JD SPORTS cheered the City with a strong trading update today, powered by a rebound in the fortunes of its outdoor clothing brands Blacks and Millets.
Shares in the retailer – which earlier this month bought a controlling stake in Edinburgh-based outdoor clothing chain Tiso – jumped by 11.2 per cent as like-for-like sales in the 42 weeks to 23 November continued the 5.8 per cent growth posted in the first half of its financial year.
The outdoor clothing division’s recovery comes after Millets had acted as a drag on the group’s soaring profits in the first half. JD had planned to merge the business with Blacks after it bought both brands out of administration, but earlier this year changed its mind and decided to keep Millets.
Meanwhile, the JD Sports brand, whose UK and Ireland like-for-like sales rose by 7.5 per cent in the first half, had made further progress. The group said its full-year results would depend on Christmas trading but it was on track for profits “at least in line with current expectations”.