JD Sports Fashion Plc Trading Update (1239Y)
January 12 2022 - 1:00AM
UK Regulatory
TIDMJD.
RNS Number : 1239Y
JD Sports Fashion Plc
12 January 2022
12 January 2022
JD Sports Fashion Plc
Trading Update
JD Sports Fashion Plc (the 'Group') today announces an update on
performance following the Christmas trading period.
Total revenues for the twenty-two week period to 1 January 2022
in the Group's 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. We are also encouraged that
gross margins for the second half are in line with the prior
year.
Given the challenges that have prevailed from the COVID-19
pandemic, including the disruption of the supply chain operations
of some of our key brand partners, this is another extremely robust
performance which further demonstrates the strength of the
relationship that our fascias have with their consumers, the
agility of our multichannel operations, the strength of our
operational infrastructure and the resilience of our
colleagues.
The sustained positive nature of consumer demand through the
second half to date means that we are now confident that the Group
headline profit before tax for the full year to 29 January 2022
will be ahead of current market expectations, which average GBP810
million. It is now anticipated that the outturn for the full year
will be at least GBP875 million. Management recognise the benefit
from the fiscal stimulus in the United States in the first half of
the year and would estimate that this may have contributed up to
GBP100 million to this result.
Looking ahead, Management are cognisant of the ongoing
challenges with operational restrictions from the COVID-19 pandemic
across Europe and Southeast Asia combined with the well-publicised
short-term constraint in the supply of inventory from certain
brands. However, the Group, with its buying and merchandising
capabilities, its breadth in brands and product assortment and a
deep multichannel connection with the consumer, is well placed to
manage these challenges.
At this time, assuming no further trading restrictions in our
most material markets of the UK and North America, absorbing the
additional statutory costs of employment in the UK and reflecting
the benefit that accrued from the financial stimulus in the United
States in the current year, our best estimate is that the Group
headline profit before tax for the full year to 28 January 2023
will be in line with the current year, which is ahead of current
market expectations for the 2023 financial year. We would expect,
however, that the phasing of the profit in the year to 28 January
2023 will revert more to historic norms with approximately 35% to
40% of the annual profit being generated in the first half.
We intend to provide our next update on trading in the Group's
preliminary results for the year ending 29 January 2022 which will
be published on 12 April 2022.
Peter Cowgill, Executive Chairman, said:
"The commitment of our colleagues is crucial to our success and
I would like to thank everyone in our various businesses for their
significant contribution in delivering this outstanding
performance."
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Neil Greenhalgh, Chief Financial Officer
Jennifer Iveson, Investor Relations
MHP Communications Tel: 0203 128 8193
Andrew Jaques
Peter Hewer
Charles Hirst
Catherine Chapman
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END
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