Chief executive Régis Shultz says sportswear giant planning ‘control the controllables’ strategy

JD Sports has reported falling profits as the sportswear retailer warned it is bracing for a period of “muted” growth amid subdued consumer spending and potential cost pressures from the Iran conflict.

Pre-tax profit at the FTSE 100 company dropped by 12 per cent to £629m in the year to January, despite sales climbing by 12 per cent to £12.7bn.

The sportswear chain was plunged into boardroom turmoil last month, when chair Andy Higginson resigned after reportedly failing to persuade the board to remove its chief executive.

JD Sports said on Thursday it is anticipating “muted market growth” in the year ahead, “shaped by a weaker spending outlook for our core customer demographic and ongoing product cycle evolution at some of our major brand partners, particularly in footwear”.

Consumer confidence has slumped to its lowest level in more than two years, as Britons rein in non-essential spending amid inflation concerns, as reported by City AM.

JD Sports said it has yet to experience an impact from the Middle East conflict, but said cost increases could be on the horizon and it may need to raise prices in response.

The company said it has no direct sales exposure to the Middle East market, where it runs just eight franchise stores.

The retailer issued broader profit guidance than it was “previously planning” to reflect the “uncertainty” created by the Iran conflict, forecasting a pre-tax profit of between £750m and £850m for the coming year. JD Sports recorded a 2.5 per cent decline in organic sales to £3.1bn in the UK, while sales surged by nine and four per cent in Asia Pacific and Europe respectively.

The retailer attributed the downturn in UK sales to “a tough consumer backdrop” and falling online sales, noting it faced particularly fierce competition within the female athletic footwear market.

Organic sales in the UK fell by 3.6 per cent in the final three months, as poor weather conditions dampened in-store footfall, the retailer confirmed.

READ MORE: JD Sports brings biggest-ever careers event to Manchester as it bids to help more young people into workREAD MORE: JD Sports plans to let shoppers buy through AI platforms

JD Sports closed 24 stores across the UK over the past year, although the retailer recorded 107 net openings in North America.

The company’s share price climbed three per cent at Thursday’s market open, reaching 70p, leaving the stock down 18 per cent for the year to date.

Chief executive Régis Shultz said his company is embracing a “control the controllables” strategy, as it seeks to preserve cash headroom and deliver a dividend to shareholders in the years ahead.

He said: “Whilst we continue to expect muted market growth in full-year 2027, we remain confident in JD Group’s medium‐term trajectory, underpinned by our strong brand partnerships and agile, multi‐brand model.

“For the year ahead we are focused on further enhancing and optimising our product offer, customer experience and store footprint, and delivering strong cost and cash discipline.” Recently departed chairman Andy Higginson is reported to have lobbied JD Sports’ boardroom to remove Schultz, but ultimately left the company himself after his efforts to unseat the chief executive proved unsuccessful.

Partner with Menzies based in Cardiff John Cullen takes up the presidency role

Chambers Wales has appointed partner with accountancy firm Menzies John Cullen as its new president.

The business membership organisation has also appointed Emma Waddingham of Legal News Wales and Tom Wilkinson of Barcud Shared Services to its board, with both also becoming vice-presidents.

The new appointments come just a few months after Chamber Wales formed a new board bringing together sector experts from across Wales to bolster its work and campaigning on key issues affecting Welsh SMEs.

Based at Menzies’ Cardiff office, Kiwi Mr Cullen manages the firm’s UK-wide equity, inclusion and social value initiatives, an expertise he also brings to the chamber as its social value chair.

Ms Waddingham is the founder and editor of Legal News Wales and is currently the first non-lawyer to be president of the Cardiff and District Law Society. She is also the chamber’s business networking Chair.

Mr Wilkinson is the director of Operations at not-for-profit organisation Barcud Shared Services and is also chair of the YMCA Cardiff. As well as taking on the role as Chambers’ vice-president, he is the not-for-profit Chair, helping foster collaboration between the public, private and not for profit sectors.

Mr Cullen said: “I am very proud to be taking up the role as president of Chamber Wales. I look forward to supporting the work that the Chambers does in bringing Welsh businesses together, campaigning on its behalf and supporting its members when they really need it.

