JD Sports expects pre-tax profits to top £1bn following Christmas surge
JD Sports expects to post pre-tax profits of more than £1bn for the year ending on 3 February 2023 after it recorded a Christmas sales surge.
The sportswear retailer said a strong performance in the second half of 2022, driven by a surge in sales over Christmas, will see it achieve its financial goals.
The Manchester firm said it expects to post pre-tax profits for the year ending on 28 January 2023 to hit the top end of market estimates, which range from £933m to £985m, JD said.
However, trading in January as part of the “post-Christmas sale period” is set to drive JD’s pre-tax profits to heights of more than £1bn for the year ending on 3 February 2024, the firm said.
The firm said the strong financial results show the “ongoing resilience” of its “proposition” and the “enduring strength” of its “multi-channel consumer engagement”.
JD pointed to its “attention-grabbing theatre in stores, advanced digital technologies, breadth in the range of brands and availability of key styles” as key to its future growth.
“Management firmly believe that the most significant opportunities lie in the continued international multi-channel development of the Group’s sports fashion businesses,” JD said.
The retailer’s final results for the past financial year will be published following completion of the audit process, which is being carried out by KPMG.
JD chief executive Régis Schultz said: “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.”
“Our strategic focus on the international and digital expansion of our global premium sports fascias is underpinned by the continued strength of these businesses.”