Ahead of its AGM today, JD Sports reported positive trading in the first half of the financial year and said it was set to deliver profits “in line with the current average consensus expectations of £1.04 bn”.
The sportswear retailer said it was “reassured with trading in the first three months of the year with growth in organic sales at constant exchange rates of more than 15%”.
Sales growth in all regions in the month of May was 8% and “in line with management expectations” with positive trends continuing in June.
JD said performance was in line to deliver £1.04bn profit before tax and adjusted items for the year ending in February 2024 with approximately 35% of profits generated in the first half.
As part of its ‘JD first’ and global growth strategy, the group opened a net additional 32 JD stores in the first four months of the year and “is on track to open more than 150 stores for the JD fascia over the course of the year and in line with the targets set out in the Group’s Capital Market Event in February”, said the retailer.
The sportswear retailer added that it expects the Courir acquisition “which represents the group’s first acquisitive steps in fulfilling the growth ambitions of the business in underpenetrated markets” will formally close later in the year.
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