JD Sports gives hope for H2
In its most recent statement, the UK retailer JD Sports Fashion warns that current trading is difficult, but that improvements are on the way.
Fiscal year 24 profit before tax and adjusted items is expected to be in line with the £915 - 935 million guided range, but the numbers are loaded into the second half. It says that in this context, the first quarter is likely to be the softest period. As IGTV’s Jeremy Naylor explains, this has led to a positive market response, but where it goes from here depends on more improvement.
(AI Video Summary)
JD Sports expecting good 2024 profits
JD Sports Fashion had a great start to the day in London's stock market. The stock price went up by as much as 12% during the trading session, which is really impressive. But now the stock has reached a resistance line at 124 pence per share, meaning it's having a hard time going above that price.
However, the company is still expecting to make a good profit for the whole year, before tax and other adjustments. They think the third quarter might be a bit tough, but they believe that things will pick up in the second half of the year. Right now, the stock price is moving between 107 and 134 pence per share, so it's uncertain how it will continue to perform.
Could the stock go any higher?
There's a chance that the stock might go up even more if good things happen in the future. But it's important to remember that the market is difficult right now, so nothing is guaranteed. JD Sports Fashion knows that the economy is tough, but they are still hopeful about the future as long as they can handle the challenges that come their way.
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