JD Sports raises full year profit forecast

Total revenues for the twenty-two week period to January 1, 2022 in JD Sports Fashion Plc’s like for like businesses were more than 10 percent ahead of the same period in 2020 with an equally positive performance across the Black Friday and Christmas period. The company said that gross margins for the second half are in line with the prior year.

With the sustained positive nature of consumer demand through the second half to date, the group is confident that headline profit before tax for the full year to January 29, 2022 will be ahead of current market expectations, which average 810 million pounds.

It is now anticipated that the outturn for the full year will be at least 875 million pounds. Management recognises the benefit from the fiscal stimulus in the United States in the first half of the year and would estimate that this may have contributed up to 100 million pounds to this result.

Commenting on the trading update, Peter Cowgill, the company’s executive chairman, said: “The commitment of our colleagues is crucial to our success and I would like to thank everyone in our various businesses for their significant contribution in delivering this outstanding performance.”