JD Sports Fashion said it expected annual profits to be at the top end of expectations after revenues grew by more than a fifth over the Christmas period. Current market expectations for the year to Jan. 28 are for a profit before tax and exceptional items of £933-985 million (€1.05bn-1.11bn) although the final figure will reflect trading through the rest of January with the post-Christmas sale period still to take place in some of the company’s most important European markets.
Sales increased in the second half of the year, with total revenue growth of more than 10 percent in the 22 weeks ending Dec. 31, with online and in-store sales up more than 20 percent during the holiday season. The company added that it expected pre-tax profits of just over £1 billion (€1.13bn) for the full year to Feb. 3, 2024.
“We are very encouraged by the performance of our global premium sports fascias. Notably, our businesses in North America have, as expected, recovered strongly, delivering growth of more than 20 percent through the second half to date,” JD Sports said. Improvement was driven by improved availability of product in all JD’s banners and positive momentum in the development of the JD fascia, with 134 stores now trading as JD across the U.S. and Canada. Operations in the U.K. and the Republic of Ireland, Europe and Asia Pacific maintained first-half momentum across all channels. The company said it would accelerate investment in its sports fashion businesses during the year.
