JD Sports has lost more than a fifth of its stock market value after the retailer downgraded its full-year profit forecast.
A trading update by the sportswear chain on Thursday revealed it now expects profit before tax and adjusted items of between £915m and £935m in 2023/24.
The figure is down on previous estimates of £1.04bn for the period.
Shares in JD Sports plunged as low as 23% on Thursday morning following the forecast and were still at a similar level at lunchtime.
Sportswear peers Frasers Group, which owns Sports Direct, Adidas and Puma also fell between 1% and 5%.
There was a further knock-on effect on US sports brands and retailers, with Nike down 1.5% and Foot Locker falling 1.4% in pre-market trading.
JD Sports blamed factors including higher costs and weaker demand from “more cautious” shoppers.
It also said “milder weather” from the second half of September also had an impact on sales.
