REG - JD Sports Fashion - Christmas Trading Statement 2023

JD Sports FashionAnnouncement

11/01/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230111:nRSK3036Ma&default-theme=true

RNS Number : 3036M  JD Sports Fashion Plc  11 January 2023

11 January 2023

JD Sports Fashion Plc

Trading Update

JD Sports Fashion Plc (the 'Group' or 'JD') today announces an update on
performance following the key Christmas trading period.

The Group is pleased to report that revenues in its organic retail businesses
have strengthened through the second half with total revenue growth for the 22
weeks to 31 December 2022 of more than 10%, compared with growth of 5% for the
first half as reported in the Interim Results on 22 September 2022. The
performance in these businesses through the Christmas period, both in stores
and online, was particularly impressive with total revenue growth over the
six-week period to 31 December 2022 of more than 20%.

We are very encouraged by the performance of our global premium sports
fascias. Notably, our businesses in North America have, as expected, recovered
strongly delivering growth of more than 20% through the second half to date.
This improvement reflects both the improved availability of product in all of
our banners and the positive momentum in the development of the JD fascia with
134 stores now trading as JD across the United States and Canada. Elsewhere,
our businesses in the UK and Republic of Ireland, Europe and Asia Pacific have
maintained their first half momentum, both in stores and online, which is
reassuring and demonstrates the ongoing resilience of our proposition and the
enduring strength of our multi-channel consumer engagement.

The positive performance through the second half to date means that we now
expect the headline Group profit before tax and exceptional items for the year
ended 28 January 2023 will be towards the top end of current published market
expectations which range from £933 million to £985 million. The ultimate
outturn will, however, reflect trading through the remainder of January with
the post-Christmas sale period still to take place in some of our most
important European markets.

Looking ahead, management are confident that consumers worldwide are more
attracted than ever to JD's differentiated proposition with its
attention-grabbing theatre in stores, advanced digital technologies, breadth
in the range of brands and availability of key styles. Management firmly
believe that the most significant opportunities lie in the continued
international multi-channel development of the Group's sports fashion
businesses and, consequently, the Group will be accelerating its global
investment in these businesses through 2023. The Group also remains committed
to enhancing its service to consumers both in stores and online with the
programme of works to upgrade the Group's operational infrastructure ongoing.

At this time, assuming current exchange rates, we estimate that the Group's
headline profit before tax and exceptional items for the full year to 3
February 2024 will be just over £1 billion.

The Group will shortly be commencing its year-end audit process with this
being the last year where KPMG LLP will report on the results. The Group will
make an announcement on the anticipated timing for releasing this year's
results in due course.

Régis Schultz, CEO of JD, said:

"The engagement and commitment of our teams through the peak trading period
has been phenomenal with many of our stores and websites delivering record
sales and JD's market-leading product and retail experience capturing the
imagination of customers globally like never before."

"Our strategic focus on the international and digital expansion of our global
premium sports fascias is underpinned by the continued strength of these
businesses."

 

Enquiries:

 

JD Sports Fashion
Plc                                                                                     Tel:
0161 767 1000

Andy Higginson, Chair

Régis Schultz, Chief Executive Officer

Neil Greenhalgh, Chief Financial Officer

Alison Lees, Director of Investor Relations and Treasury

 

FGS
Global
Tel: 0207 251 3801

Rollo Head

Jenny Davey

James Thompson

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTEAXFEFAKDEFA