JD Sports has said it still expects to report a profit of over £1bn for its current financial year after its sales continued to grow in recent months.
The Greater Manchester-headquartered company added it has opened a net of 32 stores in the first four months of its year.
It added that it is also on track to open more than 150 stores by the end of its financial period.
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In a statement issued to the London Stock Exchange ahead of its annual general meeting later today (June 27), JD Sports said its sales growth slowed to 8% in May, after jumping 15% over the first three months of the year.
But the year-on-year improvement reflects supply bottlenecks easing, meaning it had more stock to sell.
In more recent weeks, positive trading in the UK, Europe and Asia has been partially offset by weaker sales in North America, amid a sector-wide slowdown across the region, the company cautioned.
JD has been growing rapidly in the US, including adding a flagship store in Chicago, and had 58 net new store openings across Europe such as in Hungary and Greece over the first quarter.
Last month, it shared ambitious growth plans to open up to 350 shops globally each year, focused in North America and continental Europe.
The firm also eyed up an acquisition last month of France’s sportswear and trainer retailer Courir, for nearly £450m.
JD said it expects the proposed takeover to formally close later in the year, as it looks to expand further into underrepresented markets.
The retail giant saw its profit shrink by more than £200m to £441m last year, including costs from its previous acquisitions.
But markets expect the firm to report a pre-tax profit of £1.04bn in the year to the end of February 2024, with around 65% of it generated in the second half of the year.
JD is set to face pressure from shareholders at its AGM on Tuesday to lift its lowest paid workers’ wages in line with inflation, amid cost-of-living pressures.
