Fantastic festive figures boost JD Sports
RETAILER JD Sports has voiced its delight at climbing to the top of the retail Christmas tree after reporting 12% like for like sales growth in the five-week period up to January 3.
In its festive period trading statement, the Bury-based firm announced headline profit before tax and exceptional items would exceed the top end of market expectations for the current financial year, which currently range up to £90m. Shares rose more than 7% to 509p on the news.
Like-for-like sales in stores up to January 3 were up 12% and up the same figure for the 48 period up to that date.
The company said its performance was “particularly pleasing” given the strong comparatives of the previous year.
“The board is now confident that the headline profit before tax and exceptional items will exceed the top end of market expectations for the current financial year which currently range up to £90m,” the statement said.
Chief executive Peter Cowgill said: “I am delighted to be able to say the great momentum we reported in the sports fascias in all our territories earlier in the financial year has been maintained during the key Christmas period, particularly when measured against strong comparatives in prior years.
“This is testimony to the strength of the JD brand and its commitment to providing its customers with unrivalled choice, quality and excitement as the leading retailer of sports fashion.”
Mr Cowgill told TheBusinessDesk.com that footwear sales had been a particularly strong performer, boosted by new launches from the major brands.
“The performance was great across the board really – we’ve had a strong run in Europe too. I think we have set ourselves apart from the competition in terms of product.”
The group will make its preliminary results announcement for the 52 weeks ending January 31 on April 15.
In November JD sold its loss-making Bank Fashion business to Hilco and it has since gone into administration.
JD Sports was founded in 1981 by friends John Wardle and David Makin, the title of the company sourced by the first letters of their Christian names, and now has stores across the UK and in Europe.
