JD Sports on track to hit £1bn in profits this year
The group revealed in May that trading in the first three months of the year saw organic sales grow at constant exchange rates of more than 15%
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JD Sports has revealed that the headline profit before tax and adjusted items for the year ending 3 February 2024 will be in line with the group’s expected £1.04bn.
The board said it also expects that the phasing of the profit in the current year will reflect a “normalised” trading pattern, with approximately 35% of profits generated in the first half.
As per the group’s FY23 results released in May, it revealed that trading in the first three months of the year saw organic sales grow at constant exchange rates of more than 15%.
The group also revealed further positive trading in all regions through May, with overall growth in organic sales at constant exchange rates in the month of around 8%.
While JD Sports noticed moderation in growth, it was still in line with management expectations and reflects “tougher comparatives in the prior year as the supply chain normalised and the availability of product improved”.
The sports retailer opened an additional 32 stores in the first four months of 2023 and is on track to open a further 150 stores over the course of the year, in line with targets set in February.
The group will reveal its interim results for the period ending 29 July 2023 in due course.
