UK-based retailer JD Sports Fashion says it is on-track to deliver another year of good growth in revenues and earnings after delivering record 12-month results last year.
In a statement ahead of the firm’s annual general meeting today (3 July), executive chairman Peter Cowgill said the retailer has continued to achieve encouraging like-for-like sales growth in its core sports fashion fascias both in the UK and internationally.
The progress comes after the company posted a double-digit hike in both earnings and revenue for the 52 weeks to 2 February.
Meanwhile, JD has added a further 29 stores (109,000 sq ft) to its portfolio in the period to 29 June, with the emphasis on international development. The retailer has opened a net 18 new stores to date across Europe (including the conversion of six former Chausport stores in France) and a net five new stores in the Asia Pacific region with additional stores in both Malaysia and Australia.
It has also opened its sixth JD store in the United States after the conversion of the former Finish Line store at the Mall of America in Bloomington, Minnesota.
JD formally completed its acquisition of US athleticwear chain The Finish Line in a deal worth US$558m last year.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe stores are also complemented by a trading website which was launched in May.
“The board remains confident that the group continues to be on track to deliver headline profit before tax for the full year at least equal to current consensus market expectations,” Cowgill said.
JD Sports will announce interim results for the period to 3 August on 10 September.
Greg Lawless, retail analyst at Shore Capital, added: “We continue to highlight that this is a business with real momentum noting the commentary that like-for-like growth continues both in the UK and internationally. The company has ridden the athleisure consumer trend well and the FY2019 results back in April highlighted the growth across the business.
“Today’s short statement should reassure investors that the group remains on track to deliver another year of good growth in revenues and earnings.”
