SHARES in Heywood-based John David Group plummeted more than 11 per cent on Wednesday after a profits warning in the wake of a sales slump over the Christmas period.
The group said like-for-like sales in its JD Sports and First Sport shops during the six weeks to last Saturday fell by 1.36 per cent and 2.03 per cent respectively.
In a statement, the company said: 'We expect that our profits will be below current market expectations for the period to January 31.'
Chairman John Wardle said he was disappointed with the group's trading performance. JD shares lost 11.39 per cent of their value in early trading (Wednesday). They were down 27.5p to 214p.
The group has more than 280 stores and employs 8,000 people.
It said pre-Christmas trading was slower than expected, but has improved since.
Total sales in the JD Sports division rose 11.36 per cent. But they fell by 3.21 per cent in the First Sport division following a number of store closures.
In addition, gross profit margins have been lower than expected. However, Mr Wardle said he remained cautiously optimistic.
'The past year has been a demanding one, having absorbed a significant division into our operation ' almost doubling the size of the group ' and I remain confident that this division will enhance our earnings in future,' he said. Tweet