JD Sports, a UK sports retailer, announced during its annual general meeting (AGM) that it is on course to make £ 1 billion (US $ 1.27 billion) in profits for the current fiscal year as a result of recent sales increases.
JD Sports reported that its business experienced organic sales growth of more than 15% at constant currency rates in the first three months of the year and that it was “reassured” for the 52 weeks ending on January 28, 2023.
JD Sports
All regions continued to do exceptionally well through May, according to JD Sports, with an average rise in organic sales of about 8% at constant exchange rates.
As the supply chain normalized and the product’s availability rose, the growth moderation was in line with management predictions, according to JD, and it reflected stiffer prior-year comparisons.
- JD Sports targets £1 billion profit due to sales growth.
- UK, Europe, and Asia Pacific show favorable trends in June, despite the North American trade slowdown.
- Business expects European Courier acquisition to boost growth.
The favorable trends have continued through June in the UK, Europe, and Asia Pacific, even though the Group’s businesses in North America, which are suffering some trade slowdown, mainly cancel out the increase from these regions.
Last month, JD Sports disclosed its plans to acquire the French sports company Courir for € 520 million.
According to the business, it still believes that the proposed acquisition of the complementary Courier business in Europe, which would be one of its first steps towards reaching its growth goals in underserved nations, will come to fruition later this year.
