JD Sports set to smash profit forecasts

JD Sports, the sports, fashion and outdoor clothing, accessories and footwear retailer, has continued its purple patch of form.

The Bury company says it is going to trump half-year profit forecasts, which are currently £110m, by around 10%. Shares in the group jumped 8% to a new peak of 810p, valuing it at £1.57bn.

The group which has expanded into France, the Netherlands, Ireland and Spain in the last five years, delivered the profit upgrade despite seeing margins hit due to currency weakness on the Continent.

It 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.”

JD, which owns the Blacks outdoor brand, will report results for the half year ended  August 1 on September 16. It has more than 800 stores, the majority in this country.

In April JD reported record annual results as revenues rocketed 25% to £1.5bn and pre-exceptional profts hit £100m for the first time.