JD dazzles as Christmas sales jump 6.6%
NORTH West retailer JD Sports Fashion continued to be one of the strongest performers on the high street over Christmas as festive sales jumped 6.6%.
Margins have risen too and the the Bury-based group says it now expects to “significantly exceed” profit expectations for the year to the end of this month.
The company, which has grown from one sports shop in Bury in 1981 to a nationwide chain of more than 400 stores, said that the impact of the recent extreme weather would depend on how much it beat profit forecasts.City analysts were expecting profits to rise to £56m up from £38m last year.
JD, which operates sports and fashion stores under the JD and Size (sport) and Scotts and Bank (fashion) said like-for-like sales across the divisions had risen 5.9% and 9.7% respectively in the five weeks to January 2.
The group’s cumulative like-for-like sales for the 48 week period to January 2 are up 2.7% (Sports Fascias up 2.3% and Fashion Fascias up 4.5%), with UK retail gross profit margins having improved marginally over the full period compared to the previous year.
A statement said; “The board now believes that current market expectations for group profit before tax and exceptional items will be significantly exceeded though the extent to which this occurs is still dependent on the impact of the prevailing severe weather conditions in the UK.”
Executive chairman Peter Cowgill said: “The Christmas trading period has again been a good one for the group and I am particularly pleased with both the sustained progress in the sports fascias and the strong performance of the Bank Fashion fascia.
“This has been the result of our strong product proposition and a lot of hard work from employees throughout the business.”
JD, which in the last year has made a number of acquisitions – including sports clothing brand Canterbury and a French footwear chain, will post its figures for the year to January 30 on April 14.
