JD Sports, UK’s biggest sportswear retailer, has raised its full-year profit outlook to £550 million from £324 million last year following solid trading. Also, most of its 3,300 stores, across the globe, are also now open, which has helped the retailer increase its outlook.
The retailer, however, also said that surge in coronavirus cases, amidst the spread of the delta variant, has started impacting its core customer base.
JD Sports said the uncertainty over the crisis and possible further lockdowns would mean that it will wait before handing back any Government furlough support.
A lot will also depend on consequences of any further lockdown especially during the peak trading period in the coming winter.
The retailer also added that it plans to split Peter Cowgill’s role of Executive Chairman and Chief Executive before the next AGM, and will soon start a ‘comprehensive process’.
The board, the retailer believes, should reflect the current scale, momentum and global positioning of the company and its higher stock market valuation.
Founded in 1981, the sportswear retailer has stores across the United Kingdom, Europe, the United States, Asia, New Zealand and Australia. It generated £6,110.8 million in 2020.