Surge in JD Sports Fashion shares

RETAILER JD Sports Fashion's shares surged nearly 12 per cent yesterday as its latest trading update highlighted another stellar performance from its Bank and Scotts brands.

The stock leapt 65p to 615p after JD, which has outperformed rival sports retailers such as JJB Sports and Sports Direct largely through its bigger fashion offering, said it now expected to "significantly exceed" market hopes for annual profits. The consensus had been 56 million.

That prediction came as the company said it grew overall like-for-like sales 9.7 per cent in the five weeks to 2 January. Within that, sportswear sales rose 5.9 per cent. The firm said the performance was pleasing when set against strong Christmas trading a year earlier.

JD's like-for-like sales for the 48 weeks to 2 January lifted 2.7 per cent, with the fashion brands 4.5 per cent ahead.

Kate Heseltine, retail specialist at broker Seymour Pierce, said the strong trading partly reflected "the robustness of the youth fashion market".

JD is pursuing growth opportunities overseas after acquiring the European arm of the Canterbury rugby clothing business and French sports footwear retailer Chausport last year.