JD Sports reports positive trading, maintains outlook

JD Sports Fashion Plc has reported positive trading in all regions through May with overall growth in organic sales at constant exchange rates in the month of around 8 percent.

The company said in a release that positive trends have continued through June in the group's businesses in the UK, Europe and Asia Pacific although the growth from these regions is partially offset by the businesses in North America which are experiencing some softening in trade consistent with other businesses in the sector.

The board maintains its view that the headline profit before tax and adjusted items for the year ending February 3, 2024 will be in line with the current average consensus expectations of 1.04 billion pounds. The board also expects to generate approximately 35 percent of profits in the first half year.

In the announcement of the annual results on May 17, 2023, the group had said that it was reassured with trading in the first three months of the year with growth in organic sales at constant exchange rates of more than 15 percent.

Consistent with its 'JD First' and global growth strategy, the group opened 32 JD stores in the first four months of the year and is on track to open more than 150 stores for the JD fascia over the course of the year.

The group anticipates that the proposed acquisition of the complementary Courir business in Europe will formally close later in the year.