JD Sports results delayed, profits forecast lifted as strong trading continues
If you’re wondering why JD Sports Fashion full-year results are being held back, it certainly isn’t performance-related. Strong sales have prompted the sportswear retail giant to raise its profit guidance for the third time in five months.
In a statement to the London Stock Exchange, it said reasons for the delay were threefold: giving it time to incorporate new numbers following the forced sale of its Footasylum business; more time needed to split Peter Cowgill's joint chairman and chief executive role; and to “ensure that KPMG have sufficient time to complete its global audit procedures”.
The delay comes after the retailer and Footasylum were fined £4.3 million earlier this week after breaching the rules around a merger blocked by the Competition and Markets Authority.
In the statement JD Sports also said its full-year accounts are set "to be slightly ahead of previous expectations”.
It added its profits before tax and exceptional items for the 12 months to 29 January are expected to be at least £900 million. That’s higher than the £875 million improved guidance given in January and well ahead of the £750 million forecast provided in September at its half-year results.
In a trading update published on 12 January, the group confirmed its total like-for-like revenue for the 22 weeks to 1 January was more than 10% ahead of the same period in 2020, with an equally positive performance across the Black Friday and Christmas period.
The JD Sports statement added: "The group will make a further announcement on the timetable for announcing its final results in due course.”
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