World Footwear

Companies

JD Sports raises profit forecast

Jan 21, 2021 United Kingdom
JD Sports raises profit forecast
Despite having to deal with many temporary store closures across several territories, JD Sports registered robust demand throughout the second half, including in the months of November and December
Total revenue for the twenty-two-week period ending on the 2nd of January 2021 in the group's like for like businesses were more than 5% ahead of the prior year. "We are now confident that the group headline profit before tax for the full year to the 30th of January 2021 will be significantly ahead of the current market expectations, which average approximately 295 million British pounds. It is now anticipated that the outturn for the full year will be at least 400 million British pounds".

Looking ahead, JD Sports is expecting the operational restrictions caused by the COVID-19 pandemic to be a "material factor through at least the first quarter of the year to 29 January 2022" and while "confident" in their business proposition, they are aware of the challenges ahead named with "the process to scale down activity in stores and scale up the digital channels, often at extremely short notice".

Given the ongoing uncertain outlook with stores in the UK likely to be closed until at least Easter and closures in other countries possible at any time, JD Sports' current estimate is that the group headline profit before tax for the full year to the 29th of January 2022 will be 5% to 10% ahead of the current year.

Image credits: Nick Morrison on Unsplash

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