JD Sports opened over 200 stores in 2023
The boss of JD Sports has said it is making “good progress” against its five-year strategic plan, with the retailer having opened over 200 stores in 2023.
Chief executive Régis Schultz said the sportswear retailer was “confident” in its strategy and will continue to invest supported by “strong cash generation and healthy balance sheet”.
JD Sports’ international expansion includes the rollout of its JD Gyms business, which now operates around 80 sites in the UK. The retailer is also targeting retail parks, with an aim to open 10 retail park stores every year.
This comes as JD Sports releases a trading update for the 22 weeks to 30 December, a period during which it recorded organic revenue growth of 6% with like-for-like growth of 1.8%. The retailer said this was behind its expectations, with apparel revenue growth impacted by milder weather September whilst the peak trading period was “softer” than anticipated. JD Sports expects its full year revenue growth to be around 8%.
For the full year ending 3 February 2024, the retailer now expects its profit before tax and adjusted items to be between £915m and £935m.