UK's JD Sports' revenue climbs to £10.1 bn in FY23

The group's total gross margin for FY23 slightly declined to 47.8 per cent from 49.1 per cent in FY22. However, it remained ahead of the pre-pandemic level of 47 per cent, the company said in its FY23 preliminary results, ending January 28, 2023.

In FY23, JD Sports reported a record profit before tax and adjusted items of £991.4 million, up from £947.2 million in FY22. The company's premium sports fashion retail fascias made a significant contribution, delivering a combined profit before tax and adjusted items of £827.6 million, up from £774.4 million in FY22.

The profit before tax stood at £440.9 million in FY23, down from £654.7 million in FY22, including a total charge for adjusted items of £550.5 million.

Regionally, the UK and the Republic of Ireland's premium sports fashion retail fascias delivered a profit before tax and adjusted items of £356.2 million in FY23, down from £386.4 million in FY22. The company's businesses in Europe saw a recovery, achieving a combined profit before tax and adjusted items of £92.6 million, up from £29.2 million in FY22.

In North America, the company’s premium sports fashion business maintained profitability levels in FY23, generating a profit before tax and adjusted items of £317.1 million. In the Asia Pacific region, the group’s sports fashion businesses delivered a profit before tax and adjusted items of £61.7 million, up from £36.6 million in FY22, and a 36 per cent growth in organic sales at constant exchange rates.

"The Group is reassured with trading to date in the new financial period with growth in organic sales at constant exchange rates of more than 15 per cent after 13 weeks. This performance is further evidence that consumers worldwide are more attracted than ever to JD's differentiated proposition with its attention-grabbing in-store experience, breadth in the range of brands, and availability of key styles,” said Andrew Higginson, chair, JD Sports.

Fibre2Fashion News Desk (DP)