JD Sports has had a successful year, highlighted by its recent acquisition of Finish Line which has proven to be a wise investment. The renowned sports, fashion, and outdoor brands retailer shared positive news in its trading update, covering the 48 weeks leading up to January 5. During this period, the company experienced a remarkable 15% growth in total sales across its global Sports Fashion chains in the UK and beyond. This impressive growth excluded the recent additions of Finish Line in the US and Sport Zone in Iberia. Furthermore, JD Sports achieved over a 5% increase in like-for-like sales in these units over the same 48-week timeframe.
Despite facing challenges in the broader UK retail market, JD Sports managed to maintain its gross profit margins at the levels seen in the previous year by avoiding unnecessary discounting. The company expressed satisfaction with its performance, emphasizing the solid foundations of its dynamic multi-brand multi-channel approach and its potential for further expansion into new geographical regions.
As part of its strategic growth plan, JD Sports successfully launched its first two stores in Thailand in the latter half of the year and introduced five JD stores in the US just in time for the holiday season. Three of these US stores were conversions of existing Finish Line locations. The company remains optimistic about its early progress in the US market and intends to convert up to 15 more Finish Line stores in the first half of the year.
While expanding its presence in the US, JD Sports made it clear that Finish Line will continue to operate in its home market. The company noted ongoing gains in sales and margins for the broader Finish Line business and expressed confidence in its future profitability. JD Sports anticipates that its headline group profit before tax for the fiscal year ending on February 2 will align with or exceed market expectations, falling in the range of £325 million to £352 million.
For more information on JD Sports and its recent activities, visit their official website here: JD Sports Website. Additionally, to stay updated on industry news and developments, check out this informative article: Retail Gazette.
