JD Sports has posted an increase in sales and confirmed profit remains “on track” for the full financial year as its strong brand portfolio continues to pay off.
The retailer recorded profit before tax of £375.2m for the 26 weeks to July 29, 2023, up 25.8% year on year compared with the same period in 2022.
Sales at the sportswear retailer increased by 8.3% to reach £4.78bn for the period as growth for its premium sports fashion brands continued.
JD Sports said it had seen a “strong performance” from its North America premium sports fashion fascias and gained further market share in some “key regions” during the period.
The retailer confirmed it remains “on track” to bolster its store portfolio, with the addition of more than 200 new stores globally by January 2024, and noted the trial of its loyalty programme in the UK during the trading period.
In terms of outlook, the sportswear giant said that, while it is “acutely aware of how tough the macro-economic environment” remains for customers, it is on track to achieve a profit of £1.04bn for the full year.
Chief executive Régis Schultz said: “We have delivered a strong first half to our financial period, with organic sales growth of 12% and profit on track for the full year.
“In line with our strategic plan, growth is being driven by our premium sports fashion business, with an impressive performance in Europe (up 27%) and North America (up 15%), supported by a strong performance in our more mature UK market (up 8%). This performance continued in the important back-to-school period.
“We have made good progress delivering on our strategic pillars, focusing on expanding the JD brand, and we will open more than 200 JD stores worldwide in this financial period.
“This is alongside the proposed acquisition of Courir in the region, which will, when completed, enhance the group’s existing portfolio of complementary concepts, bringing into the company its market-leading focus on the female customer. Meanwhile, we are building and investing in talent and infrastructure to support future growth.
“Looking ahead, our core consumers remain resilient in the face of the ongoing global macro-economic challenges. The JD brand continues to strengthen its global presence, supported by our strategic partnerships with much-loved brands and our strong balance sheet.”
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