JD Sports beats full-year forecasts

14th Apr 2010 07:11

JD Sports Fashion beat the sky-high expectations of most City analysts when it published full-year figures on Wednesday.Total revenue increased by £98.9m to £769.8m in the 52 weeks ended 30 January, while like for like revenue rose by 2.5% (Sports Fascias 2.3%; Fashion Fascias 3.6%). Profit before tax and exceptional items was up 26% to £67.4m. The retailer had raised expectations over today's full year results by saying back in January that profit before tax and exceptional items would be significantly above market expectations. That sent investment analysts scurrying to update their earnings forecasts, and consensus was for pre-tax profit of £63.28m on sales of £734.6m. The final dividend increased by 65% to 14.7p (2009: 8.9p), bringing the total dividends payable for the year to 18.0p (2009: 12.0p), an increase of 50%.The group said trading in the 10 weeks to 10 April has been encouraging with UK and Ireland retail like for like sales up 2.0% (Sports Fascias 3.0%; Fashion Fascias -3.5%) on an underlying basis taking into account the change in the timing of Easter and school holidays, though like for like sales are lower. Chief executive Peter Cowgill said: "The board remains focused on continuing to deliver operational and financial progress for the group over the long term." "Opportunities for profit growth overseas, the rollout of our principal Fashion Fascia, development of our differentiated and own brand proposition, and growth in our Distribution business all help to reduce threats to group profitability and give us the opportunity to maintain the positive momentum in our business." The company has weathered the recession better than its High Street rivals, thanks to its emphasis on its focus on the "fashion" part of its name than the "sports".