JD Sports Advances on Sportswear Expansion Outlook: London Mover
JD Sports Fashion Plc (JD/) climbed for a seventh straight day after N+1 Singer raised its price target for the U.K. sportswear chain, citing management changes and potential for overseas growth.
“New management teams have been appointed to address the issues in fashion and outdoor and we view international and multichannel development in the core business as key drivers of the investment case,” Mark Photiades, an analyst at N+1 Singer in London, wrote in a note. He retained a buy recommendation and raised the price target to 1,350 pence from 1,100 pence.
The stock climbed as much as 2.9 percent and was up 2.2 percent at 1,180 pence as of 2:50 p.m. The shares have risen 10 percent in seven trading days, taking the Bury, England-based company’s market value to 574 million pounds ($926 million).
JD Sports, which acquired the Millets and Blacks outdoor clothing and equipment brands last year, has more than 800 stores. Its expansion plans include opening six more outlets in France in the second half, after acquiring 15 in Holland and 10 in Germany in the first six months, it said Sept. 18.
In the company’s domestic market, retail sales including fuel increased 0.6 percent in September, the Office for National Statistics said today. In a survey of textile, clothing and footwear retailers, 136 said their monthly sales increased year-on-year, compared with 93 that said it fell.
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