Shares fall 20.7 to oneyear low
Company says mild weather in September hurt apparel demand
Sees FY profit of 915935 mln stg vs 1.04 bln stg earlier

Jan 4 Reuters JD Sports Fashion lowered its fullyear profit forecast on Thursday, citing higher costs and subdued consumer spending in the peak season, sending the British sportswear retailer39;s shares down nearly 21.

Retailers in the United Kingdom have experienced tepid growth as the ongoing costofliving squeeze prompts shoppers to rein in spending. Apparel retailers across Europe like HM and Superdry have also seen a slower start to the autumnwinter season amid unusually warm weather.

Softer demand and more promotional activity than expected dented gross margins in the peak 22week period ended Dec. 30, JD said, adding that its fullyear gross margin rate will be slightly lower than last year.

Shares in the company, among the first nonfood retailers to issue a postholiday trading update, dropped to a oneyear low of 123.40 pence, making it the top loser on London39;s bluechip FTSE 100 index.

Sportswear peers Frasers Group, which owns Sports Direct, Adidas and Puma were also down between 1 and 5 on Thursday.

JD, which sells Nike, Adidas and other sports fashion ranges, now expects profit before tax and adjusted items of 915935 million pounds 1.161.19 billion for the year ending Feb. 3.

That is down from a previous expected profit in line with market expectations of around 1.04 billion pounds.

The consumer is…