JD Sports sales soar in ‘record results’

The retailer reported record sales of £10.1bn, for the 52 weeks ending January 29, 2023, up from £8.5bn in 2022, as shoppers sought out its leisure and activewear ranges. 

In the same period, profits before tax and adjusted items stood at £991.4m, increasing from £947.2m the previous year, and the retailer expects it to top £1bn this year. 

After a total charge of £550.5m for adjusted items, profit before tax was at £440.9m down from £654.7m in 2022.

The retailer said the higher cost of adjusted items “principally relates to a non-cash movement in the present value of future put and call options held with minority shareholders in certain subsidiary businesses, impairments of intangible assets on acquisitions in prior periods and losses incurred in divesting our non-core branded fashion businesses”.

Chair Andrew Higginson said: “The group is reassured with trading to date in the new financial period with growth in organic sales at constant exchange rates of more than 15% after 13 weeks.

“This performance is further evidence that consumers worldwide are more attracted than ever to JD’s differentiated proposition with its attention-grabbing in-store experience, breadth in the range of brands and availability of key styles.

“Whilst we are encouraged by the resilient nature of the consumer demand in the current period to date, we remain conscious of the headwinds that prevail at this time including the general global macro-economic and geopolitical situation.

“Against this backdrop, assuming current exchange rates, we expect that the group’s headline profit before tax and adjusted items for the 53-week period ending February 3, 2024, will be in line with the current average consensus expectations of £1.03bn.”

“This has been another period of excellent progress for the group with a profit before tax and adjusted items for the 52-week period ended January 28, 2023, of £991.4m. This is a record result for the group and I must pay tribute to the skills, resilience and positive attitude of the colleagues in our businesses who have not let the leadership changes distract from their focus on the consumer and our offer.”