UK-based JD Sports Fashion has reported a total revenue of £4.78bn ($5.91bn) for the first half of its fiscal year, up 8.3% from $4.41bn in the corresponding period of the prior fiscal year.
During the 26-week to 29 July 2023, the retailer’s sports fashion business achieved revenue of £4.51bn over the period, up 9% on the corresponding period last year.
The premium sports fashion operation, which accounted for 80% of our Sports Fashion segment by revenue, saw revenue growth of 17% to £3.59bn.
Within its other sports fashion fascias, revenues of non-core fashion businesses declined by 16% to £783.8m.
The retailer’s outdoor business reported total revenue of £272.0m in the first half of this financial period, 1% down from the previous fiscal year.
The gross margin of JD Sports for the first half was 48.0% versus 48.5% a year ago.
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By GlobalDataOver the period, the retailer posted an operating profit of £400.1m in the first half of the fiscal year. Its profit before tax (PBT) was £375.2m for the period, up 25.8% from £298.3m in the same period last year.
Its basic earnings per share were 4.65p in H1, up 29.9% from 3.58p in the prior year period.
JD Sports fashion chief executive officer Régis Schultz said: “We have delivered a strong first half to our financial period with organic sales growth of 12% and profit on track for the full year.
“We have made good progress delivering on our strategic pillars, focusing on expanding the JD brand and we will open more than 200 JD stores worldwide in this financial period.
“We are going to accelerate JD brand growth in Europe through purchasing the non-controlling interest in both ISRG and MIG and the acquisition of Gap stores in France. This is alongside the proposed acquisition of Courier in the region, which will, when completed, enhance the Group’s existing portfolio of complementary concepts, bringing into the company its market-leading focus on the female customer. Meanwhile, we are building and investing in talent and infrastructure to support future growth.”
Last month, JD Sports purchased the remaining 40% minority stake in Polish retailer Marketing Investment Group (MIG), making it the sole owner.
