JD Sports maintains full year profit guidance
JD Sports has said it anticipates that its full-year pre-tax profit will be in line with expectations as it announced an uplift in annual sales.
In a trading statement, the sportswear retailer said like-for-like sales edged up 0.1% in its fourth quarter while organic sales rose by 4.4%.
However, like-for-like sales in the UK and Ireland fell by 3.2% due to the region having the highest apparel sales mix in the group and apparel performing less well than footwear. The retailer also chose to offer fewer online discounts than its rivals.
The fourth quarter result meant that JD Sports’ like-for-like sales in the year to 3 February were up 4.2% with organic sales growth of 8.4%.
Meanwhile, total sales grew by 3.6% to £10.5 billion in the year.
Régis Schultz, chief executive of JD Sports Fashion, said: “In our FY24 financial year, we outperformed the sportswear market, reflecting the strength of our business.
“We achieved like-for-like sales growth of over 4%, organic growth of over 8% and our athleisure fascias achieved organic growth of over 10%.
“We made good strategic progress, opening 215 new JD stores, and focusing our effort on developing JD and enhancing EPS through taking full control of ISRG and MIG.”
JD Sports said it expects its full year pre-tax profit before adjusted items to be line with its previously guided range of £915 million to £935 million.
“Looking ahead, Schultz, said: “The current trading environment remains challenging due to less product innovation and elevated promotional activity, especially online.
“We anticipate trading conditions will improve as we move through the year, helped by a busy sporting summer and softer comparatives with last year. We continue to invest in our people and the infrastructure needed to deliver our long-term growth plan.
“I am excited about the opportunities for the JD Group going forward and our ability to deliver attractive returns to shareholders.”
