JD Sports sees jump in first half profits
JD Sports has seen its first half pre-tax profit before exceptional items climb by 66% to a record Â£77.4 million as the company continues to expand in Europe.
In the six months to 30 July, total group revenue increased by 20% to £970.6 million. Like-for-like sales across all group fascias, including those in Europe, grew by approximately 10%,
Profit before tax rose by 73% to £77.4 million.
Peter Cowgill, JD Sports executive chairman, said: "I am delighted to report that this has been another period of excellent progress for the group with a record profit before tax and exceptional items of £77.4 million. Given that last year's result was in itself a record for our group then to increase this by a further 66% has exceeded reasonable expectations.
"The favourable trends for athletic inspired footwear and apparel in Europe have continued into this year. We are very much at the centre of this market with our success being a positive consequence of the investments we have made over a number of years to develop the JD retail concept.”
During the period, there was a net increase of 20 stores in existing fascias across Europe and the company expects to open additional JD stores across the continent in the remainder of the year. This will include flagship style stores on Rue Neuve in Brussels and Hohe Strasse in Cologne. The company is also currently refurbishing its flagship Perry Sport store on Kalverstraat in Amsterdam.
Looking ahead, Cowgill said: "Notwithstanding the demanding comparatives going forward following the strong revenue growth in the previous three years, the positive nature of trading in the second half to date is encouraging."
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