JD Sports said its pre-tax profit increased to £439.5 million for the six months ended July 31st.
JD Sports confirmed H1’s revenue on Tuesday as demand for sportswear slowed as Lockdowns eased.
The UK sportswear brand suggests they will offer a substantial annual dividend as they are not paying dividends this time.
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JD Sports said its footprint level is low in many countries, but said supply chain disruptions make it difficult to meet demand in certain categories.
For the six months ended July 31, JD Sports said profits rose to £439.5 million before the 2020 increase from £61.9 million in 2020 and £158.6 million in the previous year.
The company forecasts its full-year pre-tax profit of at least £750 million, ending January 29th.
The results of “JD Sports” show that we continue to lead as a high-quality business thanks to our distribution capabilities in a growing, competitive athlete market.”
“It has certainly been helped by the stimuli provided to US households, but it is not just relying on overseas markets as the UK continues to perform. Overall group sales have increased by over 50%, 39 At £100 million, operating profit rose almost 400% to £239 million from the previous year. This is a big beat to market expectations, highlighting businesses that managed the pandemic well.”
“The reopening and ending of government support schemes could halt future confidence for many retailers, but JD Sports will continue to benefit as demand for sneakers and athletes grows stronger and endures as a tailwind for the latest years. Therefore, the group expects its full-year pre-tax profit of at least £750 million compared to previous guidance of at least £550 million and a 25% beat on market expectations. It’s not surprising.”
The pandemic is also giving opportunities to JD sports.
“Many retailers are under intense pressure as they still struggle with fragile financial structures before the pandemic. JD Sports is good for consolidating the market, with premium brands like Nike and Adidas. “The relationship between our strong management track record and “trustworthy partner” continues to reveal the path to further growth,” Chohan said.
