JD Sports has stunned the City with the welcome news that it would beat its previously expected £90 million full-year profits after a bumper Christmas.
It sent shares in the sports fashion retailer soaring 6.6% to 507.5p and within touching distance of the company’s all-time high.
Chief executive Peter Cowgill, in an apparent dig at larger rival Sports Direct, said: “This result is testimony to the strength of the JD brand and its commitment to providing its customers with unrivalled choice, quality and excitement as the leading retailer of sports fashion.”
Sports Direct owner Mike Ashley had previously said he wanted to “finish off” the rival but JD Sports said today sales over the five weeks to January 3 jumped 12% on a same-store basis.
It comes as Sports Direct’s bust clothing business, USC, which fell into administration, was bought by Republic, which is also owned by Sports Direct.
Meanwhile, Mountain Warehouse, the outdoor retailer that sells camping and skiing wares, revealed a record Christmas, with sales in the six weeks to January 4 soaring 19%.
The company said it focused on offering more click-and-collect services by also allowing customers to order for home delivery from stores when goods were out of stock. Online sales jumped 36%.
Bosses added that the four-day period over Black Friday was its busiest period ever, up 33% in stores and 53% online.
