Home > Latest News > Low Unemployment Drives JD Sports’ Billion-Pound Profit Forecast

Low Unemployment Drives JD Sports’ Billion-Pound Profit Forecast

JD Sports’ CEO said that low unemployment in its key demographic would drive the company to break the £1 billion profit for the first time this year.

The UK leisurewear group saw its pre-tax profits fall to A$823 million (£440m) for the year to January 28, due mainly to a A$1.03 billion non-cash charge related to “cleaning up” previous acquisitions by selling off smaller brands.

Revenues are up 19 per cent, and CEO Régis Schultz said a societal shift to leisurewear on top of low unemployment rates will help steer the company to profits of over £1 billion for the first time.

“Our key customer is a young adult, and the young adult today has more possibilities to get a job today than ever,” Schultz said.

“Unemployment is at a low level, that means that they get jobs and they can buy the sneakers they love, and I think that’s really helping us a lot.

“If unemployment stays low and inflation comes down, we should see a good bounce back [in sales] in the UK.”

JD Sports has 3,400 stores in 32 countries.


You may also like
BREAKING NEWS: Harvey Norman Site Down, On Biggest Day Of The Year
Big Win, After Hybrid Home Ruling Give Bosses Power To Demand Back To Office Work
Black Friday Boosts Retail Sales, Christmas Spending Leans On Value
War, A Falling Dollar ,A Rise In Oil Prices & Rate Uncertanity Retailers Are Concerned
Inflation Rise A Potential Hammer Blow For Retailers