Shares in sports retailer JD Sports soared nearly 10 percent in early trading on Wednesday, after reporting like-for-like sales growth of 10 percent for the second half of 2016.
The company said sales figures remained at the same level as the first half of the year, with like-for-like growth at 10 percent. It added that pretax profit, before exceptional items, for fiscal 2017 is likely to exceed the current consensus market expectation of 200 million pounds ($243.10 million) by up to 15 percent.
Peter Cowgill, JD Sports’ executive chairman, commented:
“This is a particularly pleasing performance given the very strong like for like growth achieved in the previous three years.
“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 the statement, the group confirmed that it will make its Preliminary Results Announcement for the 52 weeks ending 28 January 2017 on 11 April 2017.
Sports retailer JD have benefitted from the current controversy surrounding their biggest rival, Sports Direct, by overtaking them in terms of market value. However, both have been at the centre of scandals sparked by working conditions.
Shares in JD Sports (LON:JD) are currently up 9.10 percent at 355.00 (0948GMT).