JD Sports Fashion Reports Solid Revenue Growth Amid Market Volatility

JD Sports Fashion has announced an unaudited full-year revenue increase of 2.7%, reaching £10.4 billion, with constant currency sales growth of 2.9%. The company's organic sales growth stood at 9%, driven by a 3.8% like-for-like sales increase and a 5.2% boost from new space. Premium sports fashion saw an impressive 10.9% organic sales growth, with like-for-like sales growth also at 3.8%. In a statement, JD Sports Fashion indicated that its first-quarter performance aligns with expectations, maintaining its full-year profit before tax and adjusting item guidance between £955 million and £1,035 million.

Régis Schultz, CEO of JD Sports Fashion Plc, remarked on the company's results: "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."

The company's gross margin was reported at 48%, slightly down from the previous year. Profit before tax and adjusting items for the year was £917.2 million, a decline of 7.5%, while profit before tax increased by 66.7% to £811.2 million. Adjusted basic earnings per share were down 9.1%.

JD Sports Fashion opened over 200 new JD stores and plans to open another 200 in FY25. The new stores are surpassing internal sales expectations by an average of 20% and achieving payback in under three years.

During the year, JD announced proposed acquisitions of Courir in Europe and, post-period, Hibbett, Inc. in North America. Additionally, the company's new distribution center in Heerlen, Netherlands, began operations during the year.