JD Sports sales and profits rocket
Profit before tax up 71 per cent.JD Sports has bucked the trend of downbeat interims and lifted profits by over 70 per cent in the half year to August.
Pre-tax profits leapt from £5.3mto £9.1m on turnover whih was up 19 per cent at £299m. Underlying profits inreased by 54 per cent to £12.4m. Like-for-like sales were up by 6 per cent(5.9% Sports Fascias; 6.7% Fashion Fascias).
The company said that like-for-like sales in the second half are up 5.8 per cent to 13 September with 5.4 per cent growth at Sports Fascias and 8.2 per cent at Fashion Fascias.
Peter Cowgill, Executive Chairman, said: 'We are delighted with the performance of the Group during the period. Trading has been very positive with improved like for like sales and gross margin generating a significant increase in profit before tax and exceptional items. We continue to invest in our store portfolio, systems and training to provide a solid platform for future growth.
'The like for like sales performance in the balance of the year will be measured against very strong comparatives from last year and with the backdrop of challenging conditions for the consumer. Nevertheless, the Board believes that the Group is strongly positioned to deliver on market expectations.'
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