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JD Sports confident full-year profits will beat expectations

JD Sports Fashion expects its full-year profits to exceed £90m after like-for-like store sales grew 12% in the five weeks to January 3.

Cumulative like-for-like sales growth for continuing stores [which excludes the recently sold Bank chain] for the 48-week period to January 3 is now also 12%.

A statement from the company said: “On the basis of this performance, and while recognising certain infrastructure cost increases during the year to support the larger and more international business, the board is now confident that the headline profit before tax and exceptional items for our continuing operations will exceed the top end of market expectations for the current financial year, which currently range up to £90m.”

Executive chairman Peter Cowgill added: “I am delighted to be able to report that the great momentum I reported in the sports fascias in all our territories earlier in the financial year has been maintained during the key Christmas period, particularly when measured against strong comparatives in prior years.”

The group will announce its preliminary results for the 52 weeks ending January 31 on April 15.

JD sold struggling young fashion business Bank to a subsidiary of Hilco Capital in November 2014 and declared it would prioritise future investment in its core sports fascias, which include JD and Size?.

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