The boss of JD Sports has sold 10 million shares in the retail giant, days after revealing it now expects full-year profits of at least £875m following a bumper Black Friday and Christmas period.
Peter Cowgill, who is the Greater Manchester-headquartered company's executive chairman, has disposed of the shares at an average price of 213.2p each.
Following the move, Mr Cowgill now has a total interest in 9,714,670 shares, representing 0.19% of the issued share capital of the company.
READ MORE: JD Sports expects profits of at least £875m after Black Friday and Christmas sales boost
JD Sport's shares rose sharply from 199p on December 20 to 219p on January 5 but have since fallen and dropped 7% on Thursday, January 13.
The retail giant is 51% owned by Pentland Group, the London-based company behind the likes of Speedo, Canterbury and Berghaus.
Other major investors include Fidelity Management & Research and BlackRock Investment Management.
Mr Cowgill role came under scrutiny last year when JD Sports announced that his duel chairman and CEO role was to be split before the company's next annual general meeting.
That move came after Mr Cowgill said in June that shareholders "may well" vote against the £4.3m bonus that the company was set to award him despite taking Government support to furlough its staff.
At the time he defended the payment, saying he had only received one long-term incentive pay-out in eight years.
