JD Sports Dives 21% on Lower Profit Expectations

The
Lancashire-based,
FTSE
100-listed
sportswear
retailer
said
organic
revenue
was
up
6.0%
in
the
22
weeks
ending
December
30
2023
on
a
constant
currency
basis
from
a
year
earlier,
with
like-for-like
growth
of
1.8%.
This
was
slightly
behind
its
expectations.

The
retailer
expects
organic
revenue
growth
of
around
8%
for
the
year
ending
February
3.

The
gross
margin
rate
for
the
period
is
in
line
with
last
year,
JD
Sports
said,
lower
than
its
expectations
due
to
the
elevated
level
of
promotional
activity
during
the
peak
trading
period.
As
a
result,
it
now
expects
full-year
gross
margin
rate
will
be
slightly
lower
than
last
year.

The
company
now
expects
to
report
pretax
profit
and
adjusted
items
of
between
£915
million
and
£935
million
for
the
financial
year.
This
falls
short
of
market
expectations
of
£1.04
billion,
which
back
in
September,
JD
Sports
had
said
it
expected
to
meet.

Chief
executive
officer
Regis
Schultz
said:
“our
key
markets
have
seen
increased
promotional
activity
during
the
peak
trading
season,
driven
by
a
more
cautious
consumer,
but
we
continue
to
grow
market
share.

“We
are
confident
in
our
strategy
and
we
continue
to
invest
in
our
supply
chain,
systems
and
stores,
supported
by
our
strong
cash
generation
and
healthy
balance
sheet.”

By
Sabrina
Penty,
Alliance
News
reporter

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