Sales growth at JD Sports has slowed compared to Q1 2023, although the company remains on track to report a £1bn profit for its current financial year after sales continued to grow.
In a statement issued ahead of its annual general meeting later today, June 27, JD said sales growth slowed to eight per cent in May after jumping 15 per cent over the first three months of the year.
The Bury-headquartered company added it has opened a net of 32 stores in the first four months of its year and is on track to open more than 150 stores by the end of its financial period.
The ongoing improvement reflected supply bottlenecks easing, meaning it had more stock to sell, although the company warned that positive trading in the UK, Europe and Asia has been partially offset by weaker sales in North America, amid a sector-wide slowdown across the region.
JD’s expansion over the year to date has included opening a flagship store in Chicago, along with 58 net new store openings in Europe over the first quarter.
Last month, it shared ambitious growth plans to open up to 350 shops globally each year, focused in North America and continental Europe.
The firm is also in the process of a €520m (£450m) takeover of French sportswear retailer Groupe Courir which it expects to formally close later in the year.
JD chiefs will tell the AGM today that headline profit before tax and adjusted items for the year ending February 3, 2024 will be in line with the current expectations of £1.04 billion.
The company is also likely to face pressure from shareholders to lift its lowest paid workers’ wages in line with inflation amid the cost-of-living crisis.
