FTSE 100 Live 14 January: Persimmon and JD Sports post updates, sterling at $1.22
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JD Sports Fashion today trimmed annual profit guidance after reporting a 1.5% decline in like-for-like sales for November and December. It reported challenging and volatile market conditions, with increased promotional activity. The company said the performance included strong Christmas trading, with December’s like-for-like sales up 1.5%.
Chief executive Régis Schultz said: "While I am pleased overall with our performance, market headwinds were higher than we anticipated and therefore our full year profit forecast is slightly below our previous guidance. “With these trading conditions expected to continue, we are taking a cautious view of the new financial year.".
The company now expects profit of between £915 million and £935 million in the current financial year. The FTSE 100 index is set to open slightly lower after a mixed session for Wall Street shares last night. The Dow Jones Industrial Average finished 0.9% higher and the S&P 500 index rose by 0.2% ahead of this week’s first set of fourth quarter earnings updates.
The Nasdaq Composite closed down 0.4% after the US announced new export rules on chips used for artificial intelligence. London’s top flight closed 0.3% lower yesterday and is forecast to open today’s session down by another 11 points to 8214. Sterling has steadied near to $1.22, while Brent Crude continues to trade above $80 a barrel.
