JD Sports Fashion PLC (LSE:JD.) has said it expects its full-year pre-tax profits to come in at the top end of market expectations after reporting an uptick in sales over Christmas.
Profit before tax for the year ended 28 January 2023 is now expected to be at the higher end of market consensus, which was between £933mln and £985mln.
Sales in the six weeks to 31 December 2022 grew by 20%, compared to 10% in the 22 weeks to the end of the previous year and 5% in the first half of 2022.
"The engagement and commitment of our teams through the peak trading period has been phenomenal with many of our stores and websites delivering record sales and JD's market-leading product and retail experience capturing the imagination of customers globally like never before,” said JD Sports chief executive Régis Schultz in the Christmas trading update.
Looking forward, the FTSE 100-listed retailer said it will continue to upgrade its infrastructure to improve its online and in-store offering.
JD Sports said it believes consumers will remain attracted to its differentiated propositions and that “significant opportunities” lie ahead in the development of its sports fashion business, with the company increasing its investment in these areas.
Markets in North America, it said, recovered strongly in the second half to date, delivering growth of more than 20% in the US and Canada.
Other global markets-maintained momentum from the first half into the second half.
Headline profit before tax and exceptional items is expected to be just over £1bn for the year ended 3 February 2024.