JD Sports upgrades profit expectations following bumper festive sales
JD Sports has raised its full year guidance following a surge in sales over the Christmas trading period.
The company said revenues in its organic retail businesses have strengthened throughout its second half with revenue growing by more than 10% in the 22 weeks to 31 December. This compares to an uplift of 5% in its first half period.
The company said sales were “impressive” both in-store and online in the six weeks to 31 December with revenue growth of more than 20%.
JD said it has been encouraged by the performance of its global premium sports fascias, especially in North America,
Due to its strong second half performance, JD now expects pre-tax profit before exceptional items for the year ended 28 January to be towards the top end of current market expectations, which range from £933 million to £985 million. However, the ultimate outturn will reflect trading through the remainder of January with the post-Christmas sale period.
At this time, assuming current exchange rates, JD estimates that its headline profit before tax and exceptional items for the year to 3 February 2024 will reach just over £1 billion.
Régis Schultz, chief executive of JD, said: “The engagement and commitment of our teams through the peak trading period has been phenomenal with many of our stores and websites delivering record sales and JD’s market-leading product and retail experience capturing the imagination of customers globally like never before.
“Our strategic focus on the international and digital expansion of our global premium sports fascias is underpinned by the continued strength of these businesses.”
