British retailer JD Sports Fashion has reported its profit before tax (PBT) and adjusting items was £912.4m ($1.16bn) in the 52 weeks to 27 January 2024 (FY24), down 8% compared with FY23. 

Its PBT for the 53 weeks to 3 February 2024 was up by 66.7% to £811.2m. 

The retailer achieved revenue of £10.39bn in FY24, increasing 2.7% on the comparative 52-week period in FY23. 

During the quarter, revenue grew in all regions grew other than the UK, where revenue declined 8.3% to £3.51bn. 

The retailer’s revenue in Europe increased 16.3% to £3.09bn, while North American revenue increased by 8.4% to £3.41bn across the year. 

JD Sports’ retail stores recorded revenue growth of 8.9% to £7.95bn in FY24, while its online channel saw revenue drop by 7.6% to £2.35bn. 

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JD Sports registered adjusted basic earnings per share of 12.14p in FY24, down by 9.1% from FY23 due to the decline in profit before tax and adjusting items as well as the increase in the adjusted effective tax rate.  

The retailer posted a gross margin of 48%, down slightly from FY23.  

As of the end of the fiscal year, the retailer operated 3,317 stores worldwide, 73 fewer than at the start of the period. 

In the 13 weeks to 4 May 2024, JD Sports saw its LFL sales drop by 0.7% against a strong comparative of 14.5% in Q1 FY23. 

Its organic sales growth for the quarter was 4.9% against a comparative of 19.7% in Q1 2023. 

The retailer expects full-year profit before tax and adjusting items of between £955m and £1.03bn. 

JD Sports Fashion chief executive officer Régis Schultz said: “We have started the new financial year with Q1 in line with our expectations in a volatile market and we are on track to deliver our profit guidance for the full year. Looking further ahead, we have a strong business model and a clear strategy to deliver long-term growth and value creation for our shareholders.”