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February 18, 2022

JD Sports ups FY profit outlook as results are delayed

Sports retail giant JD Sports Fashion Plc says its full-year results are expected to be slightly ahead of previous expectations after a positive performance across the Black Friday and Christmas period continued into January. 

By Beth Wright

In a trading update, JD Sports says headline profit before tax and exceptional items for the year ended 29 January 2022 is now expected to be “at least” GBP900m (US$1.22bn).

In an update on 12 January, the group said total revenues for the 22-week period to 1 January in its like for like businesses were more than 10% ahead of the same period in 2020 with an equally positive performance across the Black Friday and Christmas period. This positive performance continued into January, it said yesterday (17 February), adding as a result, full-year results are expected to be slightly ahead of previous expectations.

The news comes as JD Sports says it has delayed the release of its final results for the full year to ensure its auditors KPMG have sufficient time to complete its global audit procedures and to allow it to report on the outcome of the divestment of Footasylum Limited with “greater certainty.”

It adds the decision will also enable it to complete a review of its governance procedures and policies in light of the ongoing process to divide the current joint role of executive chairman and CEO which it expects to update on as part of its final results.

The update comes after JD Sports and Footasylum were fined almost GBP5m (US$6.8m) by the UK’s Competition and Markets Authority (CMA) earlier this week after the watchdog said rules around a merger it had previously blocked were breached.

The UK competition watchdog instructed JD Sports to sell Footasylum last year after its in-depth investigation identified what it called competition concerns.

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