negotiations.

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