11th Jan 2023 09:07
(Alliance News) - JD Sports Fashion PLC on Wednesday said revenue growth quickened in the run-up to Christmas, with the company now expecting annual profit at the top end of market expectations.
JD Sports shares were up 5.1% at 148.05 pence each on Wednesday morning in London. It was the best large-cap performer.
The Lancashire-based sportswear retailer said organic revenue in the six weeks to December 31 jumped more than 20% from a year before. In the 22 weeks to the end of December, organic revenue rose more than 10% annually. Organic annual growth picked up from 5% in the first-half.
JD Sports now expects pretax profit before exceptional items for the financial year ending January 28 at the top end of a GBP933 million and GBP985 million market consensus range.
The very top of that range represents growth of 4.0% from GBP947.2 million the year prior.
"The ultimate outturn will, however, reflect trading through the remainder of January with the post-Christmas sale period still to take place in some of our most important European markets," JD Sports said.
Chief Executive Officer Regis Schultz added: "The engagement and commitment of our teams through the peak trading period has been phenomenal with many of our stores and websites delivering record sales and JD's market-leading product and retail experience capturing the imagination of customers globally like never before."
For financial 2024, it predicts its bottom-line to rise to GBP1 billion.
In September, JD Sports Fashion reported a rise in revenue to GBP4.42 billion in the six months that ended on July 30, from GBP3.89 billion a year earlier. Pretax profit, however, dropped to GBP298.3 million from GBP364.6 million.
By Xindi Wei, Alliance News reporter
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