UK retailer JD Sports' organic sales surge 15% in Q1 FY24

The company revealed that there was further positive trading in all regions through May, with overall growth in organic sales for the month around 8 per cent. The group stated that the moderate growth was in line with management expectations, reflecting tougher comparatives in the prior year as the supply chain normalised and product availability improved, the company said in a press release.

JD Sports reported continued positive trends through June in the UK, Europe, and Asia Pacific markets. However, the company's North American operations experienced some softening in trade, consistent with other businesses in the sector. Despite these challenges, JD Sports confirmed that inventories in North America are at normal levels.

The company's board remains confident that the headline profit before tax and adjusted items for the FY24, ending February 3, 2024, will align with the current average consensus expectations of £1.04 billion. It is also anticipated that profit distribution in the current year will mirror a normalised trading pattern, with approximately 35 per cent of profits generated in the first half.

In line with its 'JD First' strategy and global growth ambitions, JD Sports opened an additional 32 stores in the first four months of the year and is on track to open over 150 new stores throughout the year.

Fibre2Fashion News Desk (DP)