- Like-for-likes in five weeks to January 2 up 10.6%
- Expects full-year pre-tax profits to be up to 10% above forecasts of £136m
JD Sports Fashion has upgraded its full-year profits forecast again after what it called an “exceptional” Christmas trading period.
It is the second profits upgrade in the space of six weeks, after the retailer raised its forecasts last month.
Today JD said it expects full-year earnings to be up to 10% above current forecasts of £136m.
It came as the retailer reported like-for-likes in the five weeks to January 2 rose 10.6%.
Chief financial officer Brian Small told Retail Week it continues to benefit from the “strong relations” it has with brands, such as Nike and Addidas. North Face has also been a particularly strong performer, Small said.
On the bottom line, Small admitted that the living wage, which takes effect in April, meant the firm is “focussing even more on every aspect of costs”.
He added: ”We’re still looking at ways operationally to help us absorb the living wage, such as how the supply chain operates including warehouse and distribution.”
Meanwhile, the retailer said it will incur a one-off cost of around £12m after it scrapped a project to replace its IT systems.
The group has been expanding into Europe and in the last six months has opened a flagship store in Amsterdam, plus sites in Sweden, Denmark and Italy.
Small said JD is keen to trade in all major European countries and is also looking outside of Europe, but declined to give further detail.