// JD Sports posts a record profit before tax and exceptional items of £991.4m
// Sales in 2022-23 were £10.1bn, up from £8.6bn
JD Sports expects profit to exceed £1bn for the first time this year as its offering proves popular with young shoppers.
The sportswear retailer posted pre-tax profit and exceptional items of £991.4m in the year to 28 January 2023 – a record result that was ahead of guidance and up from £947.2m a year earlier.
For 2023-24 it forecast £1.03bn – in line with current average consensus expectations.
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Revenue in 2022-23 was £10.1bn, up from £8.6bn. JD said it was “reassured” with trading in its new financial year to date, with organic sales growth of more than 15% after 13 weeks.
“This performance is further evidence that consumers worldwide are more attracted than ever to JD’s differentiated proposition,” said chairman Andrew Higginson.
The retailer has seen a series of major structural changes including the appointment of a new chief executive, Regis Schultz last year.
Schultz said: “To further increase the group’s profitability when the first half was impacted by the well-publicised international supply chain challenges, which resulted in the reduced availability of certain key footwear styles, gives me great confidence in both the strength of our market-leading sports fashion proposition and the expertise of our colleagues.”
Higginson said that it was important to “remain conscious of the headwinds that prevail at this time, including the general global macro-economic and geopolitical situation”.
The business is currently pushing ahead with a five-year growth strategy, which has seen it eye expansion in North American and European markets.
This will lead to between 250 to 350 new JD stores opening each year.
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