Companies

JD Sports reiterates full year outlook

Jun 28, 2023 United Kingdom

After reporting a positive trading update for May, the UK-based retailer said that it maintains its outlook of 1.04 billion British pounds in profit before tax and adjusted items

According to the company's latest trading update, May saw overall growth in organic sales at constant exchange rates of around 8%, as compared to the same period of last fiscal year. This reflects a slowdown from the 15% growth recorded in the first three months of the year that ended in April, mainly due to “tougher comparatives in the prior year as the supply chain normalised and the availability of product improved”.

JD Sports added that the “positive trends continued through June” in the UK, Europe and Asia Pacific, with the performance in these regions being partially offset by the activity in North America, which is “experiencing some softening in trade consistent with other businesses in the sector”. Still, inventories are at normal values in North America and the group doesn’t intend to be “more promotional” than needed to remain competitive.

Altogether, the company maintains its expectation that the headline profit before tax and adjusted items for the year ended on the 3^rd of February 2024 will be around 1.04 billion British pounds (1.21 billion euros), with approximately 35% of the profits being generated in the first half.

Other Updates

JD Sports opened 32 new stores in the first four months of fiscal 2024 and plans to open more than 150 stores of the JD fascia in the remaining year. The group is also anticipating to formally close the acquisition of Courir later this year.

1 British pound = 1.16 euros

Image Credits: voxmarkets.co.uk

United Kingdom Companies Footwear JD Sports Results Sales Sportswear