JD Sports Fashion reported stronger second-quarter performance led by its North American division, with profit guidance reaffirmed and the stock rising over 10%.
JD Sports Fashion Plc (LSE:JD) shares closed Thursday more than 10% higher, thanks to a strong trading performance in its second quarter.
It was driven mainly by strong sales in its North American division.
Group like-for-like sales were up 2.4%, while organic sales rose by 8.3% for the period – in North America like-for-like sales were up 5.7% and organic sales was up 13.7%.
In the UK, JD’s like-for-like sales were down by 0.8% albeit this was better than the 6.4% decline in the preceding quarter.
The company noted its acquisition of Hibbett in July, which added 1,179 stores and enhanced its presence in the North American market.
Despite a volatile retail environment, JD Sports has maintained full-year profit guidance which sees pre-tax profits between £955 million and £1.035 billion.
In London, JD shares gained 13.7p or 10.69% to close at 141.85p.
