JD Sports, a British retailer, saw its shares soar over 16% after releasing a trading update that calmed investor concerns following a profit warning in January. The company stated that its 2024 full-year profit before tax is expected to be in line with forecasts, and trading in the new financial year is meeting expectations.
Despite a challenging trading environment with additional promotions and less product innovation, JD Sports CEO Regis Schultz remains optimistic. He anticipates that trading conditions will improve throughout the year, especially with a busy sporting summer ahead and softer comparatives from the previous year.
Investors were reassured by the positive update, leading to a significant increase in the company’s stock value. This news comes as a relief to shareholders who were previously worried about the retailer’s performance. Stay tuned for further updates on JD Sports and other market developments.
