JD Sports (LON:JD) shares opened at 347p Thursday morning up 6.5 per cent from the previous days close as the self proclaimed “King of Trainers” said profits before tax will be up to 15 per cent more than previous consensus views of £200 million for the financial year ending January 28th.
The group includes not only the namesake sports shops, but also outdoor retail chains such as Scotts and Blacks. Growing demand in recent years for branded sportswear has seen JD Sports overtake discount rival Sports Direct as the country’s biggest sportswear retailer by market value.
With full year results now scheduled to be released on the 11th April, Peter Cowgill, Executive Chairman commented “I am delighted to report that we have maintained our excellent momentum from the first half of the year. Whilst we acknowledge that it would be unreasonable to expect like for like sales growth to be maintained at recent levels for a fifth consecutive year, we are confident that both domestically and internationally, our unique and often exclusive sports fashion premium brand offer provides a solid foundation for future development.”
In morning trade shares reached a high of 357.90, up 9.7 per cent from the previous days close, and up 3.1 per cent from the open this morning. City analysts are indicating further potential upside with Investec reiterating their bullish stance with a price target of 415p a share, and Cantor Fitzgerald and Peel Hunt confirming their upside targets of 380p this morning.
