- JD Sports revenue grows 20% over the Christmas period.
- The retailer now expects porift before tax to be towards the upper end of guidance.
- Its shares are up 3.8%.
JD Sports lifts its annual profit outlook on Wednesday, following revenue growth of more than 20% over the Christmas period.
The retailer reported revenue growth of more than 10% for the 22 weeks to December 2022. JD quoted the performance during the Christmas period as “impressive” with total revenue growth of more than 20% in the six-week period to 31 December.
Inflationary issues and the cost-of-living crisis was expected to leave retailers in a tough position, however, earnings across the retail industry have remained resilient so far.
Therefore, JD Sports now expects group profit before tax to be towards the upper end its £933m to £985m market expectations for the year.
“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,” said Régis Schultz, CEO of JD.
Looking ahead, JD stated that it expects its profit before tax and exceptional items for the year to February 3, 2024, to come in at just over £1 billion.
Shares of JD Sports are up 3.8% on Wednesday.