JD Sports reports solid sales growth and raises profit forecast

The British retail group JD Sports Fashion Plc. has done good business in the past few months and is now expecting a higher profit for the year. In the 22 weeks leading up to January 1st, like-for-like sales increased by more than ten percent compared to the same period last year, the company said in an interim statement on Wednesday. The retailer said that good results on Black Friday and during the Christmas season contributed to the solid growth despite the ongoing challenges due to the Covid 19 pandemic and international delivery bottlenecks.

In view of the “positive development in demand throughout the second half of the year”, the group has increased its profit forecast for the current financial year 2021/22, which will end on January 29th. The pre-tax profit adjusted for one-off effects is expected to be “above market expectations of an average of 810 million British pounds,” the company said. Specifically, it expects a result of at least 875 million British pounds (1.05 billion euros). The US government’s stimulus measures in the first half of the year contributed to this, the group announced. He put the resulting positive effect on earnings at up to 100 million British pounds.

The retailer assumes that the pandemic-related restrictions in Southeast Asia and Europe as well as the delivery difficulties of some partner brands will persist, but sees itself “well positioned to overcome these challenges”. For the upcoming 2022/23 financial year, he expects pre-tax profit adjusted for special effects at the level of the current year. JD Sports announced that the company would again exceed market expectations.

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