JD Sports warns of headwinds despite sales hike
Total sales in its like-for-like businesses rose by 5% against last year in the first 14 weeks ended 7 May 2022
JD Sports has said it remains “conscious” of headwinds in the retail sector, despite reporting higher sales in recent weeks.
Total sales in its like-for-like businesses rose by 5% against last year in the first 14 weeks ended 7 May 2022.
The retailer said this was a “positive reflection of both the strength and breadth of the group’s brand relationships and category offer”, adding it was “achieved against a backdrop of a global shortfall in the supply of certain key footwear styles which we expect to improve progressively through the year”.
Despite ongoing challenges in the sector, it predicted profit before tax for the year end 28 January 2023 will “at least be equal” to that for the year ended 29 January 2022, which is now expected to be around £940m.
In its latest update, it said: “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.”