“In my work as a partner at Menzies, I spend a lot of time advising boards and solving seemingly complex problems outside of the board’s normal expertise, and so I have been able to bring this experience to the Chambers’ board and now hope to expand that in my role as president.”

“Chambers Wales is committed to working with its members to reflect a real-world economic view to our politicians about what it’s like to run a company in Wales today – the challenges, the opportunities, and the blockers. We will foster collaboration across the board to make Wales an amazing place to do business.

“We have such a great business eco-system here in Wales, one that is supportive, collaborative, and innovative. There are so many opportunities that we can exploit both in the UK and abroad on behalf of our members and I’m really looking forward to working closely with them to achieve their goals, which will ultimately help Wales economically.”

Penny Lock, commercial director at Chambers Wales, said of John, Emma and Tom’s appointments: “This really is a dream team of senior leaders for Chambers Wales. Each brings with them a level of expertise and passion that will be a massive benefit to us as an organisation and our members alike.”

Rachelle Sellek, partner at Acuity Law and non-executive director of Chambers Wales, added: “As a board, we are really pleased and proud that John, Emma and Tom have taken up these important roles in our organisation. Each bring a unique skill, personal experience and commitment to Chambers Wales that I know will help us grow and thrive.”

EXCLUSIVE – USAA and the Armed Services YMCA (ASYMCA) are launching a new childcare initiative just in time for Military Spouse Appreciation Day aimed at addressing a growing challenge for military families — access to affordable care during frequent relocations that often disrupt careers.

The $1.45 million effort comes as military spouse unemployment remains significantly higher than the national average, with childcare shortages emerging as a key driver.

“Today, the military spouse unemployment rate is north of 20%, which is four times that of their civilian counterparts,” Jenna Sauceto Herrera, who leads corporate impact at USAA, told FOX Business.

“When you think about the modern economy, the dual household income for military families is a requirement, it is not a luxury.”

USAA COMMITS $500M TO HELP VETERANS AND THEIR FAMILIES WITH CAREER SUPPORT, FINANCIAL SECURITY

USAA and the Armed Services YMCA are launching a new childcare initiative ahead of Military Spouse Appreciation Day to ease a growing burden on military families: finding affordable care as frequent moves derail careers. (Brett Coomer/Houston Chronicle via Getty Images / Getty Images)

The lack of consistent childcare is a nationwide issue, but military families face added pressure due to Permanent Change of Station (PCS) moves — routine relocations that force families to rebuild support systems from scratch.

“There are over 7,800 military children on waiting lists for childcare access,” Herrera said.

For many families, each move means restarting the search for housing, employment, and care — all at once.

OPENAI LAUNCHES FREE CHATGPT PROGRAM FOR TRANSITIONING VETERANS ENTERING CIVILIAN WORKFORCE

Armed Services YMCA President and CEO Bill French said military families often struggle to find child care and maintain employment during frequent PCS moves, calling the burden on spouses overwhelming. (U.S. Marine Corps photo by Lance Cpl. Mhecaela J. Watts)

“During PCS moves, they have to pick up and find new child care, new job opportunities for the spouse,” ASYMCA President and CEO Bill French told FOX Business.

French, a retired admiral, said the reality for military families — many of them young with children — is often overwhelming.

“You are the childcare during the move,” he said, describing the strain placed on spouses trying to maintain employment.

The challenge goes beyond unemployment alone.

USAA POPPY WALL RETURNS MEMORIAL DAY WEEKEND TO HONOR THOSE WHO ‘GAVE ALL FOR OUR FREEDOM’

Frequent PCS moves force military families to rebuild child care and support systems from scratch, with more than 7,800 children now stuck on waitlists. (U.S. Air Force photo by Staff Sgt. Hannah Strobel / Unknown)

“There’s a lot of military spouses that are employed, but they’re underemployed,” French added, noting many are forced to take lower-paying jobs after relocating due to limited opportunities and lack of childcare.

The new program, called Mission Watch, is designed to provide free, short-term childcare for military spouses navigating job searches — particularly during PCS transitions.

“This gives you a chance to drop your kids off with quality child care and not have to pay any money to go make the investment to go find a job,” French said.

