JD Sports expects earnings to match last year’s record on strong demand

People walk past a JD Sports store in London, Britain November 17, 2021. REUTERS/May James

July 22 (Reuters) – Britain’s biggest sportswear retailer, JD Sports Fashion (JD.L), said on Friday it expects full-year profit to be in line with last year’s record performance due to the high demand for sports and leisure wear.

The company, which offers Nike, Adidas, Puma as well as private labels, said total sales for the five months of the year in its comparable businesses remained 5% ahead of the same period last year. .

The Bury-headquartered retailer said it had begun a review of its target control, risk and compliance operating model. Last month it outlined plans to overhaul its corporate governance structure and internal controls after a review led to the ousting of longtime boss Peter Cowgill in May. Read more

JD Sports, which will hold its annual general meeting later on Friday, said current-year earnings would reflect a more normalized business pattern with about 35% to 40% of earnings generated in the first half.

The company had reported pre-tax profit of 654.7 million pounds ($800.2 million) for the year ended Jan. 29.

JD, which appointed former chairman of Morrisons supermarket group Andrew Higginson as chairman earlier this month, said it was in the process of recruiting a new CEO. Read more

Rival Frasers (FRAS.L), owner of Sports Direct, said on Thursday it expected higher profits next year after a “record” 2022 driven by store reopenings and strong demand for his sports clothes. Read more

Reporting by Radhika Anilkumar in Bengaluru; Editing by Vinay Dwivedi

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