Shares of Bury-based JD Sports Fashion Plc rose about 3% on Wednesday after it said it is on track to deliver headline profit before tax for the full year at least equal to current consensus market expectations.
In an AGM trading statement, JD Sports Fashion said stressed its recent emphasis has been on international development with a net 18 new stores to date opening across Europe and new stores in Asia Pacific.
JD Sports Fashion’s shares have risen about 38% in the past year to around 618p to give the firm a current stock market value of around £5.86 billion, according to Bloomberg data.
JD Sports Fashion executive chairman Peter Cowgill said in the statement: “We are now pleased to report that in the year to date we have continued to achieve encouraging like for like sales growth in our core Sports Fashion fascias both in the UK and internationally.
“There has been further expansion in the global JD store estate with a net increase of 29 new stores (109,000 sqft) in the period to 29 June 2019.
“As expected, the emphasis has been on international development with a net 18 new stores to date across Europe (including the conversion of six former Chausport stores in France) and a net five new stores in the Asia Pacific region with additional stores in both Malaysia and Australia.
“We have now opened our sixth JD store in the United States after the conversion of the former Finish Line store at the Mall of America in Bloomington, Minnesota.
“These JD stores are also now complemented by a trading website which was launched in May. We remain encouraged by the developments in this market to date.
“The board remains confident that the group continues to be on track to deliver headline profit before tax for the full year at least equal to current consensus market expectations.”