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JD Sports lifts profits forecasts

JD Sports has upgraded its profit forecast for the second time in four months.

Group profit before tax for the year ending 3 February is now expected to hit around £300m, up from the previous expectation of £270m to £295m.

Like-for-like sales at the retailer during the second half of the year has been up 3% year on year, which it said was ”particularly encouraging” given challenging comparatives.

In September, JD Sports announced record half year profits, which it said was due to its ‘highly differentiated’ multichannel proposition in an increasingly competitive market.

Profit before tax for the 26 weeks to 29 July was up 33% to £102.7m and operating profit was also up 33% on the same period last year to £103.3m.

Executive chairman Peter Cowgill said the retailer was the ‘leader of the pack’ because of its ability to get top tier products from brands and into stores.

 

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