VETERANS OFFER UNTAPPED TALENT AMID ONGOING LABOR SHORTAGES, EXPERT SAYS

The pilot will launch at three bases and offer spouses short-term childcare blocks to job hunt or train as part of USAA’s $500 million effort to boost military family mobility. (U.S. Army photo by Cpl. Marc Ramirez / Unknown)

The pilot will launch at three installations: Fort Hood and Fort Bliss in Texas as well as Camp Pendleton in California.

Spouses will be able to access two-hour childcare blocks during the workday, allowing time for interviews, training or networking.

“Think about the opportunity to job hunt, to take an interview, to go to a networking event,” Herrera said.

The initiative is part of USAA’s wider Honor Through Action effort — a five-year, $500 million commitment focused on improving economic mobility and quality of life for military families.

ASYMCA, which has supported service members and their families for more than 165 years, operates across 12 branches and works with dozens of military installations nationwide.

“We support junior enlisted service members and their families,” French said, adding that childcare remains one of the most urgent needs.

For military families, access to childcare is increasingly tied to financial stability and the ability for spouses to stay in the workforce.

“Affordable, enriching, and accessible childcare is critical to the readiness of our warriors, ensuring that they are able to remain focused on our mission and prepared to achieve peace through strength,” Anthony J. Tata, Under Secretary of War for Personnel and Readiness, said in a statement to FOX Business.

“It also has cascading effects on the wellbeing of their families, directly supporting spouse employment, economic security, and force retention.”

Without reliable care, many are forced to step away from careers altogether, particularly during moves.

“You need two sources of income, particularly in a family with kids,” French said.

USAA and ASYMCA say the pilot program is just a starting point, with plans to expand if successful.

“We want to start with the pilot. The idea is that we can scale it,” Herrera said.

GET FOX BUSINESS ON THE GO

As military families continue to navigate frequent relocations and limited childcare options, the new partnership aims to provide immediate relief while testing a model that could grow nationwide.

“We appreciate the many partners that are helping the Department to take care of our Service members and their families, complementing and strengthening our efforts to provide dependable childcare solutions that our warriors can trust, accelerate spouse employment, and improve quality of life for our military families,” Tata said.

Southeast Asian leaders gathered in Cebu City for the 48th ASEAN Summit (May 6-8), focusing on energy security, food security, and regional safety amid global tensions. Hosted by the Philippines, the summit united 11 member states representing nearly 700 million people and the world’s fifth-largest economy.

Key Points

• Southeast Asian leaders convened in Cebu City (May 6-8) for the 48th ASEAN Summit, hosted by the Philippines under the theme “Navigating Our Future, Together,” focusing on energy security, food security, and the safety of ASEAN nationals amid global tensions, particularly fallout from the Middle East conflict.

• Representing nearly 700 million people and the world’s fifth-largest combined economy, ASEAN’s 11 member states are pursuing coordinated regional strategies, including diversifying energy sources, expanding renewables, and strengthening food security mechanisms to address supply chain disruptions and volatile markets.

• The 11 ASEAN member states — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, and newest member East Timor — bring diverse economies, governance systems, and development priorities that collectively shape the bloc’s direction and push for meaningful regional cooperation.

The 48th ASEAN Summit: Agenda and Regional Priorities

Southeast Asian leaders convened in Cebu City, Philippines, from May 6–8 for the 48th ASEAN Summit, hosted under the theme “Navigating Our Future, Together.” The summit brought together representatives from all 11 member states, representing nearly 700 million people and the world’s fifth-largest combined economy. Key agenda items included energy security, food security, and the protection of ASEAN nationals, all made more urgent by escalating global tensions. The three-day program featured high-level engagements, summit plenaries, and preparatory ministerial sessions.

Addressing Global Pressures Through Regional Cooperation

A central concern at the summit was the fallout from the ongoing Middle East conflict, which has significantly disrupted Southeast Asian economies through volatile energy prices, supply chain breakdowns, and rising food and transport costs. In response, ASEAN economic ministers called for a coordinated regional strategy, including diversifying energy sources, expanding renewable energy, and reinforcing frameworks such as the ASEAN Power Grid and Trans-ASEAN Gas Pipeline. Food security mechanisms, particularly the ASEAN Plus Three Emergency Rice Reserve, were also prioritized to ensure timely and coherent regional responses.

