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JD Sports Targets 200 New Stores This Year

JD Sports Targets 200 New Stores This Year

JD Sports is planning to open 200 new stores globally this financial year, despite recording a drop in profits.

During the last financial year, the sportswear retailer opened 249 stores, closed 248, and disposed of 74 across all its fascias globally, bringing its total store estate to 3,317 stores.

In the UK and Republic of Ireland, JD Sports opened 21 new stores and closed 13, increasing its store portfolio by a net eight stores. This included the relocation and expansion of its Birmingham Bullring store, as well as new stores in Coventry and Bedford.

After the period ended – at which point the retailer operated 454 stores – JD Sports also opened a flagship store at Westfield Stratford.

The group also expanded its JD Gyms estate, opening in eight locations during the period. JD now operates 85 gyms in its principal UK market.

This comes as the group releases its results for the 2024 financial year, during which its revenue increased by 2.7% to £10.4 billion. However, growth was negatively impacted by a number of disposals made during the period, which comprised the 52-week period ending 27 January.

However, profit before tax and adjusting items fell by 8% to £912.4 million, which JD Sports attributed to increased investment.

Régis Schultz, chief executive officer of JD Sports, said the strong revenue performance was “delivered in a challenging market.”

He added: “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.”

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BDC 317 : Jun 2024