JD Sports shares fall as it reports lower profits, but it stays upbeat after year of acquisitions
Growth in its newer markets resulted in a 'better business balance geographically with North America generating 37% of revenue, Europe 31%, the UK 28% and Asia Pacific 4%'.
Its retail stores grew revenue by 15.7% to £9.081 billion with the online channel declining 2.9% to £2.251 billion, 'reflecting the continued shift back to pre-pandemic online participation, our focus on online profitability and our investment in stores'. As a result, stores now represent 79% of its revenue and online is 20%, with 'other', mainly gym memberships, at 1%. The company stressed that it's channel-agnostic.
Footwear continued to perform strongly with revenue growth of 15.2% to £6.819 billion, driven by its acquisitions being mostly footwear-focused, while apparel grew 4.2% to £3.55 billion. Accessories revenue grew by 4.8% to £702 million. This means 'we continue to build a good mix of products delivering a 'head-to-toe' shopping opportunity with footwear at 60%, apparel at 31% and accessories at 6% of revenue'.
It ended the period with 4,850 stores worldwide, 1,533 more than at the start of the period, due mainly to the acquisitions of Hibbett and Courir, which added 1,485 stores. Across all fascias, 311 stores were opened and 263 stores were closed, including 66 from Finish Line and Macy's as it continued to rationalise the store portfolio. It also converted 29 stores to JD from Finish Line in the US and a further 21 to JD from other European fascias.
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Fashion Network
36 minutes ago
- Fashion Network
French Senate to vote on regulating fast fashion
The French Senate is set to vote Tuesday on a bill regulating the fast fashion industry by sanctioning companies and banning advertisements. The bill targets Chinese-founded e-commerce giant Shein, which sells lower-quality clothes at very low prices. Fast fashion companies export large volumes of easily replaceable items to France, causing pollution and saturating markets. The lower house National Assembly adopted the bill in March 2024. The Senate will vote on it later Tuesday and is expected to pass it with government backing and widespread support in the chamber. The vote will not mark the final legislative step. A joint committee of senators and lower house deputies will meet in September to produce a joint text before the law's final adoption. "The text plans to reduce the environmental impact of the textile industry," said Anne-Cécile Violland, the center-right member of parliament who proposed the bill. Fast fashion continues to grow in France. Between 2010 and 2023, the value of advertised products rose from €2.3 billion to €3.2 billion. According to the state environmental agency Ademe, approximately 48 clothing items per person enter the French market each year, while 35 items are discarded every second. "Fast fashion poses a triple threat," said Minister for Ecological Transition Agnès Pannier-Runacher. "It promotes overconsumption, causes ecological disaster and threatens our businesses." The minister condemned an "invasion" of products that "do not last" and expressed hope that the bill would help drive change across Europe. Pannier-Runacher said that once France adopts the bill, the European Commission will review it to ensure compliance with European law. Targeting fast-fashion The Senate, where the right holds a majority, modified the bill to specifically target "ultra" fast fashion companies such as Asian websites Shein and Temu. The Senate's amendments aim to exclude French and European brands that could otherwise be affected, such as Zara, H&M and Kiabi. However, the bill will still require these fashion giants to inform their customers about the environmental impact of their products. "I have no intention of forcing French brands that contribute to our country's economic vitality to pay a single euro," said rapporteur Sylvie Valente Le Hir, a member of the right-wing The Republicans party. The bill will impose stricter sanctions on fast-fashion companies by scoring their "environmental communication," Pannier-Runacher said. This "eco-score" will apply to all fast-fashion companies. Companies that receive the lowest scores will face government-imposed taxes of up to €5 per product in 2025, rising to €10 per product by 2030. This tax cannot exceed 50% of the product's original price. Advertisement ban The bill will also impose sanctions on influencers promoting fast fashion products and ban fast fashion advertisements. "The regulation of the fast fashion industry will only succeed through a collective effort, not by targeting a single actor," Shein spokesperson Quentin Ruffat told RTL radio on Monday. Ruffat warned that the law would introduce "a tax of €10 per sold item of clothing by 2030" and would "impact the purchasing power" of French consumers. Environmental organizations also voiced concerns that lawmakers could misinterpret the bill. "Debates may amount to an interesting framework that still lacks substance," said Green Senator Jacques Fernique. On Monday, the Textiles Industry Union (UIT) recognized the bill as "a first step" and expressed hope for its "rapid adoption ... even if the text does not entirely fit our expectations."
