JD Sports upbeat on profit following festive boost
JD Sports has revised its profits after customers flocked to its stored ahead of Christmas.
The retailer, which operates more than 3,000 stores across the UK and globally selling brands including Nike, Adidas and Puma, benefitted from strong demand during the Black Friday and Christmas period and was further boosted by consumer spend in the US.
Total revenues for the 22-week period to 29 January 2022 were more than 10% ahead of the same period in 2020, with ‘positive performance’ across Black Friday and Christmas period.
The retailer now expects pre-tax profits for the year to 29 January 2022 to be at least £875m. This is ahead of current market expectations of £810m.
JD Sports hailed the ‘robust performance’ of its multichannel offering given the challenges of the pandemic, including the disruption of the supply chain operations of some of its key brand partners.
Looking ahead, it said despite the ongoing challenges with operational restrictions from the pandemic across Europe and Southeast Asia combined, the group was well placed to manage those challenges thanks to its “buying and merchandising capabilities.”
Peter Cowgill, 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.”