logo-loader

JD Sport set to crush forecasts

Published: 10:33 31 Jul 2015 BST

shutterstock_284987312
JD was booksted by higher trainer sales. Picture: Marco Prati / Shutterstock.com

Sportswear retailer JD Sports (LON:JD.) is set to crush expectations this year.

The retailer, which made record annual pre-tax profit of £100mln in 2014, said this year’s profit would come in 10% higher than the £110mln market forecasts.

In a trading update, the company added that margins would be slightly impacted by the pound’s strength.

Peel Hunt said: “Exceptional trading at JD means that even our top of the range forecasts are far too low.”

The broker said like-for-like sales in both clothing and footwear were both 12% higher than last year.

“Trainers are bang on trend” it said “and JD is taking full advantage of this. Its exclusive offer of adidas originals and Nike trainers is clearly bringing people to the store but JD’s merchandising is amongst the best in the whole retail industry and it is winning market share as well.

The broker now reckons its shares, which rose 8% to 807p today, are worth buying, and has a target price of around £10.

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

2 hours, 2 minutes ago