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By
Reuters
Published
Jan 14, 2016
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Britain's JD Sports hits record-high after raising profit outlook

By
Reuters
Published
Jan 14, 2016

British retailer JD Sports Fashion Plc said it expects full-year profit above market expectations after a "very strong" Christmas, sending its shares to an all-time high.

The results come at a time when bigger rival Sports Direct is struggling, having issued a profit warning earlier this month citing a deterioration of trading conditions and unseasonal weather. It has also faced criticism over unfair treatment of its staff.

JD Sports


JD Sports, which runs fashion and outdoor retail chains such as Scotts and Blacks, expects headline profit before tax and exceptional items to exceed current consensus market expectations of 136 million by up to 10 percent for the current financial year.

Shares in the company rose as much as 8 percent to a life-high of 1140.5 pence on the London Stock Exchange.

"JD appears to be in a sweet spot as several years of store and infrastructure investment is starting to bear fruit," analysts at Investec wrote in a note.
The company reported a 10.6 percent jump in like-for-like store sales in all the core Sports Fashion fascias, in the five weeks to Jan. 2.

JD Sports, which has the majority of its 850 stores in the UK, but is expanding overseas in the Netherlands, Spain, France and Germany, has enjoyed strong demand for its sports and fashion products.

The stock is trading at a premium to most of its peers at a multiple of 62 times its 12-month forward earnings, according to Thomson Reuters Eikon data.

"The valuation, in our view, still does not reflect the true value of the JD concept, which is trading in a booming segment of the retail market," analyst at Cantor Fitzgerald said.

Earlier this month, clothing retailers Next and Marks & Spencer said their Christmas sales had been dented by unusually mild weather.

By 1057 GMT, shares were trading up 4.2 percent at 1103.8 pence.

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