JD Sports sees FY profit ahead of consensus expectations
Sports retailer JD Sports Fashion said on Thursday that headline pre-tax profit for the current financial year is likely to be ahead of consensus market expectations of £200m by up to 15%.
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The group said positive trading has continued through the second half of the year, following 10% growth in like-for-like sales in the 26-week period to 30 July, with the cumulative LFL stores sales growth for the 49 weeks to 7 January 2017 across all group fascias maintained at this level.
JD said this was particularly pleasing given the very strong LFL growth achieved in the previous three years.
As a result, the board expects headline profit before tax and exceptional items for the current financial year will exceed current consensus market expectations by as much as 15%.
Executive chairman Peter Cowgill said: “I am delighted to report that we have maintained our excellent momentum from the first half of the year. Whilst we acknowledge that it would be unreasonable to expect like for like sales growth to be maintained at recent levels for a fifth consecutive year, we are confident that both domestically and internationally, our unique and often exclusive sports fashion premium brand offer provides a solid foundation for future development.”