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JD Sports sees annual profit at higher end of market expectations

By Prachi Singh

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For the cumulative 48-week period to January 5, 2019, JD Sports Fashion Plc has reported 15 percent sales growth across its global Sports Fashion fascias excluding the recent acquisitions of Finish Line in the United States and Sport Zone in Iberia. JD Sports is confident that the headline group profit before tax for the year ended February 2, 2019 will be at the upper end of published market expectations, which currently range from 325 million pounds to 352 million pounds.

Commenting on the Christmas trading update, Peter Cowgill, the company’s Executive Chairman, said in a statement: “I am pleased with the continued progress of the group both in terms of our performance in existing markets and the recent positive developments in the United States.”

The company added that total like for like sales growth in these fascias was more than 5 percent including a consistently positive like for like performance across Black Friday and the Christmas period. The company also managed to maintain gross profit margins at prior year levels. During the second half, JD Sports opened its first two stores in Thailand and shortly before the key holiday period, also opened first five JD stores in the United States, which includes the conversion of three existing Finish Line stores. The company plans conversion of 15 further Finish Line stores in the first half of 2019.

The company’s first phase of works to fit out the 352,000 sq. ft. extension at the Kingsway warehouse has now been completed enabling a partial use of the additional space. The company added that works to install the additional automation equipment are ongoing with completion scheduled for late Spring 2019.

JD Sports Fashion