- Full-year profit expected to be in line with 2022
- Strike threat casts shadow
This time last year, JD Sports Fashion (JD.) was celebrating a record six months fuelled by excellent trading in the US. Its latest results meet expectations but fall well below recent highs. Operating profit is down by 16 per cent and profit before tax has fallen by 18 per cent, despite encouraging sales growth.
North America is largely to blame. Last year, JD Sports benefited from the US government’s $1.9trn (£1.7trn) stimulus package, which was designed to boost consumer spending and aid economic recovery. The retailer’s US profits rose by 177 per cent compared with pre-Covid levels as a result, aided by a couple of acquisitions.