JD Sports Fashion, which generates about 40% of its revenues in the US, today reported lower profits for the first half of the financial year.
However, the Nike products retailer stuck by guidance after forecasting limited impact from US tariffs in the financial year.
Meanwhile, over 50s travel and insurance provider Saga has struck an upbeat tone after reporting better-than-expected half-year results.
FTSE 100 Live Wednesday
- JD Sports reassures on tariffs
- Saga hails strong travel demand
- Beauty Tech unveils IPO price range
Market update: Defence stocks rally, JD Sports holds ground in FTSE 100
10:16 , Graeme EvansDonald Trump’s combative message on Ukraine today fuelled fresh demand for BAE Systems and other defence stocks in the FTSE 100 index.
BAE neared record territory with a rise of 2% or 32p to 1983p, while Rolls-Royce added 10.5p to 1174.5p and naval shipyards business Babcock International lifted 22p to 1201p.
Their gains, which followed Trump’s comments that Ukraine could win back territory from Russia, failed to prevent a negative performance by London’s top flight.
The FTSE 100 index dipped 17.26 points to 9206.06, reflecting losses on Wall Street after Federal Reserve head Jerome Powell painted a mixed picture on the outlook for interest rates.
AJ Bell investment director Russ Mould said: “Powell’s measured take, as he seeks to balance risks posed by inflation and a stuttering labour market, was in direct contrast to his recently appointed Fed colleague Stephen Miran who made the case for more aggressive cuts 24 hours earlier.”
Other risers included JD Sports Fashion, which climbed half a penny to 89.1p after interim results provided reassurance on US tariffs and the full-year outlook.
Adjusted profits fell 13.5% to £351 million but total sales were 18% higher at £5.9 billion, driven by the acquisitions of US-based Hibbett and Europe’s Courir.
Peel Hunt left forecasts and a price target of 200p unchanged following the results.
The broker said: “A lot depends on the Nike pipeline and consumer confidence over Christmas and beyond but the shares are priced for disappointment, and we do not think that is at all the likely outcome.”
Big fallers in the FTSE 100 included Burberry, which dropped 3% or 31p to 1112p, and Barclays following a decline of 6.15p to 383.15p.
In the FTSE 250, defence-focused Qinetiq and Chemring lifted 2% and Avon Technologies rose 1%.
Baltic Classifieds lost 12% or 38p to 278p after it said the ongoing impact of tax changes in the Estonian car market meant revenues and profit growth will be 3-4% below previous expectations.
Pinewood Technologies, which supplies cloud-based software in the car retail sector, fell 39p to 490p after half-year results included a one-off accounting adjustment of £1.3 million.
Underlying earnings rose 14.5% to £7.9 million, while new medium-term guidance for 2028 backed a full-year figure between £58 million-£62 million.
Berenberg said this represented a material uplift to City expectations, prompting the bank to raise its price target to 700p from 590p previously.
In the FTSE All-Share, Saga rose 5p to 222p after a strong half-year performance by its travel business contributed to upgraded profit guidance for the financial year.
On The Beach also reported a strong summer but shares slid 15% or 37.6p to 219.9p as its estimate for annual profits missed City forecasts.
Bakery chain Greggs to open first pub
09:15 , Graeme EvansHigh street food chain Greggs is to open its first pub serving exclusive beers and a menu featuring its classic bakes and sausage rolls.
The Golden Flake Tavern is opening within the Fenwick Newcastle department store and will serve its first pint on Saturday.
Diners can choose from a menu of 15 Greggs-inspired traditional pub dishes, including chicken bake Parmo, steak bake mixed grill, sausage roll & mash and a Greggs ploughman’s platter.
On The Beach summer bookings up 12%, shares slide
09:11 , Graeme EvansOn The Beach shares have fallen 15% after the package holiday firm’s estimate for adjusted profits in the year to 30 September came in short of City forecasts.
The figure for continuing operations of £34.5 million-£35.5 million compared with the consensus of £38.4 million.
Total transaction value (TTV) of £1.23 billion showed an increase of 11% on last year, with summer bookings up 12% and “significantly ahead” of the package holiday market.
