JD Sports smashes expectations
JD Sports shares jumped over seven per cent after the sportswear retailer smashing market expectations on full year numbers.
The self-proclaimed "King of Trainers" said profit before tax and exceptional items will be be up to 15 per cent more than the £200m anticipated by analysts.
After revealing 10 per cent sales growth at the half year point in September last year, JD Sports said today "this positive trading has continued through the second half of the year".
[stockChart code="JD." date="2017-01-12 08:34"]
Read more: JD Sports warns Brexit may cause "headwinds on margin" next year
Chief exec Peter Cowgill was pumped up at the news. "I am delighted to report that we have maintained our excellent momentum from the first half of the year," he said.
At the half-year point, JD Sports had warned of Brexit headwinds following the weakening of sterling. Today, Cowgill reiterated that:
While we acknowledge that it would be unreasonable to expect like-for-like sales growth to be maintained at recent levels for a fifth consecutive year, we are confident that both domestically and internationally, our unique and often exclusive sports fashion premium brand offer provides a solid foundation for future development.
Read more: JD Sports hits back at accusations of prison-like working conditions
The positive performance will come as welcome news to the sports chain, which was forced to hit back at television reports of draconian working practices – leading to the inevitable comparisons with Sports Direct and its controversial Shirebrook premises.
In November, JD Sports buoyed the marketed after it announcing it had bought outdoor pursuits chain Go Outdoors in a deal worth £112m.