JD Sports raises forecasts on strong pre-Christmas sales

Sportswear chain expects to earn at least £875 million in year ending January 29th

UK sportswear chain JD Sports Fashion said profit before tax this fiscal year will likely beat estimates after shoppers bought more of its wares in the run-up to Christmas.

The retailer expects to earn at least £875 million (€1.05 billion) in the year ending January 29th, compared with estimates of about £810 million, it said in a statement Wednesday.

JD Sports, which has stores from Stockholm to Seoul, sells items ranging from Nike sneakers to varsity sweatshirts. Last year, the company said Brexit had severely tested its operations and it would seek new warehouses in the European Union to avoid the hassles of customs checks.

Profit next year will probably be in line with this year’s, also ahead of market expectations, the company said. – Bloomberg