JD Sports to Shut 50 Stores Amid Market Challenges
JD Sports, the largest sportswear retailer in the UK, announced it will close 50 stores worldwide by 2026. This decision comes as part of adjustments to address slowing growth and a soft market. Founded in 1981, JD Sports currently operates 4,850 stores across 36 countries.
According to reports, JD Sports is not only closing 50 stores but also plans to open around 150 new locations and relocate or refurbish approximately 100 existing stores. Despite facing challenges, the company aims to maintain high revenue and profit expectations.
Recently, JD Sports performed below expectations during the holiday shopping season, leading to a significant 6.36% drop in its stock price on January 14. However, the company maintains a strong cash flow and plans to initiate a share buyback to reward shareholders. CEO Régis Schultz emphasized a focus on improving internal operational efficiency and reducing reliance on large-scale promotional wars.
