JD Sports makes good progress
Sportswear retailer JD Sports has reported that sales across its global sports fashion fascias increased by 15% in the 48 weeks to 5 January.
Total like-for-like sales at the fascias were up by more than 5% in the period.
The figures exclude the company’s recently acquired Finish Line business in the US and the Sports Zone chain in Ibiza.
JD Sports said it maintained its gross profit margins at the same levels as in the previous year as it continued its policy of not discounting “unnecessarily”.
During the second half of the period JD Sports launched its first two stores in Thailand and also opened its first five JD stores in the US, which included the conversion of three existing Finish Line stores. JD is now planning to convert up to a further 15 Finish Line stores in the first half of 2019.
The company said the first phase of works to fit out a 352,000 square foot extension at its main Kingsway warehouse has now been completed. It is now in the process of installing additional automation equipment at the facility.
JD Sports said its performance in the period means that it is confident that headline group pre-tax profit for its full year will be at the upper end of market expectations. These currently range from £325 million to £352 million.
Peter Cowgill, JD Sports executive chairman, said: “I am pleased with the continued progress of the group both in terms of our performance in existing markets and the recent positive developments in the United States. We are confident that domestically and internationally, in stores and online, our unique and often exclusive sports fashion premium brand offer provides a solid foundation for future development.”
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