JD Sports Fashion Q1 sales up, raises profit guidance
Cautious optimism sums up JD Sports Fashion’s outlook as the UK-based sports, fashion and outdoor retail giant raised its annual profit guidance for 2022 on Thursday.
The country's largest sportswear retailer continues to lead the way in its sector, saying it now expects headline profit before tax and exceptional items for the year ended 29 January to be about £940 million.
It also estimates profit for the current financial year (to the end of January 2023) to at least match that performance, which is not bad given the mounting headwinds facing retail.
It also updated its trading performance for the 14-week first quarter of the new financial year. Covering the period to 7 May, it said it’s “reassured” on trading to date, with total like-for-like sales more than 5% higher than the same period in the prior year.
“This performance is a positive reflection of both the strength and breadth of the group's brand relationships and category offer”, it said.
And, of course, it stressed the positive performance was “achieved against a backdrop of a global shortfall in the supply of certain key footwear styles” although that situation is “expected to improve progressively through the year”.
The company added: “Whilst we are pleased with the trading to date, which is at least in line with the group's expectations, we remain conscious of the headwinds that prevail at this time including the general global macro-economic and geopolitical situation”.
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