Jul 1, 2021

High street revival boosts JD Sports and Primark

The post-lockdown high street revival looks to be in full swing, with JD Sports and Primark owner AB Foods both boosting profit targets on stronger than expected trading. JD said it is on track to deliver a headline profit of not less than £550m for the year to January. The online-only electricals retailer delivered a £30m operating profit for the year ended March versus a £4m loss the year before, as revenue jumped to £1.7bn. AO said it had started the new financial year well and set out a long-term ambition to add three more territories to its existing UK and German operations. Soap maker PZ Cussons said in a trading update that adjusted pre-tax profit for the year to May will be up versus 2020 and beat consensus forecasts. While "Unprecedented demand" for hygiene brands at the beginning of the pandemic has been holding back year on year revenue comparisons, trading since the end of the financial year remains in line with management expectations, Cussons said.

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