JD Sports, Bury retail giant, expects ‘upper’ end profit

Bury-based FTSE 100 retailer JD Sports Fashion Plc announced a positive trading update on Friday following the Christmas trading period.

JD Sports said it remains confident its profit before tax “will be in the upper quartile of current market expectations” which range from £403 million to £433 million.

JD Sports shares edged almost 1% higher to 832p, giving the firm a current stock market value of just over £8 billion.

“Against a backdrop of widely reported retail challenges in the group’s core UK market, it is encouraging to report positive like for like trends in the group’s global Sports Fashion fascias, particularly overseas,” said the retailing giant.

“Given the increasing significance of our international businesses in the overall group result, and the fact that there is a differentiated timing of the post-Christmas sale period in a number of our key overseas markets, the ultimate outturn will reflect trading in these markets through the remainder of January. 

“We remain confident that the full year group headline profit before tax will be in the upper quartile of current market expectations which, after adjusting for the impact of the transition to IFRS 16, range from £403 million to £433 million.

“The preliminary results for the year ended 1 February 2020 will be published on 15 April 2020.”