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JD Sports has reaffirmed its profit guidance of between £915m-£935m for the full year despite what it has called a “challenging market”.
In Q4 its like-for-like sales were up 0.1% and organic sales were up 4.4% while FY24 LFL sales were up 4.2% and organic sales growth was 8.4%.
Overall, the retailer’s total sales grew 3.6% to £10.6bn while its gross margins were 47.3% and it opened 215 new stores.
Trading in the new financial year is as expected through seven weeks and the company expects a profit of between £900m-£980m for the full year.
Régis Schultz, CEO of JD Sports Fashion Plc, 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. We expect profit before tax for the year to be in line with the guided range given in January.”
He added: “Looking ahead, 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.”
