JD Sports boss says Nike’s troubles aren’t a cause for concern
As JD Sports posted an increase in sales and profit for the six months to August, one of its largest brand partners, Nike reported its biggest drop in sales since the pandemic. But chief executive Régis Schultz said Nike’s troubles have little to do with its performance as he maintains a positive outlook ahead of the golden quarter.
In a trading update for the first quarter of the year, Nike said its sales dropped 10%, the biggest dip it has seen since the pandemic. The global sportswear giant also withdrew its full-year forecast on the back of declining sales as it said “a comeback at this scale takes time”.
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