JD Sports on track to open over 200 new stores
JD Sports has said it is on track to open 200 new stores internationally by January 2024.
This includes the rollout of its JD Gyms business, which now operates from 80 sites in the UK. The retailer said it plans to increase the pace of its organic rollout going forward and has a “strong pipeline” of new gym sites. The group expects to open a further six locations in the current financial period.
This comes as the sportswear retailer announces its results for the half year to the end of July, a period during which JD Sports saw its revenue increase by 8.3% to £4.78bn.
In the same period, the retailer’s statutory pre-tax profit grew by 25.8%, up to £400.1m from £298.3m during the first six months of the previous year.
JD Sports said a small decline in profit before tax and adjusted items of 2.6% represented an investment in the retailer’s people, systems, and supply chain.
The group said that in the seven weeks since the first half of the year, trading has continued to be in line with its expectations. The retailer said it had continued to open new stores worldwide and is currently on track to hit its full-year targets.
JD Sports said it expects its headline profit before tax and adjusted items for the year ending 3 February 2024 will be in line with the current market consensus estimations of £1.04 billion.
Régis Schultz, chief executive officer of JD Sports, said: “We have delivered a strong first half to our financial period with organic sales growth of 12% and profit on track for the full year. In line with our strategic plan, growth is being driven by our premium sports fashion business with an impressive performance in Europe, and North America, supported by a strong performance in our more mature UK market. This performance continued in the important back to school period.”
He added: “Looking ahead, our core consumers remain resilient in the face of the ongoing global macro-economic challenges. The JD brand continues to strengthen its global presence, supported by our strategic partnerships with much-loved brands and our strong balance sheet.”
In May, the retailer hailed a record year, with revenue reaching £10.13bn in the 12 months to January 28 2023.