Following today’s release of JD Sports’ figures for the 53 weeks and quarter ending 1 February 2025; Alice Price, apparel analyst at GlobalData, a leading data and analytics company, offers her view: “JD Sports delivered a muted performance again in FY2024/25, with like-for-like (l-f-l) sales growing a meagre 0.3%, impacted by a slowdown in sportswear demand, alongside its heavy reliance on Nike, which saw sales in its Q3 YTD ending 28 February 2025 plummet 9.1%. Organic revenue rose 5.8%, driven by strong growth in North America, Europe and Asia Pacific, where it continues to expand its store portfolio, and in the fourth quarter, revenue also grew 0.3% and 5.6% on a l-f-l and organic basis, respectively. FY2025/26 is set to be another challenging year for the sportswear giant, as it expects trading in its key markets to remain volatile, and while it only mentioned the uncertainty of the impact of the US tariffs announced last week, they are bound to have a notable effect due to its growing business in the country. Though it anticipates l-f-l revenue to decline versus FY2024/25, total revenue will be supported by the acquisition of Hibbett and Courir, adding c.10% to the topline, while its comprehensive store roll-out will add a further c.4%, with plans to open roughly 150 new locations.
“The UK remained the group’s worst performing region, with sales for the full year dipping 2.5% and 0.7% on a l-f-l and organic basis, respectively. This comes as consumer confidence in the region remains blighted by economic uncertainty, with many continuing to abstain from purchasing non-essential items like sportswear. Europe delivered the most robust performance, with l-f-l revenue rising 2.7%, due to increased visibility in the region and high demand for its on-trend brands, while organic sales rose 10.5%, driven by its aggressive store roll-out strategy. North America grew just 0.8% on a l-f-l basis, and Asia-Pacific fell 0.1%, with the latter hindered by consumer preference for domestic brands like ANTA and Li-Ning, while organic growth in both regions was also propped up by new locations, increasing 7.5% and 9.5%, respectively.
“Its JD fascia delivered the weakest growth in terms of l-f-l sales, declining 0.4%, dragged down by Nike’s continued lacklustre performance, though organic revenue still increased 7.1% due to the expansion of its portfolio. Sporting goods & outdoor recorded the strongest l-f-l growth of 3.9%, and 3.7% on an organic basis, supported by the continued popularity of the gorpcore aesthetic, coupled with renewed appetite for staycations following the normalization in demand for foreign travel post-pandemic. The group’s complimentary concepts, which includes brands such as DTLR and Shoe Palace, grew 0.1% on a l-f-l basis, aided by streetwear’s continued popularity.”
