JD Sports raises profit outlook
JD Sports has raised its profit outlook after it experienced strong trading following the reopening of stores after Covid-19 lockdowns.
In a statement ahead of its AGM, the company said it is now on track to deliver a full year pre-tax profit before exceptional items of no less than £550 million.
Following the acquisitions of DTLR Villa in the US and Marketing Investment Group in Central Europe, JD Sports now has around 3,300 stores across 29 countries with all now open and trading. However, some stores in the Asia Pacific region are still subject to temporary closures.
The company said trading in the UK in the immediate period after the easing of Covid-19 lockdown restrictions was particularly encouraging with customers reacting positively to its product mix, although in-store footfall remains fragile.
It also revealed that it is continuing to make good progress in the US with 60 stores now trading following the opening of five new stores and the conversion of a further six stores which previously traded as Finish Line. JD is planning to convert approximately 50 stores from Finish Line to JD during the current financial year.
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