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JD to beat profit forecasts after strong Xmas trading

The John David Group saw sales soar 9.3% for the eight week Christmas trading period to January 5 and said full year profits would beat market expectations.

The company said that sales via its sports fascias had risen 8.8% on a like-for-like basis while its fashion fascias excluding Bank had seen an l-f-l uplift of 16% for the period.

The John David Group said that as a result, its cumulative like-for-like performance for the 49 weeks to January 5 was 11.4%, with sports ahead 11.6% and fashion (excluding Bank) ahead 7.8%.

Gross margin also improved and the group said that margin gains alongside strong like-for-like performance meant that final year earnings for the 12 months to February 2 would be ahead of market expectations.

Chairman Peter Cowgill said: “The current trading period has been a very good one for the group which has seen further and substantial uplift in our performance as a result of both the strategy adopted by the board following my return to the group as chairman in 2004, and a lot of hard work by all our employees over the last three years.”

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