JD Sports shares slide 23% as Christmas sales come up short 

The sports retailer now expects profit before tax of £915m to £935m for the financial year, down from a previous forecast of over £1bn.

Nearly £2bn (€2.3bn) was wiped off JD Sports Fashion's market value, after the sportswear giant warned on annual profit, citing tepid consumer spending that bruised Christmas peak season sales and led to heavy discounting.

The retailer, which sells Nike, Adidas and other sports fashion ranges, said softer demand and more promotional activity than expected dented gross margins in the peak 22-week  period through to the end of December.