JD Sports enters the New Year with steady sales growth

JD Sports has reported like-for-like sales for the group's core Fascia stores are now marginally ahead of the 5.8 per cent rise seen in the for the forty two weeks to 23 November.

The group believes the most recent six weeks trading has given the company hope for further progress over the course of 2014.

JD Sports executive chairman Peter Cowgill commented:

Christmas 2013 has seen yet another very robust performance from our core Sports Fascias. Throughout recent years of considerable change and expansion for the Group, the core Sports Fascias' proposition has continued to be developed and enhanced.

The steady rise in like-for-like sales tops off a series of good news for the sports-fashion company.

JD Sports shares had their “buy” rating reaffirmed by analysts at N+1 Singer in a report released on Monday. The corporate advisory group's price target suggests a potential upside of 13.79 per cent from the company’s current price.

N+1 Singer joins analysts at Nplus1 Brewin, who also reiterated a “buy” rating on JD Sports shares in a research note on Friday, 29 November.

Five equities research analysts have, so far, rated the stock with a buy rating.

2013 saw JD Sports continue to expand its capabilities through further acquisitions.

In November, JD Sports Fashion took a controlling interest in Edinburgh-based outdoor clothing and equipment company Tiso.

Tiso will join Blacks and Millets as part of the company's outdoor division. The move will see Peter Cowgill take over as chairman at Tiso.