JD Sports Fashion announced a remarkable financial performance for the 26 weeks ending 3 August 2024.
- Revenue reached £5bn, marking a 5.2% increase from the previous year.
- Profit before tax and adjustments was reported at £405.6 million.
- The company opened 83 new stores, with a target of 200 openings in the year.
- Acquisition of US retailer Hibbett marked a significant step in international growth.
In the latest financial report, JD Sports Fashion revealed a significant rise in revenue, hitting £5 billion for the 26-week period ending 3 August 2024. This figure represents a 5.2% increase compared to the same period the previous year, underscoring the company’s robust financial health amidst challenging market conditions.
Profitability also improved, with profit before tax and adjusting items reaching £405.6 million. Such financial achievements reflect the company’s strategic capabilities and operational efficiencies, according to Régis Schultz, Chief Executive of JD Sports Fashion. Schultz emphasised the group’s capacity to adapt to global market volatility, crediting its global, multi-brand strategy for these outcomes.
The physical presence of JD Sports expanded with 83 new store openings, including its largest outlet in Stratford, London. This growth plan aligns with JD Sports’ goal to open around 200 new stores by the end of the financial year, illustrating a continued commitment to scaling its in-store and online customer proposition.
International expansion was notably highlighted by the acquisition of US fashion retailer Hibbett, completed shortly before the period ended. Schultz regarded this milestone as pivotal for JD Sports’ footprint in global markets, particularly in North America, stressing confidence in capturing a substantial share of the sportswear market there.
Régis Schultz attributed the company’s success to the dedication of JD Sports’ global teams. He expressed pride in their contribution to achieving these results and confidence in the company’s long-term strategy for sustainable growth and shareholder value creation.
JD Sports Fashion’s strategic and operational accomplishments underscore its strong market position and future growth potential.
