Shares in JD Sports have plummeted by more than 20% after the sportswear seller issued an profit warning. The company said its profits would be about £125m lower than previously predicted after a worse-than-expected festive trading period. It blamed more promotions and price discounting than anticipated, which it said reflected "more cautious consumer spending". It also said milder autumn weather impacted sales. Competition between retailers was fierce in the run-up to Christmas as customers, under pressure from higher prices and borrowing costs, shopped around for the best deals. JD Sports said there were more promotions than it expected, but did not specifically state whether the impact on its margins was as a result of discounts in its own stores, or through rivals cutting prices to take business away. It said it now expects its profits to be between £915m and £935m for its financial year ending in February. JD Sports is one of the UK's biggest sportswear retailers and a FTSE 100 company. It has 3,377 stores around the world.
