UK-based sports fashion retailer JD Sports Fashion Plc (JD.L) Thursday, in a Christmas trading update, said its like-for-like sales during the period was higher compared to sales growth in recent years. The comapny's shares are currently trading up by 9%, on the London Stock Exchange. JD Sports is a retailer of sports and leisure wear and manages its business activities through two Divisions: Sport and Fashion. For the five-week period ended January 2, Group like-for-like sales increased by 6.6%. Sports Fascias sales, consisting of JD and Size, were up by 5.9%, and Fashion Fascias sales, comprising Bank and Scotts, improved by 9.7%. For the 48-week period, the Group's cumulative like-for-like sales grew 2.7%. Sports Fascias sales were up 2.3% and Fashion Fascias sales during the period advanced by 4.5%. Peter Cowgill, executive chairman said, "The Christmas trading period has again been a good one for the Group and I am particularly pleased with both the sustained progress in the Sports Fascias and the strong performance of the Bank Fashion Fascia. This has been the result of our strong product proposition and a lot of hard work from employees throughout the business."
The company noted that its UK retail gross profit margins recorded marginal improvement over the full period compared to the same period last year.
JD Sports board believes that current market expectations for Group profit before tax and exceptional items will be significantly exceeded, but the extent to which this occurs depends on the impact of the prevailing severe weather conditions in the UK. For the first half of the year, the company had reported higher profit, driven mainly by strong growth in Sports retail sales. Total revenues for the first half increased 8.4% and the growth was 0.7% on a like-for-like basis. The company had also cautioned about the outlook for the balance of the year. Peter Cowgill, executive chairman then said, "The like for like sales performance in the balance of the year will be measured against weaker comparatives in October and November last year but with challenging conditions for the consumer continuing, the result for the full year remains very dependent on the sales and margin performance in December and January. Nevertheless, the Board believes that the Group is well positioned to deliver on market expectations."
The company is scheduled to release its results for the year ending January 30, 2010 on April 14. JD.L is currently trading at 603.46 pence, up 53.46 pence or 9.72%, on a volume of 26 thousand shares. In the past 52 week-period, the shares have been trading in a range of 200 pence-634.5 pence on the LSE.
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