Bury-based JD Sports upgrades profit expectations after pre-Christmas trading boost
JD Sports says its full-year year results will be "significantly ahead of market expectations" after sales grew by 5% in its crucial pre-Christmas trading period.
Even with a number of its stores closed due to the Covid-19 lockdown, sales rose 5% year on year in the 22-week period to January 5th.
The Bury-based sports leisurewear giant said it now expected pre-tax profit to January 30th to be “at least” £400m, with expectations having averaged out at around £295m.
It said: “It is clear that operational restrictions from the Covid-19 pandemic will also be a material factor through at least the first quarter of the year to January 29 2022.
“The process to scale down activity in stores and scale up the digital channels, often at extremely short notice, presents significant challenges,” it added.
With stores in the UK likely to be closed until at least Easter, the group estimates that its full-year, pre-tax profit to January 29th 2022 will be 5-10% ahead of the current year.
In December, JD Sports pulled out of talks regarding a possible rescue of Debenhams in the wake of the collapse of Arcadia.