JD Sports posts record first half profit
JD Sports saw its pre-tax profit climb by 88% to £44.7 million in the first half of its financial year as the business continued its international rollout with a net increase of 27 stores across Europe.
In the 26 weeks to 1 August, revenue grew by 21% to £809.9 million.
JD Sports said its sports fashion business enjoyed an “exceptional” first half with operating profits before exceptional items rising by 62% to £52.1 million and like-for-like sales growing by over 10%.
However, the company warned that the levels of organic growth seen over the last two years were unlikely to continue indefinitely in what it described as an extremely competitive market for sports fashion footwear across Europe.
JD Sports chairman Peter Cowgill said: “Our current successful exploitation of these favourable market conditions reflects investments that we have made over a number of years in developing our multi-channel retail proposition and driving improved buying, merchandising and retailing disciplines. We continue to invest heavily in these areas.”
The company said it had made encouraging progress in its outdoor business which includes Blacks and Millets. In the first half, total operating losses before exceptional items were reduced to £4.5 million from £5.6 million in the same period in the previous year.
Looking ahead, Cowgill added: "Given the demanding comparatives following two years of strong revenue growth, we are encouraged by the positive nature of the trading to date in the second half across our core fascias."
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