JD Sports delivers record first half results
JD Sports has reported that its pre-tax profit in the first half of its financial year rose by 19% to £121.9 million.
In the six months to 4 August EBITDA climbed by 26% to £171.8 million while revenue increased by 35%.
Meanwhile, total like-for-like sales grew by more than 3%.
Peter Cowgill, JD Sports chairman, said: "This is another record result for our group demonstrating that our multibrand multichannel premium offer has resilient profitability in its core UK and Ireland market with capacity for continued growth across an increasing number of international markets.
"Against a backdrop of widely reported retail challenges in the UK, it is extremely reassuring that the profitability in the UK and Ireland sports fascias has been further enhanced.”
The company also said it had made good progress in its European and Asia Pacific markets. During the period JD Sports saw a net increase of 18 stores across Europe and 21 in the Asia Pacific region. It also completed the purchase of Finish Line in the US.
Looking ahead, JD Sports said its online channel will help increase its share of the market in the UK and Ireland, but it also expects physical stores to remain essential to brand awareness as customers like to visit them to see, handle and try products. It is therefore not planning to make any material change to the size of its store portfolio.
JD Sports said sales to date in the second half of the financial year have been at a similar level to those in the first six months.
Cowgill added: “We remain confident that we are well positioned to deliver an outturn in line with current market expectations which, including a part year from Finish Line, range from £337 million to £345 million and we also remain encouraged by our prospects for future growth."
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