JD Sports generated £11.5bn in global sales for the 52 weeks to January 31st ’26 – which was 10.5 per cent up, but statutory pre-tax profit dropped to £629m, from the £725m generated for the prior year. Sales in the UK were down by 2.5 per cent with 24 stores closed in order to focus on fewer larger shops.
Andy Higginson, chairman, left the business last month following his failed attempt to win unanimous backing to remove Regis Schultz, CEO. Higginson cited issues with Schultz’ performance which has seen the retailer’s share price plummet by more than 40 per cent since appointed as CEO in the Autumn of 2022.
It isn’t just JD Sports that has faced an upward battle over the past three and a half years. Some do not expect that it will be getting any better for any retailer targeting younger consumers for a considerable time. High unemployment amongst the under 25s looks set to stay. Businesses are not creating new jobs, many are having to let people go. Businesses are collapsing or getting close to it. These are, after all, extraordinarily difficult times.
Many young people yearn for the independence that paid work, whether part time or full time, stop gap or career step, provides. The ability to buy their own clothes, to pay for driving lessons, for travel, for socialising. Sadly, the increase in employment costs brought in by the current government and the other economy-damaging actions it has taken, have destroyed the lion’s share of work opportunities.
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