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TOP NEWS: JD Sports shares climb as backs annual profit outlook

28th Mar 2024 09:13

(Alliance News) - JD Sports Fashion PLC on Thursday said it outperformed the sportswear market in its financial year and it backed profit guidance, handing its shares a boost after they were sold-off following a January outlook cut.

Shares in JD Sports rose 6.1% to 123.64 pence each in London on Thursday morning. The stock is down around 25% year-to-date.

Lancashire-based, FTSE 100-listed sportswear retailer JD Sports said like-for-like sales rose 4.2% on-year in the 53 weeks to February 3, and were up 8.4% organically on a constant currency basis. Total sales grew 3.6% to around GBP10.5 billion.

As a result, it expects full-year pretax profit before adjusted items to be in line with its guided range of GBP915 million to GBP935 million, but down from GBP991.4 million the year earlier.

In January, the Lancashire-based firm cut its outlook to that range. In September, it said it expected to meet market expectations at the time of GBP1.04 billion. The guidance cut sparked a more than 20% slide in its share price on January 4.

"We made good strategic progress, opening 215 new JD stores, and focusing our effort on developing JD and enhancing EPS through taking full control of ISRG and MIG," said Chief Executive Officer Regis Schultz.

JD also outlined its initial financial 2025 profit forecast of GBP900 million to GBP980 million, while saying trading in the new financial year-to-date is in line with its expectations after seven weeks.

Schultz continued: "Looking ahead, the current trading environment remains challenging due to less product innovation and elevated promotional activity, especially online. We anticipate trading conditions will improve as we move through the year, helped by a busy sporting summer and softer comparatives with last year."

By Sabrina Penty, Alliance News reporter

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