JD Sports enjoys higher sales as it pursues global expansion
JD Sports Fashion has reported higher global sales after opening 85 new stores this year, but warned that the market remains “volatile”.
The high street retailer said its total sales grew 2.4% over the three months to August, compared with the same period a year ago, and on a like-for-like basis, which strips out the impact of new store openings.
This was driven by growth in North America and Europe, whereas sales in the UK slipped 0.8% year on year, the group said.
JD said its stronger performance was driven primarily by the success of its “multi-brand” model, and the fact that sales last year were weaker.
It opened 85 new JD shops over the first half of the year which, along with acquiring American sports brand Hibbett, took its estate to more than 4,500 stores by August.
Hibbett, which it agreed to buy for 1.1 billion US dollars (£840 million) earlier this year, is expected to boost JD’s share of the sportswear market across the US.
Nevertheless, JD said it is mindful that the “global macro environment remains volatile and so we continue to be cautious on our outlook for the rest of the year”.
But it said it is sticking to its forecast pre-tax profit of between £955 million and £1 billion for the year.
