Reuters reported that a JD Sports profit warning sent the FTSE 100 to its lowest level of the week on Thursday, as the retailer slashed its full-year guidance after a steep drop in North American sales. The blue-chip index fell to 10,693 around midday, down 0.46% on Wednesday’s close and 0.7% lower for the week to date.
JD Sports Profit Warning: What the Numbers Show
JD Sports now forecasts profit before tax and adjusting items of £700 million to £800 million for 2026/27, down from prior guidance of £750 million to £850 million. The company made £852 million on the same measure in 2025/26.
Before Thursday’s update, the average analyst forecast stood at £781 million, according to Reuters, placing the midpoint of the new range roughly £81 million below that consensus.
Chief executive Regis Schultz said: ‘Our guidance reflects a pragmatic view of external market conditions.’
Group like-for-like sales fell 3.1% in the 13 weeks to 1 August, accelerating from a 2.5% decline in the first quarter. The Guardian reported that North America took the sharpest regional hit, with like-for-like sales down 6.8% in the second quarter.
North America accounts for over a third of JD Sports’ total sales. Reuters cited the company describing the footwear market as ‘highly promotional,’ flagging pressure on consumers and ‘ongoing product cycle evolution’ across key brand partners, with conditions that ‘may persist into H2.’
JD Sports shares closed down nearly 15% at 79p. The Wall Street Journal recorded the stock at 82.40p, down 12%, in earlier European trading, reflecting a different point in the session. The stock is down 2.3% year to date.
The next largest fallers on the FTSE 100 were Investec, Legal and General, and Antofagasta.
Iran Tensions Push Oil to a Three-Week High
Oil prices surged more than 2% to above $94 per barrel, reaching a three-week high, after President Donald Trump threatened what he called ‘the most crushing economic operation ever taken against any country’ against Iran.
In a post on Truth Social, Trump said Tehran ‘failed to take’ a deal, promising ‘economic warfare and isolation on an unprecedented scale.’ He warned that any country offering ‘any type of lifeline’ to Iran would face ‘tremendous economic consequences.’
‘These maniacs are on the ropes,’ Trump said, describing his measures as ‘historic’ and capable of the ability to ‘cripple them.’
Al Jazeera reported that Trump’s administration has waged its pressure campaign under the banner of ‘Operation Economic Fury’ following the launch of the US-Israel war on Iran in February. Iranian Foreign Minister Abbas Araghchi dismissed the threats as ‘a diversion from America’s own crisis: unprecedented debt and surging interest costs.’
The 60-day ceasefire between the United States and Iran ended on Monday. Tehran described any future agreement as not dead but in a ‘coma.’
The UAE has already suspended financial and economic transactions with Iran, accusing Tehran of launching ballistic missiles at its territory.
Supply Data Adds to the Oil Price Pressure
Crude inventory and demand data reinforced the move higher in oil. Figures from the International Energy Agency’s August 2026 report showed that crude inventories rose by 4.4 million barrels last week, but distillate stocks fell by 1.5 million barrels to their lowest in more than a month.
The IEA’s August 2026 Oil Market Report estimated the global oil balance would show a deficit of 1.8 million barrels per day in the third quarter of 2026, more than double last month’s estimate of around 800,000 barrels per day. Global observed oil inventories fell by 69 million barrels in July at a rate of 2.2 million barrels per day, dropping below 7.9 billion barrels for the first time since April 2025.
With the IEA projecting a widening supply shortfall into the third quarter and the Iran situation unresolved, the direction of travel for oil prices in the near term hinges on whether diplomatic channels reopen before the next round of US sanctions takes hold.
