JD Sports Fashion sees annual profit at lower end of forecasts

Sportswear and outdoor clothing and equipment retailer JD Sports Fashion said it expects full year pre-tax profit to be towards the lower end of current market expectations after losses at its outdoor business.

Sportswear and outdoor clothing and equipment retailer JD Sports Fashion said it expects full year pre-tax profit to be towards the lower end of current market expectations after losses at its outdoor business.

Market expectations for headline profit before tax and exceptional items is currently £60m.

Executive Chairman Peter Cowgill commented: "Christmas 2012 has seen another very robust performance from our core Sports Fascias."

The core UK and Ireland JD Sports Fascias reported a 3.2% rise in like for like sales for the seven week period ended January 5th 2013 while margins for the year improved from the previous year.

However outdoor endured a disappointing festive season. "This was the result of the proposition bought into by the previous management team. All the key players in that team have been replaced very recently," JD said in a company statement.

JD added that both international development in the Sports Fascias and multichannel development throughout the group represent significant continuing growth opportunities. It said whilst the performance of outdoor has been disappointing, it remains confident that this business will produce future returns.

JD said trading in recent weeks has been the strongest we have seen for some time.

CJ

Recommended

Three Aim stocks that should hit the bullseye
Share tips

Three Aim stocks that should hit the bullseye

Professional investor Jonathan Moyes of Wealth Club picks three interesting stocks to buy from Aim, London’s junior stock exchange.
22 Feb 2021
Share tips of the week
Share tips

Share tips of the week

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
19 Feb 2021
UK stocks: how the FTSE 100 is finding its feet again
UK stockmarkets

UK stocks: how the FTSE 100 is finding its feet again

The FTSE 100, Britain’s blue-chip stockmarket index, has undergone constant churn in the 37 years since its inception, says Max King. But it is now …
12 Feb 2021
Share tips of the week
Share tips

Share tips of the week

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
5 Feb 2021

Most Popular

A beginner’s guide to bitcoin: where to store your bitcoins
Bitcoin

A beginner’s guide to bitcoin: where to store your bitcoins

Once you've got hold of some bitcoins, you need somewhere secure to keep them. Dominic Frisby outlines some of the best options, from exchanges to col…
4 Mar 2021
A beginner’s guide to bitcoin: the technical genius behind bitcoin and the blockchain – and how it all works
Bitcoin

A beginner’s guide to bitcoin: the technical genius behind bitcoin and the blockchain – and how it all works

In the second in his series on bitcoin, Dominic Frisby looks at the blockchain – bitcoin’s unique underlying architecture – and what makes it and the …
2 Mar 2021
A beginner’s guide to bitcoin: how to buy bitcoin
Bitcoin

A beginner’s guide to bitcoin: how to buy bitcoin

For the novice, buying bitcoin can be a daunting prospect. Here, Dominic Frisby outlines the process from start to finish.
3 Mar 2021