U.K. retailers JD Sports Fashion expects to beat market expectations for full-year profit after reporting strong trading over the key Christmas period. For the five weeks to Jan. 2, like-for-like sales were up by 6.6% with the Sports Fascias (JD and Size) up by 5.9% and the Fashion Fascias (Bank and Scotts) up by 9.7%. The retailer's cumulative like-for-like sales for the 48-week period were up 2.7%. Comps gained 2.3% at Sports Fascias and grew 4.5% at Fashion Fascias. U.K. retail gross profit margins improved marginally over the full year.
The company said it now believes that current market expectations for JD Sports' profit before tax and exceptional items will be “significantly exceeded.” However, it noted that the extent to which it beats expectations depends on the impact of the prevailing severe weather conditions in the UK.
“The Christmas trading period has again been a good one for the Group and I am particularly pleased with both the sustained progress in the Sports Fascias and the strong performance of the Bank Fashion Fascia,” said Peter Cowgill, executive chairman.
