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For the nine weeks to 4 January 2025 JD Sports' like-for-like (LFL) revenue was down 1.5% with the brand citing a challenging and volatile market that saw increased promotional activity.
However it said that it delivered a "strong Christmas with December LFL revenue up 1.5%," as well as its footwear sales growing and outperforming apparel, and its stores outperforming its online channel.
The company saw a strong LFL revenue performance through the period from its sporting goods and outdoor segment, and LFL revenue growth in Europe and Asia Pacific partially offset weaker LFL trading across the UK and North America.
The retailer said that in terms of its recent acquisitions, Hibbett traded slightly ahead of the wider North America business and Courir traded well across the weeks following acquisition.
JD Sports Fashion Plc CEO Régis Schultz said: “Considering the current headwinds in the market, we performed well, delivering organic revenue growth of 3.4% across the period, and a strong Christmas resulted in LFL revenue growth in December.
"I would like to thank all our colleagues for the hard work and commitment they showed throughout this key part of the year.
"In line with our proven long-term approach, we chose not to participate in what was a more promotional environment in the period than we anticipated, fully maintaining our trading discipline to deliver gross margins ahead of last year, clean inventory and strong cash management."
JD Sports full year outlook
JD Sports added that its year-to-date LFL revenue is flat and it expects full year LFL revenue to be at a similar level to this.
Organic revenue growth in the period was 3.4% and it expects full year organic revenue growth to be around 5%.
Gross margins remain robust on the back of its continued price and promotional discipline, across both stores and online. Gross margins in the period are said to be ahead of last year with the full year gross margin expected to be around 48%, in line with last year.
JD Sports shared that it now expects its full year profit before tax and adjusting items to be between £915m and £935m compared to £955m-£1035m in Q3.
It added that it has managed its inventory position well through the period and, due to its strong cash management during the year, it expects to end the year with a small net debt position on a pre-International Financial Reporting Standards (IFRS) 16 basis.
JD Sports full price push may have hampered sales
GlobalData senior apparel analyst Louise Deglise-Favre notes that JD Sports was hit by the wider slowdown in demand for sportswear as well as consumers prioritising spend on other sectors during the Christmas period.