JD Sports said it outperformed a challenging market with a 4% like-for-like sales growth in the financial year to 3 February 2024 and is hoping for a boost from a “busy sporting summer” this year.

During the 53-week reporting period, the sports retail giant achieved total sales of £10.5 billion, up 3.6%. Like-for-likes were up 4% while organic growth was 8%. In a trading update issued this morning, it said it expected profit before tax to be in line with the £915 million to £935 million guided range.

“In our FY24 financial year, we outperformed the sportswear market, reflecting the strength of our business. We achieved like-for-like sales growth of over 4%, organic growth of over 8% and our athleisure fascias achieved organic growth of over 10%. We made good strategic progress, opening 215 new JD stores, and focusing our effort on developing JD and enhancing EPS [earnings per share] through taking full control of [Spanish acquisition] ISRG and [Polish acquisition] MIG. We expect profit before tax for the year to be in line with the guided range given in January,” said CEO Régis Schultz.

Regis Schultz JD Sports

Régis Schultz

While Schultz expects trading conditions to remain tough in the next financial year, he was hoping for a boost from major sporting events such as the Paris Olympics and the Euro 24 football tournament in Germany this summer.

“Looking ahead, the current trading environment remains challenging due to less product innovation and elevated promotional activity, especially online. We anticipate trading conditions will improve as we move through the year, helped by a busy sporting summer and softer comparatives with last year. We continue to invest in our people and the infrastructure needed to deliver our long-term growth plan. I am excited about the opportunities for the JD Group going forward and our ability to deliver attractive returns to shareholders,” Schultz said.

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