JD Sports has said it expects its full-year profit before tax to be in line with its previous “record” performance after welcoming strong sales in the first four months of the year, with total sales in its like-for-like businesses up 5% against the prior year.
It noted this positive performance has continued through June and that, after five months, the total sales in its like-for-like businesses still remain 5% ahead of last year.
In its latest AGM update, the board said it expects that the phasing of the profit in the current year will reflect a more normalised trading pattern with approximately 35% to 40% of profits generated in the first half.
The board also confirmed that the three-month intensive programme of works to address priority issues on governance and regulatory compliance matters is “progressing as anticipated”.
The group has now reportedly commenced a control, risk and compliance target operating model review with external advisors. The output from this will be a detailed plan and resource requirements assessment for a programme of works, which will ensure compliance with the various regulatory obligations and greater conformity with the Corporate Governance Code.
Andy Higginson joined the board as chair on 11 July 2022 and is now reportedly fully involved in the process to recruit a new group CEO. This process is currently ongoing and the group will update the market further when appropriate.
In the meantime, Kath Smith continues in the role of interim CEO and is said to be working well with the group’s senior leadership team to execute the group’s strategic objectives and progress the ongoing global development opportunities.
JD Sports will release its interim results for the period to 30 July 2022 in the second half of September and will announce a date for this in due course.