A festive surprise as JD Sports Fashion profits exceed expectations
RETAILER JD Sports Fashion Group added to the Christmas cheer across the high street with annual profits exceeding expectations after "exceptional" trading.
The chain said it had maintained like-for-like sales growth at around 10 per cent in its second half so far to January 7.
JD Sports Fashion owns its flagship stores, of which there are a dozen locations across the north, alongside other brands such as Kukri and Size?
Shares jumped by 7 per cent as it said profits for the year to January 28 are set to come in higher than industry expectations by up to 15 per cent. Most analysts were pencilling in underlying pre-tax profits of £200 million.
Its guidance means the profit haul will come in significantly higher than the £157.1 million posted for the last financial year.
Peter Cowgill, executive chairman of JD Sports, praised an "exceptional trading performance".
"I am delighted to report that we have maintained our excellent momentum from the first half of the year," he said.
He added it would be "unreasonable" to expect sales growth to continue at the same pace for a fifth year in a row, but said he had confidence in the group's "unique and often exclusive sports fashion premium brand".
JD Sports posted record half-year profits in September, up 66 per cent to £77.4 million, driven by 10 per cent like-for-like sales growth at its shops and a 20 per cent hike in overall revenues to £971 million.
It credited the surge in popularity for athletic-inspired footwear and fashion across the UK and Europe.