Fashion Network
2 hours ago
- Fashion Network
French Senate to vote on regulating fast fashion
The French Senate is set to vote Tuesday on a bill regulating the fast fashion industry by sanctioning companies and banning advertisements. The bill targets Chinese-founded e-commerce giant Shein, which sells lower-quality clothes at very low prices. Fast fashion companies export large volumes of easily replaceable items to France, causing pollution and saturating markets. The lower house National Assembly adopted the bill in March 2024. The Senate will vote on it later Tuesday and is expected to pass it with government backing and widespread support in the chamber. The vote will not mark the final legislative step. A joint committee of senators and lower house deputies will meet in September to produce a joint text before the law's final adoption. "The text plans to reduce the environmental impact of the textile industry," said Anne-Cécile Violland, the center-right member of parliament who proposed the bill. Fast fashion continues to grow in France. Between 2010 and 2023, the value of advertised products rose from €2.3 billion to €3.2 billion. According to the state environmental agency Ademe, approximately 48 clothing items per person enter the French market each year, while 35 items are discarded every second. "Fast fashion poses a triple threat," said Minister for Ecological Transition Agnès Pannier-Runacher. "It promotes overconsumption, causes ecological disaster and threatens our businesses." The minister condemned an "invasion" of products that "do not last" and expressed hope that the bill would help drive change across Europe. Pannier-Runacher said that once France adopts the bill, the European Commission will review it to ensure compliance with European law. Targeting fast-fashion The Senate, where the right holds a majority, modified the bill to specifically target "ultra" fast fashion companies such as Asian websites Shein and Temu. The Senate's amendments aim to exclude French and European brands that could otherwise be affected, such as Zara, H&M and Kiabi. However, the bill will still require these fashion giants to inform their customers about the environmental impact of their products. "I have no intention of forcing French brands that contribute to our country's economic vitality to pay a single euro," said rapporteur Sylvie Valente Le Hir, a member of the right-wing The Republicans party. The bill will impose stricter sanctions on fast-fashion companies by scoring their "environmental communication," Pannier-Runacher said. This "eco-score" will apply to all fast-fashion companies. Companies that receive the lowest scores will face government-imposed taxes of up to €5 per product in 2025, rising to €10 per product by 2030. This tax cannot exceed 50% of the product's original price. Advertisement ban The bill will also impose sanctions on influencers promoting fast fashion products and ban fast fashion advertisements. "The regulation of the fast fashion industry will only succeed through a collective effort, not by targeting a single actor," Shein spokesperson Quentin Ruffat told RTL radio on Monday. Ruffat warned that the law would introduce "a tax of €10 per sold item of clothing by 2030" and would "impact the purchasing power" of French consumers. Environmental organizations also voiced concerns that lawmakers could misinterpret the bill. "Debates may amount to an interesting framework that still lacks substance," said Green Senator Jacques Fernique. On Monday, the Textiles Industry Union (UIT) recognized the bill as "a first step" and expressed hope for its "rapid adoption ... even if the text does not entirely fit our expectations." with AFP
Local France
2 hours ago
- Local France
French Senate adopts bill to regulate fast fashion
The bill is targeted at Chinese-founded e-commerce giant Shein, which has a reputation for selling lower quality clothes at a very low price. Easy to order and to replace, fast fashion items are exported to France on a large scale, causing pollution and saturating markets. The bill, which had been adopted by the lower house, the National Assembly, in March 2024, was passed by the Senate on Tuesday afternoon, with 337 votes for and only one against. The vote is not the final legislative hurdle: a joint committee of senators and lower house deputies is expected to meet from September to produce a joint text, prior to the final adoption of the law. Advertisement Before final adoption, the European Commission also has to be notified, to ensure the bill complies with EU law. The bill "is a major step in the fight against the economic and environmental impact of fast fashion, and a strong signal sent to businesses and to consumers," said the minister for ecological transition, Agnes Pannier-Runacher, after the vote's results were announced. The text plans to "reduce the environmental impact of the textile industry", said Anne-Cecile Violland, the centre-right member of parliament who proposed the bill. Fast fashion is a growing market in France, and between 2010 and 2023 the value of advertised products in the sector grew from €2.3 billion to €3.2 billion. Around 48 clothing items per person are released into the French market each year, and 35 are thrown away every second in the country, according to the state environmental agency Ademe. Pannier-Runacher has called fast fashion a "triple threat" that promoted overconsumption, caused ecological damage and threatened French clothing businesses. The Senate, dominated by the right, modified the bill to target "ultra" fast fashion companies, such as Asian websites Shein or Temu. The Senate's amendments plan to leave out French and European brands that may be affected by the bill, such as Zara, H&M and Kiabi. The fashion giants will still be obliged to notify their customers about the environmental impact of their products, according to the new bill. "I have no intention of making French brands that contribute to our country's economic vitality pay a single euro,' said rapporteur Sylvie Valente Le Hir, member of the right-wing Les Républicains party. Advertisement The bill will impose stricter sanctions on fast fashion companies by scoring their "environmental communication". This "eco-score" will affect all fast fashion companies, Pannier-Runacher said. Those with the lowest scores will be taxed by the government up to five euros per product in 2025 and up to 10 euros by 2030. This tax cannot go beyond 50 percent of the price of the original product. The bill would impose sanctions on influencers who promote such products and ban fast fashion advertisements. The regulation of the fast fashion industry will only succeed with a "collective effort", and not by targeting "a single actor," Shein spokesperson Quentin Ruffat told RTL radio on Monday. According to Ruffat, the law would "impact the purchasing power" of French people. On Monday, France's Textiles Industry Union called the bill as "a first step" and hoped for its "rapid adoption... even if the text does not entirely fit our expectations".
