JD Sports has posted its results for the 53 weeks ended 3 February, ’24. Sales had edged upward by 2.7 per cent to reach £10.4bn (3.8 per cent on a like-for-like basis) but gross margin dropped to 48 per cent. The retailer’s profit before tax and adjusting items was down by 7.5 per cent to £917.2m.
The retailer opened 216 new stores during the year and said that the new stores exceeded internal sales forecasts by an average of twenty per cent.
Regis Schultz, CEO, of JD Sports said: “In the period, we again outperformed the market delivering organic sales growth of 9 per cent and Premium Sports Fashion organic sales growth of 9 per cent.
“We made important strategic progress: putting the JD Brand First through opening over 200 new JD stores; strengthening our Complementary Concepts through the proposed acquisition 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.”
The retailer will press ahead with its plans to open another 200+ stores in the current year increasing its total chain to over 3500 worldwide. 76 per cent of its business is derived from stores with 22 per cent online.
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