JD Sports confident of delivering record profit and sales

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JD Sports has said it expects to deliver a second straight year of record profits and revenues despite the ongoing cost-of-living crisis ahead of its AGM later today

JD Sports store exterior

JD Sports expects profits and total sales for this year to be “in line with the record performance for the year ended January 29”

In a trading update ahead of its annual general meeting, JD Sports said that total like-for-like sales were 5% ahead of where they were the previous year in June 2022.

This follows reports for the 52 weeks to January 29, 2022, published in June, which reported that sales were 5% ahead year on year for the first four months of the current financial year.

As a result, JD Sports’ board said it expects profits and total sales for the current year to be “in line with the record performance for the year ended January 29”.

The retailer said it expects that trading patterns will normalise as the year progresses, with approximately 35% to 40% of profits being generated in the first half of the year.

The retailer also announced that, as part of its work on its governance issues, it has launched a Control, Risk and Compliance Target Operating Model review to comply more fully with corporate governance rules.

Today’s AGM will be the first for new chair Andrew Higginson, who joined the retailer on June 11. Higginson is fully involved in the search for a new chief executive, following the departure of former executive chair Peter Cowgill.

Kath Smith will continue in her current role as interim chief executive.