JD Sports shares slump 14% after profit warning

Lower sales in UK and North America after mild weather and discounting by rivals offset by 3.5% rise in Europe

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Mild weather and discounting by rivals hit sales at JD Sports in October, as the trainers and fashion retailer said profits will be at the lower end of expectations.

The gloomy update sparked a sell-off among investors, sending shares down 14% and wiping about £800m off the value of the FTSE 100 company, which owns the JD chain as well as outdoor wear retailers Millets and Blacks in the UK and chains in the US and mainland Europe. Shares in its rival, the Sports Direct owner Frasers Group, also fell, by 2.5%.