// JD Sports has stuck to guidance for full-year profit
// Strong UK, Europe and Asia Pacific sales were partially offset by the softening of business in North America
JD Sports has maintained annual guidance despite a slowing growth of sales in May and softening in the US market.
The group said it still expected full-year profit to pass £1bn after positive trading in all regions through May, with overall growth in organic sales of around 8%, compared with 15% in the first three months of the year.
“This moderation in the growth was in line with management expectations and reflects tougher comparatives in the prior year as the supply chain normalised and the availability of product improved.”
While its UK, Europe and Asia Pacific businesses were also performing well, this was partly offset by operations in North America which were “experiencing some softening in trade consistent with other businesses in the sector”.
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“Inventories in our businesses in North America are at normal levels and we will be no more promotional than we need to be to remain competitive,” JD Sports said.
Consistent with its ‘JD First’ and global growth strategy, the Group opened a net additional 32 JD stores in the first four months of the year and is on track to open more than 150 stores over the course of the year as its expansion strategy continues.
Back in May, the business said it expected profit to exceed £1bn for the first time this year as its offering proves popular with young shoppers.
Posting 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.
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