© Reuters.
By Scott Kanowsky
Investing.com — Shares in JD Sports Fashion PLC (LON:) rose in early trading on Wednesday after the British athleisure retailer said it expects full-year pre-tax income to come in at the top end of current market estimates, thanks to solid performance over the holiday season.
In-store and online shopping demand over the six weeks to December 31 was “particularly impressive,” the company said in a statement, with total revenue over the period to date growing by more than 20%.
Sales in the second half also expanded by 5% compared to the first six months of the year. The brand’s businesses in the United States and Canada, where its opened 134 new locations as part of broader push to increase its global presence, saw a pick-up in half-year sales of over 20%.
“Our strategic focus on the international and digital expansion of our global premium sports fascias is underpinned by the continued strength of these businesses,” said JD Sports chief executive officer Régis Schultz, who joined the company in September.
As a result, JD Sports said it now sees headline group profit before tax and exceptional items for the year ended on January 28 to be towards the higher end of consensus expectations of between £933-985 million (£1 = $1.2143).
Meanwhile, at current exchange rates, pre-tax earnings for the year to February 3, 2024 is anticipated to be just over £1B.
Analysts at Peel Hunt said the firm is showing “extreme resilience in a difficult market.”
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