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JD Sports on track for £1bn profits as trend for trainers runs and runs
The Guardian
|May 18, 2023
JD Sports said yesterday it was on track to hit £1bn of profits this year as it steps up expansion in the US and Europe in a bet that the trend for trainers and sports leisurewear will roll on.
Régis Schultz, the retail group's chief executive who took over last summer, said JD's young shoppers had more opportunity to get work and "whenever they get a job they can buy the gear they love".
He said that once people had made the shift to wearing sports shoes they did not want to move back to less comfortable footwear, and so he expected the trend to continue.
Schultz's comments came as JD reported an 18% rise in sales to £10.1bn, while underlying profits rose 4.6% to £991.4m in the year to the end of January.
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