JD Sports posts record profits
JD Sports has achieved record profits in the first half of its financial year with an uplift of 33% to £102.7 million.
In the six months to 29 July, revenue increased by 41% to £1.4 billion while like-for-like store sales in the company’s core JD and Size? fascias rose by 3% in the UK and Ireland and by 7% in mainland Europe on a constant currency basis.
During the period, the company opened new stores in most of its existing territories and also launched its first stores in Australia. There was a net increase of 12 stores in the first half in the UK and Ireland.
Peter Cowgill, JD Sports executive chairman, said: “The base of our ongoing excellent multichannel retail performance comes from the continued strength of our core UK and Ireland sports fashion fascias. We have strengthened our foundations by significant progression internationally both instore and online so that the JD fascia now has a much broader store and multichannel consumer reach and brand influence globally.”
JD’s outdoor business which includes Blacks, Tiso and the recently acquired Go Outdoors, delivered a positive result in the first half for the first time with an operating profit of £0.1 million.
The company said it was encouraged by the level of group sales so far in the second half which have continued at similar levels to those in the first half of the year.
It now expects the year end outcome to be towards the upper end of market expectations, which currently range from around £268 million to £290 million.
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