JD Sports Fashion has announced that it is expecting to exceed £1 billion in profit for the first time this year, following a surge in demand for trainers and clothing from its young shoppers. The retailer reported a record result of £991.4 million for its profit-before-tax in the 52 weeks that ended 28 January 2023, up from £947.2 million in the previous year.

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Revenues for 2022/23 sat at £10.1 billion, an increase from £8.6 billion, with the retailer stating it was reassured with trading in its new financial year to date. The company attributed the record result to the enduring strength of its Sports Fashion fascias, which delivered an aggregate profit before tax and adjusted items of £827.6 million, compared with £774.4 million last year, largely as a consequence of the post-pandemic recovery.

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JD Sports chair Andrew Higginson commented on the results, saying that whilst the company is “encouraged by the resilient nature of the consumer demand” in the current period to date, it remains “conscious of the headwinds that prevail at this time including the general global macro-economic and geopolitical situation.”

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The retailer has also seen major structural changes in the past year, including the appointment of a new CEO, Regis Schultz, which followed the exit of executive chairman Peter Cowgill. During the period, CFO Neil Greenhalgh also informed the board that he wished to step down from his role which he held since November 2018. As a result, the sportswear retailer named BLG Group’s Dominic Platt as its new CFO.

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Schultz commented on the results, saying that he was “greatly encouraged” by the strength of the company’s market-leading sports fashion proposition and the expertise of its colleagues. He also added that he expected further small price rises this year, revealing that selling prices this year were currently between 5% and 10% higher compared to last year.

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Sources: https://internetretailing.net/jd-sports/