JD Sports Fashion to open 250 to 350 new JD stores annually in underpenetrated markets in the next five years. Credit: DPP Law/ Flickr (Creative Commons).

UK-based sports and outdoor retailer JD Sports Fashion has generated total revenue of £10.12bn in fiscal year (FY) 2023, up from £8.56bn in FY22.

For the 52 weeks ending 28 January 2023, the retailer’s gross profit percentage was 47.8%, compared to 49.1% a year ago.

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JD Sports Fashion’s registered operating profit for the FY was £1.06bn and its profit before tax was £440.9m.

Its basic earnings per ordinary share declined to 2.76p in FY23 from 7.17p in FY22.

JD Sports Fashion chair Andrew Higginson said: “This is a record result for the group and I must pay tribute to the skills, resilience and positive attitude of the colleagues in our businesses who have not let the leadership changes distract from their focus on the consumer and our offer.

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“The total charge for the adjusted items was £550.5m (2022: £292m), which principally relates to a non-cash movement in the present value of future put and call options held with minority shareholders in certain subsidiary businesses, impairments of intangible assets on acquisitions in prior periods and losses incurred in divesting our non-core branded fashion businesses. Consequently, the profit before tax was £440.9m (2022: £654.7m).”

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Earlier this year, chief executive officer Régis Schultz presented a growth strategy to the market and colleagues.

The retailer expects double digit revenue growth on average per annum and double-digit market share in key regions in the next five years.

It also expects double digit operating margin during this period.

In February 2023, JD Sports Fashion revealed plans to spend £500m to £600m a year to expand its operations over the next five years.