JD Sports expects record profits despite economic backdrop
JD Sports: Demand is high for sportswear after the pandemic.
Sportswear retailer JD Sports Fashion said it expects annual profit to be in line with last year's record performance on strong demand for athletic and leisurewear clothes and sportswear, despite the potential slowdown in consumer spending in Britain and Ireland.
The company, which offers Nike, Adidas, Puma as well as in-house brands, said total sales for the five months of the year in its like-for-like businesses remains 5% ahead of the same period last year.
Last month it had laid out plans to overhaul its corporate governance structure and internal controls after a review led to the ousting of long-time boss Peter Cowgill in May.
The retailer owns 22 outlets in Ireland, including in Cork, Dublin, and Belfast.
JD Sports in a statement to accompany its annual general meeting said earnings in the current year would reflect a more normalised trading pattern with about 35% to 40% of the profits generated in the first half.
The company had reported a profit before tax of £654.7m for its financial year which runs to the end of January.
JD, which appointed Andrew Higginson, former chair of British supermarkets group Morrisons as its chairman earlier this month, said it was in the process to recruit a new CEO.
Rival Frasers, the Mike Ashely group which owns Sports Direct, had said earlier this week it expected higher profit next year, after a "record-breaking" 2022 driven by store reopenings and high demand for its sportswear.
Frasers also confirmed plans to expand in Ireland, targeting openings in Cork and Newbridge.
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