Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Superdry foot fall still down from pre-COVID levels
A full year trading statement from Superdry [LON:SDRY] has been published this morning, showing group revenues on the quarter up over both of the last two comparatives. Management note that footfall into physical stores remains well below pre pandemic levels, but adds that full price sales for the year will deliver strong gross margin improvement. Caution is expressed over the macroeconomic outlook and inflationary pressures, but the company believes it has right-footed itself in recent months to deliver a successful strategy for the future.
#2. JD Sports full year profits set to remain steady
JD Sports [LON:JD.] has also provided a trading update this morning, noting that for the 14 weeks to 7th May, trading is more than 5% higher than it was for the same period a year ago. It notes that this is at least in line with expectations, but there’s a degree of caution over the headwinds which are now facing the economy, but the board adds that headline profit should be at least equal to the approx. £940m which it expects to post for the year to January 2022. These numbers are set to be published by mid-June.
#3. BT Group pre-tax profits rise 9%
BT Group [LON:BT.A] has full year numbers out this morning, which include a string of highlights in terms of low customer churn, rising FTTP penetration and growing roll out of its 5G network. Revenue did dip 2% but this is explained away by the Openreach relationship, Pre-tax profits rose 9% and shareholders are being rewarded with the as-promised dividend for the year of 7.7p per share. Performance against 2022’s outlook has been very close to guidance, with a notable overrun in terms of normalised free cash flow.