JD Sports Fashion lifted annual profits guidance after revenues rose 10% in the 22 weeks to January 1 and US fiscal stimulus boosted trading.
The sports fashion chain on Wednesday said it expected pre-tax profits of at least £875m compared with previous expectations of £810m after strong trading during Christmas and Black Friday. It added that US fiscal stimulus “may have contributed up to £100m to this result”.
Looking ahead, JD Sports said it was “well placed” to meet challenges posed by the Covid-19 pandemic across Europe and Southeast Asia and global supply chain constraints.
It added that headline pre-tax profits for the full year to January 28, 2023 would be in line with the current 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,” the company said in a trading update.
