Sportswear retailer JD Sports has reported stellar trading in its over the Christmas period, encouraging it to announce it will beat market expectations.
The retailer, currently undergoing the acquisition of Go Outdoors, said its full year profits are expected to be 15 per cent higher than City predictions, spurred on by a like-for-like sales boost of 10 per cent in the half year to January 7.
This marks the third consecutive year of double-digit sales growth for JD Sports.
In September, it posted half-year sales growth of 66 per cent to £77.4 million. With the newly altered predictions, yearly underlying profits will now hit £200 million, up from £157 million previously expected.
“I am delighted to report that we have maintained our excellent momentum from the first half of the year,” chief executive Peter Cowgill said.
He went on to state that a fifth year of sales growth would be “unreasonable” to expect, but he had confidence in the brand.
These results come off the back of last year’s controversy surrounding JD Sports’ Rochdale warehouse, where working conditions were reported to be “worse than prison”.
The Christmas trading update indicates for now that the retailer is unaffected by the accusations.