JD Sports PBT dips 8% amid ‘challenging market’

JD Sports has seen its profit-before-tax fall 8% down to £912.4m for the year ended 27 January 2024.

Despite this, the company has still stated it saw “strategic progress in a challenging market”.

As a result, its revenue rise 2.7% from £1.13bn in the period last year up to £1.4bn this year.

It also saw organic sales growth of 9%, with a premium sports fashion organic sales growth of 10.9% and like-for-like sales growth of 3.8%.

In the period, JD opened over 200 new stores and has plans in place for over 200 new JD stores in FY25.

These new stores exceeded internal sales expectations by 20% on average and delivered payback of less than its three-year internal target.

Régis Schultz, CEO, said: “In the period, we again outperformed the market delivering organic sales growth of 9% and Premium Sports Fashion organic sales growth of 11%. This strong revenue performance was delivered in a challenging market, particularly through our peak trading period.

“We made important strategic progress: putting the JD Brand First through opening over 200 new JD stores; strengthening our Complementary Concepts through the proposed acquisitions of Courir and, announced after the period end, Hibbett; simplifying the group by taking full control of ISRG and MIG and divesting non-strategic businesses; building the right governance and organisation for a global group of our size; and investing in our people and infrastructure to deliver our growth strategy.”

He added: “We have started the new financial year with Q1 in line with our expectations in a volatile market and we are on track to deliver our profit guidance for the full year. Looking further ahead, we have a strong business model and a clear strategy to deliver long-term growth and value creation for our shareholders.”