JD Sports posts strong growth
JD Sports has increased both its sales and profits in the first half of its financial year.
Group revenue climbed by 47% to £2.7 billion in the 26 weeks to 3 August following a 12% increase in total like-for-like sales at the group’s sports fashion fascias. This included imore than 10% sales growth in the UK and Ireland.
Peter Cowgill, JD Sports executive chairman, said: ““Against a backdrop of widely reported retail challenges in the UK, it is extremely encouraging that JD has delivered like-for-like sales growth of more than 10% with an improved conversion reflecting consumers’ increasingly positive reaction to our elevated multichannel proposition.”
Group EBITDA rose by 37% to £235.2 million while pre-tax profit before exceptional items climbed by 36% to £166.2 million.
Meanwhile, reported pre-tax profit was up 6.6% to £129.9 million.
JD Sports continued its international expansion in the period with a net increase of 23 stores in Europe and seven in the Asia Pacific region. It also now has six stores trading in the US.
The company said its full year results are likely to be impacted IFRS 16 accounting changes, although it expects to deliver results at the mid-point of expectations
Cowgill added: “We are pleased by the continued positive trends to date in the second half in sports fashion whilst recognising the tougher comparatives ahead.”
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