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JD Sports records bumper Christmas JD Sports records bumper Christmas
(about 4 hours later)
Booming sales of trainers have delivered a bumper Christmas for JD Sports Fashion, which said it would beat City forecasts for annual profits.Booming sales of trainers have delivered a bumper Christmas for JD Sports Fashion, which said it would beat City forecasts for annual profits.
JD’s performance is in stark contrast with bigger rival Sports Direct, founded by billionaire Mike Ashley, which warned on profits last week, blaming the mild winter and tough trade on the high street for worse-than-expected sales.JD’s performance is in stark contrast with bigger rival Sports Direct, founded by billionaire Mike Ashley, which warned on profits last week, blaming the mild winter and tough trade on the high street for worse-than-expected sales.
News of JD’s hefty profit upgrade prompted analysts to raise their target price on the stock with shares rising more than 4% to £11.03. News of JD’s hefty profit upgrade prompted analysts to raise their target price on the stock. The shares leapt as much as 8% to an all-time high of £11.40.
Related: Retail Christmas: the winners and losers in the UKRelated: Retail Christmas: the winners and losers in the UK
Like-for-like sales at its UK and European stores rose 10.6% over the Christmas period. The retailer is confident of beating market expectations for annual profit before tax and one-off items of £136m by up to 10%.Like-for-like sales at its UK and European stores rose 10.6% over the Christmas period. The retailer is confident of beating market expectations for annual profit before tax and one-off items of £136m by up to 10%.
JD has recorded strong demand for trainers made by Nike and other leading brands and women’s sportswear for some time, which pushed first-half profits up 80% to a record £46.6m. The Investec analyst Kate Calvert talked of a “champion’s performance”. “JD appears to be in a sweet spot as several years of store and infrastructure investment is starting to bear fruit. We believe there is more to come, seeing an exciting European roll-out opportunity and attractive UK growth prospects,” she said.
The retailer has nurtured close links with Adidas and Nike, allowing access to the latest ranges popular with younger customers. JD Sports also stocks brands such as Giorgio Armani’s EA7 range, which rivals do not. Most of JD’s 850 shops are in the UK, but it has been opening more stores in the Netherlands, Spain, France and Germany.
There has been strong demand at JD for trainers made by Nike and other leading brands, as well as for women’s sportswear, which pushed first-half profits up 80% to a record £46.6m.
The retailer has nurtured close links with Adidas and Nike, allowing access to the latest ranges that have made it popular with younger customers. JD also stocks brands such as Giorgio Armani’s EA7 range, which rivals do not.
Rebecca Marks, of retail consultants Conlumino, injected a note of caution: “Even JD’s resilience to competition may not be able to deflect the ongoing impact of currency issues as its looks to increase its European store numbers, and continues to faces challenges with its outdoor arm.”
JD is trying to turn around its lossmaking outdoor business, which trades under the Millets, Blacks and Ultimate Outdoors brands.