BUSINESS CLOSE: Sainsbury’s ups guidance; JD Sports to beat forecasts

The FTSE 100 index closed up 0.81 per cent or 60.35 points to 7,551.72 this afternoon, while the FTSE 250 index finished up 18.98 points to 23,047.16.

Sainsbury’s raised its full-year profit forecast, despite reporting a fall in underlying sales over the Christmas quarter versus a tough Covid lockdown 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 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.

 >If you are using our app or a third-party site click here to read Business Live