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JD Sports sales increase but profit hit by “challenging market”

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The self-titled ‘King of Trainers’ has reported its profit before tax and adjusting items has falled 7.5% to £917.2mn, despite sales increasing 2.7% to £10.4bn.

For the full year to 03 February, JD Sports saw organic sales grow by 9%, with like-for-like growth of 3.8% for the year. Footwear continued to be a key driver of growth for the retailer, with an 8.2% rise in sales.

However, there was a decrease in demand for apparel after a milder autumn and winter weather affected sales of jackets and coats.

“This strong revenue performance was delivered in a challenging market, particularly through our peak trading period,” Regis Schultz, JD Sports’ chief executive.

“We have started the new financial year with Q1 in line with our expectations in a volatile market and we are on track to deliver our profit guidance for the full year.”

JD Sports opened more than 200 new stores over the period, it reported sales at these new stores have exceeded expectations by around 20% since they opened their doors to customers. It has plans for over 200 more in its current financial year.

The sports retailer also championed its membership scheme in its latest results. In May, JD Sports reported hitting almost one million members of its JD STATUS loyalty programme – only eight months after introducing it. The loyalty ecosystem is now live across the UK and US with plans to launch in France in H2.

JD Sports joined the ‘Leading’ retailers category of the recently published RetailX UK Top500 2024 report. The Leading retailers in this year’s report are adapting quickly to meet the needs of shoppers who may have less disposable income to spend but when they do spend, still expect the convenience to which they have become accustomed.

Fashion dominates the list, represented by retail brands Asos, River Island, Joules, New Look, Uniqlo, Urban Outfitters and Zara, footwear retailer Schuh, and sports and outdoor fashion retailers JD Sports and The North Face.

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