JD Sports raises profit forecast after strong Christmas

Sportswear and outdoor retailer, JD Sports, has raised its annual profit forecast after continuing a strong performance through the second half of 2017 with an “encouraging” Christmas period.

Group profit before tax for the year to February 3 is expected to reach £300m, ahead of analyst expectations of £270m – £295m and last year’s figure of £238.4m for the same period.

Like-for-like sales growth across the JD Sports’ combined sports and outdoor brands during the second half was 3%, the same as the first half of the year, with additional sales growth deriving from online and continuing overseas expansion.  

JD Sports said in a trading update it was particularly pleased with the “encouraging results” when considered against the challenging comparatives provided by the significant levels of sales increases achieved in each of its last three years.

Peter Cowgill, executive chairman of JD Sports, said: “I am delighted to report that we have maintained our positive performance from the first half of the year which continues to demonstrate the capability and strength of our highly differentiated multichannel proposition.

“On behalf of the board, I would like to thank all our colleagues for their significant contribution in delivering this excellent performance.”

Preliminary results for the year ending 3 February 2018 will be published on 17 April 2018.