- Full-year profits expected to be up around 15% on market expectations
- Like-for-like sales growth of 10% maintained in second half
- Boss Peter Cowgill hails “excellent momentum”
JD Sports expects its full-year earnings to beat market expectations by up to 15% after continued strong trading in its second half.
The sportswear retailer said “positive” trading had continued throughout its second half, with like-for-likes remaining around 10% up on last year.
“This is a particularly pleasing performance given the very strong like-for-like growth achieved in the previous three years,” the group said.
Boss Peter Cowgill said: “Whilst we acknowledge that it would be unreasonable to expect like-for-like sales growth to be maintained at recent levels for a fifth consecutive year, we are confident that both domestically and internationally, our unique and often exclusive sports fashion premium brand offer provides a solid foundation for future development.”
Broker Peel Hunt said in a note: “JD continues to defy even the toughest of comparatives. Like-for-likes actually accelerated in its second-half, a quite remarkable achievement.”
The retailer launched an investigation last month into working practices at its main Rochdale warehouse following allegations of harsh conditions.