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Sandra Halliday Published
June 27, 2025
JD Sports issued an update ahead of its annual general meeting on Tuesday and there’s no surprise that it said sales continue to rise. It had said back in May that trading in the first quarter of its financial year (the three months to the end of April) saw growth in organic sales at constant exchange rates of more than 15%. And now it has added that "there was further positive trading in all regions through May" with overall growth on the same basis of around 8%.
While that may look like a slowdown, it was in line with management expectations and reflects the fact that year-on-year comparisons are getting tougher. Essentially, a year earlier, the supply chain normalised and the availability of product improved so trading back then was better than it had been in the months before. In the circumstances and given the current cost-of-living crisis, an 8% rise is a good one.
Further, the “positive trends have continued through June in the group's businesses in the UK, Europe and Asia Pacific”. However, the growth from these regions was partially offset by the businesses in North America, “which are experiencing some softening in trade consistent with other businesses in the sector”.
A number of retailers and brands have reported softness in the US, including both mass-market and luxury names. The worry is that this will lead to discounting. But JD said “inventories in our businesses in North America are at normal levels and we will be no more promotional than we need to be to remain competitive”.
The company’s higher sales globally are being helped by its store opening programme. It opened a net additional 32 JD stores in the first four months of the year and is on track to open more than 150 stores for the JD chain over the course of the year.
And it should get a further boost in Europe as it expects its proposed Courir buy to complete later this year. This purchase represents the group's “first acquisitive steps in fulfilling the growth ambitions of the business in under-penetrated markets”.
So how does this all affect profit expectations? The company continues to predict that headline profit before tax and adjusted items for the year to 3 February 2025 “will be in line with the current average consensus expectations of £1.04 billion”.
It also expects that the phasing of profit in the current year “will reflect a normalised trading pattern with approximately 35% of profits generated in the first half”.