JD Sports revealed its pre-tax profits have tumbled by more than £50 million as bosses of the sportswear giant cautioned over inflation and supply chain disruption affecting trading over the rest of the year. The retailer posted pre-tax profits of £383.5 million for the first half of the year, a drop from £439.5 million a year ago.
JD said the results are at the top end of its expectations, with the reduction on last year’s profits partially driven by supply chain disruption affecting international brands and dragging down stock of its key footwear styles.
Bosses warned that widespread economic uncertainty, inflationary pressures and industrial action leading to further challenges in supply chains could affect its trading in the second half of the year, although the group has not altered its full-year profit outlook.
