JD Sports Fashion PLC (LSE:JD.) brought in £10.54 billion worth of sales in the 2024 financial year, matching broker expectations leading up to the results.
Profit before tax and adjusting items fell 8% to £917.2 million, at the bottom of the guided range of £915-935 million previously laid out by the company.
On a statutory basis, profit before tax surged 67% to £811.2 million, helped by a reduction in adjusting items of £398.7 million.
One particular highlight was JD Sports’ premium range, which saw 11% growth in organic sales.
Chief executive Régis Schultz painted the results as proof that JD Sports is making “strategic progress” in a challenging market, namely increased operating costs and a highly promotional market environment.
The company also experienced a net reduction of 73 stores, largely due to the divestment of non-core businesses and a strategic withdrawal from South Korea.
“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,” said Schultz
“Looking further ahead, we have a strong business model and a clear strategy to deliver long-term growth and value creation for our shareholders."