JD Sports Confirms Earnings Guidance as Sales Outperforms
Full-year profit before tax and adjusted items at the U.K.-based retailer is still expected to come in between £915 and £935 million ($1,149 mm at the midpoint), but organic sales for the 53 weeks ended Feb. 3 were up 8.4% constant currency, beating +6% earlier guidance. On a reported basis, revenues increased 3.6% to £10.5 billion ($13.0 bb), while gross margin was down 50 basis points to 47.3% due to more promotional activity in Europe and North America. The retailer says it opened a total of 215 new JD Sports stores ... Log in to view full article.