Dan Coatsworth, head of markets at AJ Bell, said: “Regis Schultz’s description of JD’s full-year results as being a ‘resilient performance’ seems generous in the context of a 12 per cent decline in pre-tax profit.
“He is trying to put on a brave face, but it is clear from the miserable longer-term share price performance that investors aren’t fooled.
“The UK has been sluggish amid softer demand for footwear and JD is being caught up in the general high street gloom.
“The new financial year hasn’t exactly got off to a good start, with a 2.3 per cent decline in like-for-like sales and a warning of muted market growth in the near-term.
“Conditions are unfavourable for JD, with higher oil prices threatening to curb the public’s day-to-day spending.
“A new pair of trainers are a ‘nice to have’ but non-essential purchase, and they might be down the list of priorities when individuals work out how far their money can go.”
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