Jd Sports runs in London, good with Olympics effect
Group organic sales rose 8.3% in the second quarter of the financial year. The company went on to confirm full-year guidance of gross profit of between £955 million and £1.035 billion.
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(Il Sole 24 Ore Radiocor) - The effect of the European football championships and the Olympics boosted Jd Sports's accounts and shares on the London Stock Exchange (FT-SE 100 ). In the second quarter of the financial year, which ended in August, the group's organic sales advanced 8.3%, with positive performance in all regions, starting with North America. Like-for-like sales rose by 2.4%. Based on these results, and taking into account the expected £15 million negative impact of the exchange rate effect, Jd confirmed full year guidance of gross profit of between £955 million and £1.035 billion.
"Jd speaks of a still rather volatile market, but encouragingly refers to good promotional discipline and proactive inventory management," commented analysts at Shore Capital. The gross margin remained stable at 48.8 per cent, with a drop of 30 basis points mainly due to clothing and online in the UK. "While one would ideally like to see stronger gross margins, overall, given the market comments and general indications, we believe this is ahealthy result," the experts add. The British sneaker and fashion company also opened 85 shops in the first half and now operates 4,506 units, including Hibbett shops.
CEO Regis Schultz did not want to comment on rumours of speculation about a possible takeover offer coming. 'If we had anything to say we would have done so,' he merely remarked.
