JD Sports Fashion shares leap following annual profit increase announcement
JD Sports Fashion share prices pole-vaulted on the market this morning following the group’s announcement of a 26 percent increase in pre-tax profits in the year ending January 30 reported today.
Rob Hull
shareprices.com - Wednesday, April 14, 2010
The UK clothing retailer increased profits before exceptional items to £67.4m from £53.6m last year – a rise that out-performed the already high predictions of many analysts and sparked a gain as high as nine percent on the stock market this morning.
Share prices hit a high of 800p earlier today following the announcement after opening at 770p first thing. But prices stabilised around the 730p mark as the day has progressed.
The announcement is a positive step for the second largest sports retailer in the UK which said trading had “been encouraging” in the last ten weeks with UK and Ireland retail like-for-like sales up two percent.
And a continuation of good sales form is expected with the company preparing to launch World Cup focussed products and strategies in their 345 outlets in the upcoming weeks in preparation for the retail boom around the football competition.
This reads very differently to the moves by one of JD Sports’ biggest rivals, JJB Sports, which announced last week that it had put its orders for stock on hold just two months before the competition kicks off on June 11 in South Africa.
JD Sports Fashion Chief Executive Peter Cowgill said: “Opportunities for profit growth overseas, the rollout of our principal Fashion Fascia, development of our differentiated and own brand proposition, and growth in our Distribution business all help to reduce threats to group profitability and give us the opportunity to maintain the positive momentum in our business."
The last spike in share prices for JD Sports Fashion came in January this year following a similar announcement about improved trading over the Christmas period.
Both reports suggest more profitable performances from the group’s fashion-orientated stores than the sports-focussed outlets.
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