JD Sports on track for strong 2019
UK-based sportswear retailer JD Sports has reported a strong year-to-date, with 15 per cent total sales growth for the 48-week period to 5 January 2019 and more than 5 per cent like-for-like sales growth over the same period.
The business also recognised “consistently positive like-for-like performance across Black Friday and the Christmas period” and expects between $580.4 million and $628.6 million (£325m to £352m) group profit before tax for the year to 2 February 2019.
“I am pleased with the continued progress of the group both in terms of our performance in existing markets and the recent positive developments in the United States,” JD Sports executive chairman Peter Cowgill said.
“We are confident that domestically and internationally, in stores and online, our unique and often exclusive sports fashion premium brand offer provides a solid foundation for future development.”
The business’s gross profit margins remained steady over the period, thanks to the continuation of its policy to not enter into short-term reactive discounting unnecessarily.
Preliminary results for the year ending 2 February 2019 are to be published in April 2019.
The sportswear retailer has aggressively expanded into the Australian market over the last two years, with a physical footprint of 15 stores scattered across the country.
The retailer has previously announced plans to open further stores in the second half, including a flagship store on Pitt Street in Sydney opened in November of 2018.
Edit: Clarification was added as to the launch date of the Pitt Street flagship and the total number of Australian stores.
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