Big losses for the high street sportswear chain this morning after the company published its Q3 update. Despite a promising start to the trading period helped by back-to-school demand, volatility was seen through October with uncertainty over the US elections, unseasonable weather and elevated promotional activity all seen as drivers. Whilst margins improved by 0.3% and organic sales rose 5.4%, that volatility did lead management to reduce full year guidance, with profits now expected to come in at the lower end of the previously stated range. JD Sports share price is down 16% in early trade.
The FTSE-100 listed technology company Halma published interim results today noting a 13% increase in revenues, an 18% increase in pre-tax profits and a 7% rise in dividends. This strong first half performance has reassured management that the company is well placed to deliver against existing full year guidance, with EBIT margins set to land in the middle of the previously issued range. The Halma share price was up almost 10% an hour into the day.
Nine-month numbers were out from Ithica this morning although the numbers here are clouded by a restructuring that has been underway. However shares have jumped higher, helped along by news that production targets are on track, although the $200m special dividend and a commitment to make further capital returns this financial year have arguably sent the strongest message to the market. The Ithica share price is up more than 8% shortly after the open.
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