JD Sports gives cautious outlook despite improved sales

The global sports fashion industry is seeing a slowdown this year and there is a high rate of promotional activity as both Nike and Adidas look to reduce stock levels with discounts.

Prior to Thursday's update JD's shares had slumped 23% this year.

Sportswear retailer JD Sports Fashion reported an improvement in sales in its latest quarter but said it was cautious on its outlook for the rest of the year with markets globally set to remain highly promotional.

The FTSE 100-listed group, which sells Nike, Adidas and other sports brands and trades in 38 countries, said second quarter underlying sales rose 2.4% after falling 0.7% in the first quarter.