JD Sports hails record year
JD Sports has enjoyed a strong 2023 financial year, seeing both its revenues and profits soar.
In the 12 months to January 28, the sports retailer’s revenue increased to £10.13bn, up from £8.56bn in 2022.
Profit before tax and adjusted items rose from £947.2m to £991.4m, a record result for the retailer.
After adjustments, JD Sports’ profit before tax was £440.9m, down from the £654.7m reached in 2022.
Andrew Higginson, JD Sports chair, said: “Whilst we are encouraged by the resilient nature of the consumer demand in the current period to date, we remain conscious of the headwinds that prevail at this time including the general global macro-economic and geopolitical situation.”
Despite this, the retailer expects its headline profit before tax and adjusted items to reach over £1bn in 2024.
The group also said that it had a “strong pipeline of opportunities” for its gyms business, in which the retailer currently operates 79 sites in the UK.
JD opened a net five gyms over the year, and expects to open at least a similar number in the UK over the current financial period.