A Diverse Bloc Shaping a Collective Future

The summit also highlighted the remarkable diversity among ASEAN’s 11 member states. Economies range from Indonesia’s $1.40 trillion GDP — the bloc’s largest — to East Timor’s $1.9 billion, the newest member admitted in 2025. Population sizes, governance structures, and development levels vary widely, from Singapore’s high-density city-state to Laos’s landlocked agrarian economy. Despite these differences, the summit reinforced ASEAN’s commitment to delivering “real, responsive, and meaningful outcomes” for its peoples, strengthening the bloc’s role as a platform for dialogue, stability, and collective economic progress.

Source : Asean at a glance: Meet the bloc’s 11 member states

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Cushman & Wakefield report says Birmingham, Edinburgh, Leeds and Manchester seeing shortage of premium space

Key cities in the UK are at risk of running out of premium office space within months, a new report from property giant Cushman & Wakefield has shown.

The firm’s latest National Office Moves report shows businesses expanded across all regions and office size bands in 2025 – a positive change on previous years when some areas reported downsizing. More than twice as many office occupiers who moved in 2025 expanded their footprints, rather than reducing them.

But it showed that dwindling Grade A supply caused by a lack of new developments means space is at a premium in the areas measured – with premium space in Birmingham, Edinburgh, Leeds and Manchester likely to be absorbed in under a year.

The report analyses the UK’s ‘Big Five’ regional markets of Birmingham, Bristol, Edinburgh, Leeds, and Manchester, as well as the South East.

It showed that of the 228 office deals by existing office occupiers, 156 saw footprint growth. That led to a net expansion of 668,900 sq ft in 2025.

C&W said that whether expanding or contracting “occupiers overwhelmingly consolidated into high-quality, amenity-led offices – with 181 transactions (123 expansions and 58 contractions) for Grade A space, highlighting the clear preference for premium space”. It added: “However, this focus on the best has eaten into dwindling Grade A supply which has been impacted by a lack of new development”.

Charles Dady, head of national office agency at Cushman & Wakefield, said: “At the start of this year Birmingham, Edinburgh, Leeds and Manchester – four of the Big Five markets – had less than one year’s supply of Grade A office space available. If the demand we are seeing continues, that could all be absorbed within the next 12 months.

“In practice, the supply shortage is likely to force some occupiers, who would like to move, to extend or regear their existing leases while waiting for new stock to be delivered. Without urgent investment in new, high-quality offices, occupiers will be faced with little choice but to stand still.”

Manchester accounted for 86% of deals and delivered a net gain of 308,500 sq ft. Edinburgh, Birmingham, and Leeds recorded what C&W called a “more modest but still positive” net expansion. The South East saw a “significant” net contraction in 2024 but a net gain of 182,900 sq ft in 2025.

The biggest growth sector was technology, which contracted in 2024 but last year saw a net expansion of 241,200 sq ft. Science and innovation also rebounded from having the largest net contraction in 2024 to seeing a net expansion of 146,200 sq ft in 2025, while other growth sectors included media and healthcare.

The insurance sector saw the most contraction in 2024, driven by “significant downsizing transactions in the South East”. Other sectors that saw net contractions were business services, manufacturing and energy.

Large scale occupiers drove the expansionary trend, with all activity over 100,000 sq ft seeing occupiers taking more space.

The biggest single regional office deal of 2025 was BAE Systems growing its presence by 155,500 sq ft across two buildings at Green Park, Reading, under the Global Combat Air Programme.

Other landmark Big Five lettings included Auto Trader taking 130,000 sq ft at 3 Circle Square in Manchester, growing its footprint in the city. In Bristol, law firm Burges Salmon renewed at One Glass Wharf to take the whole building with an extra 41,600 sq ft of space.

Joshua Woolnough, senior research analyst, regional offices, Cushman & Wakefield, said: “Increased demand for larger, higher-quality office space reflects trends that we first highlighted in the Central London market last year. Growing confidence in the value a premium workspace provides to businesses and staff is now evident in the regional data too.

“Occupiers that reduced their office space during the Covid pandemic are now expanding again, with more than 80% of occupiers whose previous move occurred post-2020 choosing to expand when relocating in 2025.”

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