JD Sports Fashion PLC (LSE:JD.) said sales remain ahead, with profit for the year expected to be in line with last year’s "record performance".
In a statement issued ahead of its AGM today, the fashion retailer said sales in the first five months of the financial year are 5% ahead of the same stage 12 months prior.
As a result, headline profit before tax and exceptional items for the year to 28 January 2023 will be in line with the financial year 2022, which was a “record performance.”
JD Sports also said it expects the current year to reflect a more normalised trading pattern, with roughly 35%-40% of total profits generated in the first half.
On the matter of governance, the company said its three-month programme to address priority issues on governance and regulatory compliance matters is “progressing as anticipated”.
In addition, the company is working on a control, risk and compliance target operating model review.
JD Sports said Andy Higginson, who joined the board as chair on 11 July 2022, is fully involved in the search for a new chief executive. In the meantime, Kath Smith remains JD’s interim chief executive.
First-half year results will be released in the second half of September.