BUSINESS LIVE: Sainsbury’s raises guidance despite weak Christmas; JD Sports set to beat profit forecasts; Private equity sharks circle Boots
Sainsbury’s has raised its full-year profit forecast, despite reporting a fall in underlying sales over the Christmas quarter versus a tough Covid-lockdown assisted comparative in 2020.
The group is now forecasting a full-year 2021-22 underlying pre-tax profit of at least £720million, versus previous guidance of at least £660million and £356million made in 2020-21.
JD Sports has hailed a strong second half to 2021 and boosted its full-year profit guidance after revenues for the 22-week period to 1 January 2022 came in more than 10 per cent ahead of the same period in 2020.
Headline pre-tax profit for the full year to 29 January 2022 will be ahead of current forecasts, which currently average around £810million, with the group now expecting to achieve at least £875million for the period.
Two of the world’s biggest private equity firms have joined forces to launch a multi-billion- pound bid for Boots.
American buyout barons at Bain Capital and their counterparts at British giant CVC Capital Partners have emerged as frontrunners in the £7billion takeover battle, after teaming up to make a bid.
Sainsbury’s expects full-year 2021-22 underlying pre-tax profit of at least £720million