JD Sports Fashion Plc, the parent company of Finish Line, DTLR and Shoe Palace in the U.S. and sports fashion and outdoor retail brands Blacks, JD, Millets, and Go Outdoors in the U.K., realized sales growth of more than 10 percent in its organic retail businesses through 22 weeks of the second half of 2022, compared with growth of 5 percent for the first half of the year.
The performance of the business through the Christmas period, both in stores and online, was said to be “particularly impressive,” with total revenue growth of more than 20 percent over the six-week period through December 31.
JD stated in a release that its businesses in the U.S. had “recovered strongly,” delivering growth of more than 20 percent through the second half to date. The improvement was said to reflect both an improved availability of product in all banners and the positive momentum in the development of the JD fascia with 134 stores now trading as JD across the U.S. and Canada. The retailer’s businesses in the U.K. and the Republic of Ireland, Europe and Asia Pacific reportedly maintained their first-half momentum both in stores and online.
Based on the positive performance through the second-half-to-date, JD now expects the headline Group profit before tax and exceptional items for the year ended January 28, 2023, will be toward the top end of current published market expectations, which range from £933 million to £985 million. The end result will reflect sales through the remainder of January with the post-Christmas sale period still to take place in some of the most important European markets.
Assuming current exchange rates, JD estimated that the Group’s headline profit before tax and exceptional items for the full year to February 3, 2024 would be just over £1 billion.
Régis Schultz, CEO, JD Sports, said: “The engagement and commitment of our teams through the peak trading period has been phenomenal with many of our stores and websites delivering record sales and JD’s market-leading product and retail experience capturing the imagination of customers globally like never before. Our strategic focus on the international and digital expansion of our global premium sports fascias is underpinned by the continued strength of these businesses.”
Photo courtesy JD Sports/Régis Schultz