JD Sports reports 20% rise in Christmas sales

JD Sports Fashion reported a 20% increase in revenue for the six-week period to 31 December 2022, driven by “particularly impressive” in-store and online sales.

The group has also seen a 10% increase in revenue for the 22 weeks to 31 December 2022, compared with growth of 5% during the first half of the financial year.

Revenues in North America saw growth of more than 20% through the second half to date, whilst the businesses in the UK, Republic of Ireland, Europe and Asia Pacific "maintained their first half momentum", both in-stores and online.

JD Sports said that this is “reassuring and demonstrates the ongoing resilience of its proposition and the enduring strength of its multi-channel consumer engagement”.

The improved performance through the second half to date means that JD Sports now expects profit before tax for the year ending 28 January 2023 to be towards the top end of £933-£985 million.

The group also estimates that its headline profit before tax and exceptional items for the year to 3 February 2024 will be just over £1 billion.

Looking ahead, the group said it is “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”.

Régis Schultz, CEO of JD Sports Fashion, 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."

The trading update comes after JD Sports offloaded a raft of "non-core" premium fashion brands, including Giulio, Cricket, Pretty Green and Tessuti, to Frasers Group. The move followed a strategic review of JD Sports by its new CEO Régis Shultz who joined the business in August 2022.