JD Sports to remain cautious on trading for rest of year
JD Sports has said it will remain cautious on trading for the rest of the year after posting a drop in first half profit.
In the six months to 31 July, pre-tax profit came in at £298.3 million compared to £364.6 million at the same time last year.
Meanwhile revenue rose to £4.41 billion from £3.88 billion a year earlier.
The company said it continued a robust performance in its sports fashion retail fascias in the UK and Ireland and achieved a return to profit in Europe in the period.
In addition, it opened 51 net new stores across Europe, including a first store in Hungary, and three sites in Australia. It also launched four stores in Indonesia and two in Israel under joint venture arrangements. This means its core JD fascia now has a retail presence in 27 countries.
Looking ahead, JD Sports chairman Andy Higginson said: “Given the widespread macro-economic uncertainty, inflationary pressures and the potential for further disruption to the supply chain with industrial action a continuing risk in many markets, it is inevitable that we remain cautious about trading through the remainder of the second half.
“Despite this, the board maintains its view, at this point, that the headline profit before tax and exceptional items for the year ending 28 January 2023 will be in line with the record performance for the year ended 29 January 2022.”
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