JD Sports' profit to top £1 billion this year

JD SPORTS Fashion said on Wednesday (May 17) it expected profit to exceed £1 billion (S$1.67 billion) for the first time this year as its offer of trainers, joggers and hoodies continues to chime with young shoppers.

The group, which trades from 3,400 stores in 32 countries and online, reported profit before tax and exceptional items for the year to Jan 28 of £991.4 million – a record result that was ahead of guidance and up from £947.2 million in 2021-22.

For 2023-24, it forecast £1.03 billion– in line with current average consensus expectations.

Revenue in 2022-23 was £10.1 billion, up from £8.6 billion, and JD said it was reassured with trading in its new financial year to date, with organic sales growth of more than 15 per cent 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. REUTERS