 dropped nearly 10 percent on Thursday, after a trading update cooled expectations of another set of spectacular trading figures.){kind=link}
Shares in JD Sports (LON:JD) dropped nearly 10 percent on Thursday, after a trading update cooled expectations of another set of spectacular trading figures.
Chief executive Peter Cowgill said in a statement that “further significant growth in the Group’s online sales has been in line with our expectations” but added that significant calendar differences will mean that “like for like store sales comparatives will not be truly meaningful until the end of the first half, by which point the impact of the aforementioned timing differences and the strong comparatives from the performance through last year’s Euros tournament will all have fully unwound.”
Cowgill added that the brand had seen some “anticipated margin pressure in achieving the sales growth”, but that the brand’s “highly differentiated multibrand offer, combined with an attractive and dynamic presentation instore and online, will give the Group continuing competitive advantage.”
Despite the relatively positive statement, shares in the sports chain sunk at market open on Thursday. Investors are generally used to impressive sets of figures from the group, who have become one of the best performing stocks on the London Stock Exchange.
Shares in JD Sports are currently trading down 9.85 percent at 358.60 (0942GMT).