JD Sports Fashion has announced the departure of Chief Operating Officer Sherilyn Paterson, ending her 12-year tenure.
- Paterson joined JD Sports in 2012 as head of merchandise for footwear before advancing to COO in 2023.
- Her career includes notable roles at top retailers like Kurt Geiger and Topshop.
- Paterson’s exit coincides with a 5.7% drop in JD Sports’ share price, linked to recent Nike sales.
- JD Sports faces challenges with an 8.1% fall in operating profits amidst increasing costs.
JD Sports Fashion has confirmed the resignation of its Chief Operating Officer, Sherilyn Paterson, marking the conclusion of her remarkable 12-year journey with the company. Paterson’s career with JD Sports commenced in 2012 upon her appointment as head of merchandise for footwear, an integral role which she succeeded in with notable achievements, paving her path to becoming the merchandising director in 2014, followed by her elevation to the Chief Operating Officer role in February 2023.
Before her impactful tenure at JD Sports, Paterson held significant positions in various esteemed retail firms, most notably as the head of merchandising at Kurt Geiger between 2011 and 2012, and at Topshop from 2010 to 2011. Her decision to retire from JD Sports is understood to be due to personal reasons.
The announcement of her departure has been closely timed with a notable financial development—JD Sports experienced a 5.7% decline in its share value, reducing the price to 119p as of the morning of 30 June. This downturn in stock performance has been partially attributed to Nike reporting weaker than expected quarterly sales figures, which showed a 2% decrease in revenue for the three months ending 31 May, impacting the broader retail sector. Additionally, within the same report, a significant 8% decline in Nike’s DTC sales was highlighted, adding to the retail market’s volatility.
The financial terrain for JD Sports has also been challenging, as evidenced in its May announcement which revealed an 8.1% reduction in operating profit, before adjusting for items, for the fiscal year 2023/24, arriving at £973.9 million. This decline has been largely driven by escalating wage and investment costs, which have pressured profit margins.
Throughout the 52-week period concluding on 27 January 2024, JD Sports achieved a revenue of £10.4 billion, reflecting a 2.7% increase from the previous year, amidst a very challenging market environment. Despite this, the profit before tax and adjusting items fell 8% year on year, dropping to £912 million. This downturn was unforeseen, resulting from diminished revenue performance in the latter half of the year paired with enduring high investment costs.
Sherilyn Paterson’s departure from JD Sports marks a significant shift during a challenging financial period for the retailer.
