Author: BBC

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…

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Richard Fearon, chief executive at Leeds Building Society, told the BBC’s Today programme: “This mortgage price war has become very visible this week. There is always a Christmas slowdown, but we’ve seen the market come back with a bang and it’s really competitive. Rates are down one percentage point or so since their peak.” Source link

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