JD Sports said a disappointing festive season and warmer weather have led it to cut its profit forecast for the year.
The retailer estimates it will make £100m less than earlier thought, partly down to “increased promotional activity” and more sales and discounts across the sector.
JD Sports said the "the peak trading season (Christmas), across the market, was softer and more promotional than we anticipated, reflecting more cautious consumer spending".
The group did not directly say whether some of these special offers had been available in JD stores or whether it was just rivals who were taking business away from it. The cost of living crisis has put customer spending under pressure across the country, particularly in retail and hospitality.
It said revenue grew 6% organically, when accounting for moving exchange rates, in the last 22 weeks of the calendar year - "slightly below" group expectations.
Chief executive Regis Schultz said: "Our key markets have seen increased promotional activity during the peak trading season, driven by a more cautious consumer, but we continue to grow market share.
JD also said it had also been hit by milder weather from the second half of September.
Pre-tax profit expectations had stood at £1.04bn but are now expected to be £915m-£935m in the year to early February.
Mr Schultz said: “We have made good progress against our five-year strategic plan, delivering global organic revenue growth of 6% in the period, against very tough comparisons with last year, and opening over 200 new JD stores in the year.
“We are confident in our strategy and we continue to invest in our supply chain, systems and stores, supported by our strong cash generation and healthy balance sheet.”
