JD Sports FY results seen ahead of expectations

17th Feb 2022 15:05

(Sharecast News) - JD Sports announced a delay to the release of its full-year results but said the numbers were set to be "slightly ahead" of expectations following a continued positive performance in January.

In a trading update at the start of the year, the retailer had said that total revenues for the 22 weeks to 1 January 2022 in the like-for-like businesses were more than 10% ahead of the same period in 2020, with an equally positive performance across the Black Friday and Christmas period.

"This positive performance continued into January and, as a result, full year results are expected to be slightly ahead of previous expectations," it said on Thursday, with full-year headline profit before tax and exceptional items expected to be at least £900m.

JD also said it had agreed with auditors KPMG to push back the announcement of its annual results to ensure KPMG has enough time to complete its global audit procedures and to allow the group to report on the outcome of the divestment of Footasylum "with greater certainty".

The delay will also enable JD to complete a review of its governance procedures and policies in light of the ongoing process to divide the current joint role of executive chairman and chief executive officer, which it expects to update on as part of the results.

Earlier this week, the Competition and Markets Authority fined JD and Footasylum a combined £4.7m for breaching the rules around a merger blocked by the watchdog. JD Sports bought smaller rival Footasylum in 2019 for £90m. However, in November, the CMA ordered JD to sell Footasylum after an in-depth investigation identified competition concerns.