JD Sports: Sales grow as it holds guidance on hopes of a rebound
Athleisure giant JD Sports said it was trading in line with its lowered expectations, as the firm pinned its hopes on an improved consumer outlook for the year ahead.
The so-called ‘King of Trainers’ told the London market this morning total sales grew 3.6 per cent per cent to £10.5bn in the year to February.
It is a more positive outlook after the retail giant cut profit targets in its previous stock market update in January.
Today, JD Sports affirmed the £915-935m guided range it gave at the start of the year, which was down from a previous guidance of £1.04bn profit.
Régis Schultz, chief of JD Sports Fashion Plc, said: “Looking ahead, the current trading environment remains challenging due to less product innovation and elevated promotional activity, especially online.”
“We anticipate trading conditions will improve as we move through the year, helped by a busy sporting summer and softer comparatives with last year.
He added: “We continue to invest in our people and the infrastructure needed to deliver our long-term growth plan. I am excited about the opportunities for the JD Group going forward and our ability to deliver attractive returns to shareholders.”
The firm also opened 215 new JD stores.
Last year the business said it would spend up to £3bn pounds to open as many as 1,750 stores over five years, as Schultz outlined his plans for the retailer to become an athletic leisurewear “powerhouse”.
Shares in JD Sports climbed by up to 14 per cent today.