JD Sports raises full year outlook
JD Sports has said its results for the year ending 29 January 2022 are expected to be slightly ahead of previous expectations.
The news follows the retailer’s trading update on 12 January when it announced that total revenues for the twenty-two week period to 1 January 2022 were more than 10% ahead of the same period in 2020.
In this latest update, JD Sports said the good performance had continued across the rest of January and, as a result, its full year results are anticipated to be better than expected. Headline profit before tax and exceptional items for the period is now expected to be at least £900 million.
The retailer has also announced that it has agreed with its auditors, KPMG, to delay the announcement of its final results to ensure that they have sufficient time to complete JD Sports’ global audit procedures. It will also allow the group to report on the outcome of the divestment of Footasylum “with greater certainty”.
Last year, the Competition and Markets Authority ordered JD Sports to sell the business it bought for £90 million in 2019 after an investigation highlighted competition concerns.
JD Sports said the extra time will also enable the group to complete a review of its governance procedures and policies in light of the ongoing process to divide the current joint role of executive chairman and chief executive.
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