Britain’s JD Sports lifts profit estimates, sales rise

 Britain’s JD Sports lifts profit estimates, sales rise


People pass a JD Sports store in London, Britain April 11, 2017. Shares of JD Sports Fashion Plc in Britain rose to a record high after strong demand for leisure clothes helped push 55 percent increase in headline annual income before taxes, the biggest increase in eight years REUTERS/Neil Hall

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May 12 (Reuters)-Britain’s JD Sports Fashion (JD.L) raised its annual profit outlook for 2022 on Thursday as people spend more on athleisure and sportswear, and targeted high sales data so far this year.

The nation’s largest sportswear retailer now expects capital pre-tax revenue and unique items for the year ended Jan. 29 of about 940 million pounds ($ 1.15 billion), and estimates the profit for current financial year at least equivalent to that.

The vision comes after JD was fined by Britain in February for violating an order banning it from further participating in Footasylum, following competition concerns. The company delayed publishing results to 2022. read more

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“Like one of the yellow signs of a sad night, JD shone brightly in 1Q when the others disappeared … The features were waiting for bad news: it was a beautiful surprise, ”analyst Peel Hunt said in a note.

The company says that as of sales in the 14 weeks ended May 7 it rose 5% from last year’s levels.

JD said the new year’s progress was recorded against the backdrop of a global shortage of supply of “some key shoe styles”, adding that it expects the crunch to pass over the year. .

Nike (NKE.N), a major sportswear brand, is facing manufacturing issues that are holding back sales, but the U.S. company in March said the problems of the past six months have been in behind it.

($ 1 = 0.8199 pounds)

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Reporting by Pushkala Aripaka in Bengaluru; Edited by Sherry Jacob-Phillips and Vinay Dwivedi

Our Standards: The Thomson Reuters Trust Principles.



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