JD Sports raises outlook after Christmas sales increase 20 percent

JD Sports Fashion Plc reported that revenues in its organic retail businesses have strengthened through the second half with total revenue growth for the 22 weeks to December 31, 2022 of more than 10 percent, compared with growth of 5 percent for the first half period.

The company said that the performance in these businesses through the Christmas period, both in stores and online, was impressive with total revenue growth over the six-week period of more than 20 percent.

The company added that the positive performance through the second half to date means that we now expect the headline group pre-tax profit for the year will be towards the top end of current published market expectations which range from 933 million pounds to 985 million pounds.

Commenting on the financial update, Régis Schultz, CEO of JD, 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," Schultz added.

The company’s businesses in North America have recovered strongly delivering growth of more than 20 percent through the second half to date. This improvement reflects both the improved availability of product in all of its banners and the positive momentum in the development of the JD fascia with 134 stores now trading as JD across the United States and Canada.

The company’s businesses in the UK and Republic of Ireland, Europe and Asia Pacific have maintained their first half momentum, both in stores and online.

At this time, assuming current exchange rates, JD Sports estimates that the group's headline pre-tax profit for the full year to February 3, 2024 will be just over 1 billion pounds.