JD Sports surges as it bumps up full-year profit forecast

Shares in JD Sports surged after the online retailer said it expects full-year profit to be 10% ahead of current market forecasts of around £110m, as trading in the first half of the year continued to be strong.

In a brief trading update, JD said like-for-like sales remain in excess of management forecasts, although it warned that it has suffered some loss of margin from the weakness in the euro.

The group is due to announce its first-half results on 16 September.

Investec, which rates the stock at ‘buy’, raised its price target on the stock to 900p from 730p on the back of the announcement.

“The ongoing strength of JD’s brand relationships, continued momentum in footwear and range development should help support future growth in the UK,” it said.

At 10:10, shares were up 8.2% at 808p.