Sports footwear and clothing retail group JD Sports has revised its profit forecast downwards, citing a challenging fashion market and heavy discounting by rivals ahead of Christmas. 

The UK retailer reported a 1.5% decline in like-for-like revenues during November and December compared to the previous year. It now expects annual profits to reach no more than £935 million, below earlier projections of £955 million to £1.03 billion, marking a second consecutive year of missing its billion-pound target.

Shares in JD Sports fell by 10% following the announcement. The company, which owns brands like Size?, Blacks, and Millets, also warned of continued tough conditions for retailers.

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