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JD Sports raises profits expectations to £940m and reveals target for 2023

By Jon Robinson

JD Sports has upped its profits expectations for its latest financial year to approximately £940m.

The Greater Manchester-headquartered retail giant previously said its profits for the 12 months to January 29, 2022, would be at least £900m.

The listed group added that its profits for its current financial year "will at least be equal" to its total for the previous period.

READ MORE: JD Sports profits rise to at least £900m as full-year results delayed

JD Sports also said that it "anticipates being in a position" to announce its full year results for the year to January 29, 2022, in early to mid-June.

In a statement issued to the London Stock Exchange, JD Sports said: "The group is reassured with the trading to date with total sales in the group's like for like businesses more than 5% higher than the same period in the prior year.

"This performance is a positive reflection of both the strength and breadth of the group's brand relationships and category offer.

"It has also been achieved against a backdrop of a global shortfall in the supply of certain key footwear styles which we expect to improve progressively through the year.

"Whilst we are pleased with the trading to date, which is at least in line with the group's expectations, we remain conscious of the headwinds that prevail at this time including the general global macro-economic and geopolitical situation.

"Notwithstanding these challenges, the board still believe that the headline profit before tax and exceptional items for the year end 28 January 2023 will at least be equal to that for the year ended 29 January 2022 which, after finalising certain year end accounting positions including the calculation of leases under IFRS16, is now expected to be approximately £940m."

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