JD Sports Fashion Plc, the Bury-based FTSE 100 retailer, said on Thursday its executive chairman Peter Cowgill has sold 10 million shares in the firm at an average price of roughly £2.13 in a deal worth more than £21 million.

JD Sports shares fell almost 7% on Thursday to around £1.97.

“The company was notified on 13 January 2022 by Peter Cowgill (the company’s executive chairman) that he had disposed of 10,000,000 ordinary shares of 0.05 pence each in the company on 13 January 2022 at an average price of 213.2202 pence per ordinary share,” said JD Sports in a stock exchange statement.

“Following this disposal, Peter Cowgill has a total interest in 9,714,670 shares, representing 0.19% of the issued share capital of the company.”

On Wednesday, the Bury firm raised its annual profit forecast for the second time in four months.

JD Sports said it expects headline pretax profit of at least £875 million for the year to January 29, ahead of current market expectations of £810 million.