Sportswear retailer JD Sports has delayed the publication of its annual results by two days. The business is expected to report a 4.2% rise in like-for-like sales while analysts at investment bank Peel Hunt are predicting a pre-tax profit of £920 million, which is within the current guided range (£915m-£935m).
JD announced today that it would publish its annual results on 31 May, rather than the expected date of 29 May. However, it said the results would be in line with previous guidance.
JD Sports, founded in 1981 in Bury, Manchester, previously specified that its pre-tax profit would be no more than £935 million, after a profit warning in January, lowering its guidance from £1.04 billion to between £915 million and £935 m for the 12 months to 3 February.
It had previously blamed “cautious consumer behaviour” and unexpectedly mild weather for a “softer” than usual Christmas period.
However, analysts maintain that the retailer’s shares are currently “very cheap”, valued at around 121p, giving the stock a “buy” rating due to its “solid medium and long-term value”.
During its profit warning back in January, chief executive Régis Schultz said that the sportswear giant had seen “increased promotional activity” across its key markets over the golden quarter, due to a “more cautious consumer”.
He maintained, however, that the retailer had made good progress in regard to its five-year plan, such as opening over 200 new JD stores over the year prior.
As the business prepares to hit one million members on its ‘JD Status’ loyalty programme, launched seven months ago, it has said it is “preparing to reward its loyal members and entice new enthusiasts” via various incentives.
