Shares of Bury-based JD Sports Fashion rose about 9% after it said in a trading update it expects its profit before tax and exceptional items for the current financial year to exceed current market expectations of £200 million by up to 15%.
The company said in a stock exchange statement: “In the announcement of the group’s interim results on 13 September 2016, we reported that the 26 week period to 30 July 2016 had been another period of excellent progress for the group, with like for like store sales growth in the period across all group fascias, including those in Europe, of approximately 10%.
“We are pleased to report that this positive trading has continued through the second half of the year …
“Notwithstanding the requirement for ongoing investment in the operational infrastructure to support an increasingly complex and international group, the board expects that the headline profit before tax and exceptional items for the current financial year will exceed current consensus market expectations of £200 million by up to 15%.”
JD Sports shares rose about 9% to around 353p, giving the firm a current stock market value of roughly £3.4 billion.
The company will announce results for the 52 weeks ending January 28, 2017, on April 11, 2017.
JD Sports executive chairman Peter Cowgill said: “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. “