JD Sports Fashion PLC (LSE:JD.), the UK’s largest sportswear retailer, and Frasers Group PLC (LSE:FRAS), which owns Sports Direct, are FTSE today, driven by better-than-expected profits and earnings. 100 was a remarkable climber. From US giant Nike Inc (NYSE:NKE).
“To borrow an adage from the sports world, form is temporary, class is permanent. Nike may have struggled, but Adidas has fallen a little behind in the sportswear and trainer market. It continues to be a dominant player in a situation where
JD Sports was the top FTSE 100 riser, up 6.6%, while Frasers were up 2.2%, with investors cheered by the news.
Head of Investments and Interactive Investor Victoria Scholar said:
Second quarter revenue was $13.3 billion, up 17% year-over-year, with Nike Direct sales up 16% to $5.4 billion.
An analyst from Peel Hunt said, “The lead-across to JD is clear, with a ‘shout out’ to them on the conference call as key partners.”
As for JD Sports, he adds, “The trend we saw in the first half of the year has largely continued into the second half, and we believe the mid-January renewals will at least be solid.”
But stocks are discounting the bad news, and there’s a big opportunity there.”
In Europe, Adidas increased by 6.7% and Puma by 8.4%, following the numbers significantly higher.