JD Sports’ hot streak continues as profits climb again

RETAILER JD Sports has hailed another record set of results and upped its earnings outlook for the full year after robust sales.

The group cheered an “ex- ceptional first half ” after it saw pre-tax profits leap a third higher to £102.7m in the six months to July 29. It added that full-year profits were set to come in towards the upper end of market expectations, which are currently in the range of £268m to £290m.

Executive chairman Peter Cowgill said strong sales across the company’s core UK and Ireland stores underpinned the half-year profits leap, but he also hailed progress on expanding internationally.

Mr Cowgill said: “This is another pleasing result demonstrating the strength of our highly differentiated multichannel proposition and our ability to prosper in an increasingly competitive market for athletic-inspired footwear and apparel.

“We are encouraged by the sales to date in the second half, which have continued at similar levels to those in the first half.”

The group notched up a 3% rise across the UK and Ireland in like-for-like sales, while sales also rose by 7% across mainland Europe.