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JD Sports delays annual release but lifts outlook

It said headline profit before tax and exceptional items for the year ended 29 January 2022 is now expected to be at least £900m

JD Sports has announced the release of its annual results for FY22 are set to be delayed, however it added it expects the results to come in “slightly ahead of expectations”.

JD revealed it has agreed with its auditors, KPMG, to delay the announcement to ensure that KPMG have “sufficient time” to complete its global audit procedures and to allow the group to report on the outcome of the divestment of Footasylum Limited with “greater certainty”.

Further, it said it will also enable the group to complete a review of its Governance procedures and policies in light of the ongoing process to divide the current joint role of executive chairman and CEO which the group expects to update on as part of its final results.

In a trading update on 12 January 2022, the group announced that total revenues for the twenty-two week period to 1 January 2022 in the group’s like-for-like businesses were more than 10% ahead of the same period in 2020 with an “equally positive” performance across the Black Friday and Christmas period.

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It added the “positive performance” continued into January and, as a result, full year results are expected to be slightly ahead of previous expectations. It said headline profit before tax and exceptional items for the year ended 29 January 2022 is now expected to be at least £900m.

The group said it will make a further announcement on the timetable for announcing its final results in “due course”.

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