JD Sports Fashion PLC Trading Update (6458Y)
January 04 2024 - 1:00AM
UK Regulatory
TIDMJD.
RNS Number : 6458Y
JD Sports Fashion PLC
04 January 2024
4 January 2024
JD SPORTS FASHION PLC
TRADING UPDATE
JD Sports Fashion Plc (the 'Group'), the leading retailer of
sports, fashion and outdoor brands, today announces its peak season
trading update.
For the 22 weeks to 30 December 2023, constant currency organic
revenue growth was 6.0% with like-for-like growth of 1.8%. This was
slightly behind our expectations. Apparel revenue growth was
impacted by milder weather from the second half of September, while
the peak trading season, across the market, was softer and more
promotional than we anticipated, reflecting more cautious consumer
spending. We expect full year organic revenue growth to be
c.8%.
The gross margin rate for the period is in line with last year.
This is lower than our expectations due to the elevated level of
promotional activity during the peak trading period and therefore
we now anticipate the full-year gross margin rate will be slightly
lower than last year. FY24 will also be impacted by a
reclassification of certain capital expenditures into operating
expenses, expected to be GBP7m, and lower interest income of GBP8m
following the ISRG NCI acquisition, as well as the previously
announced dual running infrastructure costs.
Therefore, in terms of the full year ending 3 February 2024, we
now estimate profit before tax and adjusted items will be between
GBP915m and GBP935m.
As we approach the year end, we remain comfortable with our
current inventory position.
The Group's full-year results will be released in a similar
timeframe to last year as we work alongside new auditors. Before
then, we plan to release a full-year trading outcome update in
March, including our initial guidance for FY25.
Régis Schultz, CEO of JD Sports Fashion Plc, said: "We have made
good progress against our five-year strategic plan, delivering
global organic revenue growth of 6% in the period, against very
tough comparisons with last year, and opening over 200 new JD
stores in the year. Our key markets have seen increased promotional
activity during the peak trading season, driven by a more cautious
consumer, but we continue to grow market share. We are confident in
our strategy and we continue to invest in our supply chain, systems
and stores, supported by our strong cash generation and healthy
balance sheet."
Enquiries:
JD Sports Fashion Plc
Tel: 0161 767 1000
Régis Schultz, Chief Executive Officer
Dominic Platt, Chief Financial Officer
Mark Blythman, Director of Investor Relations
Advisors
Investec Bank Plc - David Flin
Tel: 0207 597 5970
Peel Hunt LLP - Dan Webster
Tel: 0207 418 8869
FGS Global - Rollo Head, Jenny Davey, James Thompson Tel: 0207
251 3801
This announcement contains information which is deemed by the
Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
The person responsible for arranging the release of this
information on behalf of the Company is Theresa Casey, Company
Secretary.
2024 financial calendar
Post-year-end trading update: March
FY24 results: May
AGM: June
H125 results: September
About JD Sports Fashion Plc
Founded in 1981, the JD Group ('JD') is a leading global
omnichannel retailer of Sports Fashion brands. JD provides
customers with the latest exclusive products from its strategic
partnerships with the most-loved premium brands - including Nike,
Adidas and The North Face. The vision of JD is to inspire the
emerging generation of consumers through a connection to the
universal culture of sport, music and fashion. JD focuses on four
strategic pillars: global expansion focused on the JD brand first;
leveraging complementary concepts; moving beyond physical retail by
creating a lifestyle ecosystem of relevant products and services;
and doing the best for its people, partners and communities. JD is
a constituent of the FTSE 100 index and had 3,377 stores worldwide
at 25 November 2023.
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