Prominent British Sports Retailer JD Sports Sees Profits At Par With Last Year Thanks To Robust Demand

Author: Anusuya Lahiri | July 22, 2022 07:07am

Leading British sportswear retailer JD Sports Fashion PLC (OTC:JDSPY) expects annual profit to be in line with last year's performance thanks to solid demand for athleisure apparel and sportswear, Reuters reports.
JD, which offers Nike, Inc (NYSE:NKE), adidas AG (OTC: ADDYY), Puma, and in-house brands, said total sales for the five months of the year in its like-for-like businesses remain 5% up year-on-year.
JD said earnings in the current year would reflect a more normalized trading pattern with 35% - 40% of the profits generated in the first half.
JD reviewed its control, risk, and compliance target operating model.
In June, JD laid out plans to overhaul its corporate governance structure and internal controls after a review led to the ousting of long-time boss Peter Cowgill in May.
JD appointed Andrew Higginson, former Chair of supermarkets group Morrison (Wm) Supermarkets PLC (OTC:MRWSY), as its Chair earlier this month.
JD is putting efforts into appointing a new CEO.
People are venturing outside for sports, fitness activities, and traveling for business purposes and vacations, driving demand for athleisure, which had taken a jolt during the pandemic.