JD SPORTS had a spring in its step as investors cheered better-than-expected results from major supplier Nike.
Shares in the FTSE 100 firm – the self-styled King of Trainers on the High Street – rose 6.8 per cent on hopes a turnaround at the US sportswear giant would boost the UK chain.
The rally came after Nike reported a 1 per cent rise in first-quarter sales to £9billion, defying expectations of a 5.1 per cent fall.
Chief executive Elliott Hill, who has returned to Nike in a bid to revive its fortunes having left after 30 years at the firm, said the firm still had ‘a lot left to prove’.
But its shift to a ‘sports offence’ model focusing on areas such as running shoes, rather than a more casual offering, appears to be paying off and Nike shares xxx in New York.
Nike products make up nearly half of JD sales and the US group’s recovery is seen as crucial to the British firm. Chris Beauchamp, chief market analyst at IG, said Nike ‘has easily hurdled over the low expectations set for its earnings’.
Key brand: Nike, which has a sponsorship deal with tennis star Emma Raducanu (pictured) reported a 1% rise in first-quarter revenue to nearly £9bn
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