JD Sports on course to smash consensus expectations

JD Sports Fashion's share price jumped more than seven per cent this morning after revealing it expects pre-tax profits to come in 10 per cent ahead of market expectations.

 

The retailer, which announced record annual profits before tax of £100m in April, said it would smash consensus market expectations. 

 

Analysts have been tipping the business to make profits of around £110m for the current financial year. As long as the busines maintains its positive performance, it'll be closer to £121m, marking another record for the group. 

 

But the group warned margins will be dampened by the pound's strength. 

 

In a trading update this morning JD Sports said: “We are pleased to report that the performance in our business has continued to be strong with like for like sales remaining in excess of management forecasts although, as previously reported, we have suffered some loss of margin from the weakness in the euro in JD’s euro-denominated business.”

 

It will reveal results for the first half to 1 August on 16 September.