JD Sports sales up 5% but it remains cautious amid market "headwinds"
JD Sports has revealed sales were up 5% in the current financial year to date, a performance it said was "a positive reflection of both the strength and breadth of the group's brand relationships and category offer".
The positive growth in the first 14 weeks of its year to 7 May was achieved amid a global shortfall in the supply of key footwear styles, the sports and fashion company said.
JD said it expected supply of product to improve as the year progresses and it had maintained forecast that headline profit before tax and exceptional items for the year end 28 January 2023 would at least be equal to that for the year ended 29 January 2022 (£940 million).
However the group said that while it was reassured by its latest trading performance, which was in line with expectations, it was "conscious of the headwinds that prevail at this time including the general global macro-economic and geopolitical situation."
The group has delayed the announcement of its year end results to the end of January 2022 while it unpicks the situation regarding the Competition and Market Authority's decision to force it to sell off Footasylum, which it had acquired in 2019 for £90 million. It said it expected to reveal the result by early June but a firm date would be announced in due course.