JD Sports sounded a cautious note on prospects as it posted a sales rise at the start of its new financial year.
The retailer said it was “reassured with the trading to date” in the 14 weeks to May 7, when total sales in the group’s like-for-like businesses rose by ”more than” 5% year on year.
However, JD Sports flagged up the volatile economic and political environment in which retailers are operating.
It said its recent performance reflected the strength and breadth of its brand relationships and category offer.
The retailer observed: “It has also been achieved against a backdrop of a global shortfall in the supply of certain key footwear styles which we expect to improve progressively through the year.
“Whilst we are pleased with the trading to date, which is at least in line with the group’s expectations, we remain conscious of the headwinds that prevail at this time including the general global macro-economic and geopolitical situation.”
JD said that “notwithstanding these challenges” it still expects headline profit before tax and exceptional items for the new financial year to “at least be equal” to that for the year just ended, which is anticipated to come in at approximately £940m.
JD will post results for last year in early to mid-June.
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