JD Sports has stated that its profit before tax guidance is expected to fall to the lower end of its original range of between £955m and£1.035bn, after working in what it described as a "volatile trading environment".

Following the firm’s Q3 trading statement, shares at the sports fashion firm dropped by 14%, according to The Guardian.

In its third quarter, like-for-like sales dropped by 0.3% year-on-year across the group and by 2.4% in the UK. Despite "a good August and September", JD Sports said that trading in October contributed to this drop.

However, in the same period, European like-for-like sales increased by 3.5%.

JD Sports was able to reach organic sales growth of 5.4% in the period, while this increased by 6.1% in the year-to-date, which it has attributed to its "successful store role out".

Chief executive officer at JD Sports Fashion, Régis Schultz, said: "We have performed well in the key trading events this year and we are well positioned for the upcoming peak season. The trading environment remains volatile though and, following October trading, we now anticipate full year profit to be at the lower end of our guidance range."

In this period, JD Sports opened 79 new stores globally, taking the number of new stores opened in the current financial year to 181.

Looking ahead, it said that despite profit expectations being lowered, it still expects Hibbett, which it acquired earlier this year, to contribute around £25m in profit before tax.

It comes as JD Sports said it had also made good progress in completing its acquisition of Courir.

Investment director at AJ Bell, Russ Mould, concluded: "JD Sports had been on course to join UK retail’s exclusive £1bn profit club but its latest update suggests it might just be left loitering on its fringes.

"Weather is also pointed to as a culprit, and while blaming the weather is never a great look, milder conditions in October would have affected demand for higher ticket items like puffer jackets.

"The company has exercised some discipline – evident in a modest increase in the gross margin – and this decision may pay off in the longer term."

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