Sep 16, 2015
JD Sports surges to record first half profit
Sep 16, 2015
British retailer JD Sports Fashion posted an 82 percent jump in first half profit on Wednesday as sales of trainers and tracksuits continued to surge on the UK high street.
The firm, which has most of its 690 stores in the UK but is expanding in the Netherlands, Spain, France and Germany, said adjusted pretax profit for the six months to Aug. 1 grew to a record 46.6 million pounds ($72 million), on revenue up 21 percent.
Underlying sales at its core sports fashion business rose by over 10 percent in the period, led by demand for branded trainers from the likes of Nike, the firm said, adding that trading since had also been encouraging.
Strong demand had led the group, which has a more premium position to bigger British rival Sports Direct, to guide in July to full-year profit 10 percent ahead of then market forecasts of 110 million pounds.
The firm said it had also made progress at its smaller and loss-making outdoor business Blacks in the half and that it was confident on prospects for its sports roll out across Europe.
Shares in the company are up 120 percent on a year ago, reaching a record high of 894.80 pence on Tuesday before closing at 893.5p, valuing the business at 1.75 billion pounds.
($1 = 0.6518 pounds)
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