JD Sports like-for-likes up 7% at core sports fascias
Sportswear retailer JD Sports said its group performance was in line with expectations today despite warning that the Blacks and Millets outdoor fascias would make a substantial but significantly reduced loss in the current financial year.
The group said trading at its core UK and Ireland sports fascias had been “robust” in the 18 weeks to 8 June with like-for-like sales rising by 7%. Sales at the Banks and Scotts fashion fascias, however, fell by 5% on a like-for- like basis with much of the decline coming from Bank.
At the loss-making outdoor division which includes Blacks and Millets, positive like-for-like sales were recorded but at a significant margin sacrifice.
The group said: “The development of profitability in these fascias remains a work in progress. We expect them to benefit from the imminent final rationalisation and relocation of their head office functions at Bury and the increasing influence of new management on the propositions.
“Lee Bagnall has commenced work this month as managing director of Millets. We expect the outdoor fascias to make a substantial but significantly reduced loss in the current year with the biggest improvement coming in the second half.”
The group added that results for its distribution division in the first half will be impacted by the disposal of Canterbury and the knock on impacts of JJB's disappearance from the market.
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