From Dow Jones & Company, Inc.:

Shares in JD Sports Fashion fell 22% as it cut its profit guidance due to weaker-than-expected sales. The company reported constant currency revenues growth of 6% and like-for-like growth of 1.8% in the peak 22-week period, but softened its profit margin forecast from £1.04 billion ($1.3 billion) to between £915 million and £935 million due to higher promotional activity and cautious consumer spending. Following JD Sports’ announcement, apparel sellers Puma and Adidas both experienced a 3% dip. Nike also slashed its own guidance in December due to a decrease in consumer spending. On the other hand, clothing retailer Next raised its profit forecast, sending shares up 5%. Most European stock markets were higher in late morning trade. JD Sports CEO Régis Schultz said that the company had made progress toward its plans in opening 200 new stores this year. The company still plans to invest £3 billion in opening 250 to 350 new stores each year.



Read more: U.K. athletic apparel maker warns of sales slump, following Nike warning