JD Sports on track despite softer sales in North America
JD Sports has maintained its full year profit guidance despite a softening of sales in its US market.
In an AGM update, the company said it still expects pre-tax profit before adjusted items for the year to 3 February 2024 to be “in line with the current average consensus expectations” of £1.04 billion.
JD Sports advised in May that it was reassured with trading in the first three months of its new financial year when sales grew by more than 15%. However today the company said sales growth had slowed to around 8% in May.
JD Sports added: “This moderation in the growth was in line with management expectations and reflects tougher comparatives in the prior year as the supply chain normalised and the availability of product improved.”
While the group’s businesses in the UK, Europe and Asia Pacific performed well in May, this was partially offset by a softening of trade in North America. The company added: “Inventories in our businesses in North America are at normal levels and we will be no more promotional than we need to be to remain competitive.”
JD Sports said it is on track to open more than 150 stores for the JD fascia over the course of the current financial year and expects to complete its acquisition of French sportswear retailer Courir later this year.
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