Sherilyn Paterson steps down as JD Sports chief operating officer, marking the end of her 12-year tenure.
- Paterson advanced from head of merchandise for footwear to COO in a decisive career progression.
- JD Sports shares declined following a weaker performance by Nike, impacting market sentiment.
- The company reported a decline in operating profits for the 2023/24 fiscal year due to increased costs.
- JD Sports remains committed to its full-year profit guidance despite facing a challenging market.
Sherilyn Paterson, the chief operating officer of JD Sports, has announced her departure from the company after a distinguished 12-year career. Her decision to retire is understood to be for personal reasons. Paterson’s departure marks the conclusion of a significant leadership role that saw her rise from head of merchandise for footwear in 2012 to the chief operating officer position in February 2023.
Paterson’s career trajectory within JD Sports exhibits a notable progression, having been promoted to merchandising director in 2014 before finally taking on the role of COO. Prior to her tenure at JD Sports, she held key merchandising positions at well-known retail brands, including Kurt Geiger and Topshop, enriching her extensive industry experience.
Following this announcement, JD Sports experienced a 5.7% drop in its share prices, a reaction that coincided with Nike’s less than favourable quarterly sales performance. The market, already on alert due to Nike reporting a 2% revenue decline and an 8% drop in DTC sales for the quarter ending 31 May, has viewed these developments with concern.
In recent financial disclosures, JD Sports reported that its operating profit before adjustments for 2023/24 saw an 8.1% decrease to £973.9 million, a downturn attributed primarily to rising wages and investment costs. Despite these financial challenges, the retailer recorded a 2.7% rise in revenue over the past year, reaching £10.4 billion. However, profit before tax and adjustments fell by 8% to £912 million, results that were considered disappointing due to decreased revenue in the latter half of the year and ongoing investment costs.
Despite the unfavourable outcomes, JD Sports has maintained confidence in its full-year profit guidance, affirming a target range of £955 million to £1 billion, as announced earlier in March. The company remains resilient amidst a tough market environment, focusing strategically on navigating the challenges posed by the broader retail sector.
Sherilyn Paterson’s departure from JD Sports underscores a period of transition, reflecting broader market pressures and strategic adjustments.
