StockMarketWire.com - Sportswear retailer JD Sports Fashion said it expected annual profit to top market expectations after reporting a rise in sales over the key Christmas period, driven by ongoing consumer demand.

'[W]e 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 £810 million,' the company said.

The outturn for the full year was expected to be at least £875 million.

The upbeat outlook following a stronger performance during the festive period as like-for-like revenues for the twenty-two week period to 1 January 2022 were more than 10% ahead of the same period in 2020.

Looking further ahead, the company said it estimated headline pre-tax profit for the full year to 28 January 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,' it added.

Preliminary results for the year ending 29 January 2022 would be published on 12 April 2022.



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