JD Sports showed no signs of the cost of living crisis in their Christmas trading update with revenue increasing 10% in the 22 weeks to the end of December last year.
Shrugging off any concerns around the health of the consumer, JD Sports said they expected group profit before tax for the year to be at the upper end of current forecasts of £933 million to £985 million.
JD Sports shares were 6% higher at 149p at the time of writing.
The company said many of their websites and stores had achieved record sales figures in the run up to Christmas, as a result of their focus on improving the experience for their customers.
“This is a story of the survival of the fittest. Weaker retailers have fallen by the wayside as the likes of Next and JD have come to the fore – the latter even enjoying highest ever weekly sales in the run-up to Christmas,” said AJ Bell investment director Russ Mould.
“This is testament to the continuing appeal of the brands which fill JD’s stores and to a youthful consumer who are often living at home and therefore don’t have utility bills, rent or a mortgage to pay.”
“JD is also benefiting from improved availability of products and easing shipping costs – two headwinds which had an impact on profitability in 2022.”