The company also announced the wind down of operations in the B2B segment, which trades as Classic Collection.
Chief executive Shaun Morton said: "It remains clear that customers are still prioritising their holidays with our winter 2025 bookings up 12% and we are confident that summer 26 will continue to build, notwithstanding the later booking patterns.”
He said the company remains focused on its medium-term ambition of £2.5 billion TTV and adjusted profit of £85 million.
Shares fell 38.5p to 219p.
FTSE 100 lower, Saga 6% higher after results boost
08:28 , Graeme EvansThe shares of JD Sports Fashion have held firm at 89p after the transatlantic retailer reported half-year results in line with expectations.
The FTSE 100 index stands 0.4% or 33.80 points lower at 9189.52, with Barclays the biggest faller after a decline of 6.1p to 383.2p.
B&Q owner Kingfisher is unchanged at 289.4p, consolidating the 15% results-day advance of the previous session.
In the FTSE 250 index, updates by automotive industry software supplier Pinewood Technologies and Baltic Classifieds left their shares about 10% lower.
FTSE All-Share stock Saga rose 6% or 13.5p to 230.5p after lifting guidance for the financial year in better-than-expected interim results.
Beauty Tech announces IPO price range
08:04 , Graeme EvansBeauty Tech Group is set for a valuation between £280 million and £320 million when the Cheshire-based business floats on the stock market next month.
The home beauty business began in 2009 with the launch of CurrentBody before the expansion of the portfolio to include ZIIP Beauty and Tria Laser.
The price range for the offer, which is due to take place in early October, has been set at 251p-291p a share.
Saga upbeat amid strong travel demand
07:35 , Graeme EvansOver-50s travel and insurance provider Saga today reported half-year results ahead of its expectations, boosted by strong demand for cruises and holidays.
Higher financing costs lowered underlying pre-tax profit by 5% to £23.5 million in the six months to 31 July.
But Saga said the performance gave it confidence that profits across the financial year will be in line with the previous period.
The travel division posted a profit 33% higher at £41.6 million in the six months, with the outlook for the rest of the year boosted by strong levels of forward bookings for ocean and river cruises and holidays.
Insurance broking reported a profit of £9.1 million, down from £11.7 million a year earlier but a better than expected performance amid the transition to a new partnership with Aegis.
Chief executive Mike Hazell said Saga’s travel business performed “particularly strongly”.
He added: “These are strong results that underline the momentum we have as we continue to deliver our financial and operational objectives.”
JD Sports sees limited tariffs impact, profits fall
07:13 , Graeme EvansJD Sports Fashion today said it is on track to meet guidance after forecasting “limited impact” from US tariffs in the current financial year.
JD said it had grown market share in North America in the six months to 2 August, resulting in group-wide organic sales growth of 2.7% in the period. Direct exposure to tariffs rpresents less than 10% of its sales in the US.
Adjusted profits fell 13.5% to £351 million, reflecting a decline in operating margin to 6.2% from 8% a year earlier. Total sales were 18% higher at £5.9 billion, driven by the acquisitions of Hibbett and Courir;
Chief executive Régis Schultz said: "In an environment of strained consumer finances and evolving brand product cycles, operating and financial discipline remains a core focus for JD, and we are controlling our costs and cash well.
“Whilst we remain cautious on the trading environment for the second half, we expect limited impact from US tariffs this financial year, and our full year profit before tax and adjusting items to be in line with current market expectations."
US benchmarks fall back, gold price rise continues
07:00 , Graeme EvansUS markets ended their record-breaking run last night as the Dow Jones Industrial Average finished 0.2% lower and the S&P 500 index fell 0.6%.
The session included a 3% reverse for Nvidia following the previous session’s 4% rise, while the tech-focused Nasdaq Composite declined 1%.
The FTSE 100 index closed down 3.36 points at 9223.32, with Kingfisher the best performer after shares jumped 15% on its improved profit guidance.
Asia markets are trading higher but London’s top flight is seen falling 0.2% at today’s opening bell.
The price of gold continues to trade at record levels after reaching $3775 an ounce, while Brent Crude is 0.3% higher at $67.84 a barrel.
