UK-based sports, fashion, and outdoor brands retailer JD Sports Fashion Plc is expecting the headline profit before tax and exceptional items in the top end of the range of £933 million to £985 million in the financial year 2023 (FY23), ending January 28, 2023. For FY24, the company expects the headline pre-tax profit to be over £1 billion.
The FY23 outlook was mainly underpinned by the company’s positive performance through the second half of the fiscal.
JD Sports Fashion’s revenues in its organic retail businesses strengthened through the second half with total revenue growth for the 22 weeks to December 31, 2022, of more than 10 per cent, compared with growth of 5 per cent for the first half as reported in the interim results on September 22, 2022. The performance in these businesses through the Christmas period, both in stores and online, was particularly impressive with total revenue growth over the six-week period to December 31, 2022, of more than 20 per cent, the company said in a press release.
The company’s businesses in North America recovered strongly, delivering growth of more than 20 per cent through the second half to date. This improvement reflects both the improved availability of product in all of the company’s banners and the positive momentum in the development of the JD fascia with 134 stores now trading as JD across the US and Canada.
JD Sports Fashion’s businesses in the UK and Republic of Ireland, Europe, and Asia Pacific maintained their first half momentum, both in stores and online.
