JD Sports shrugs off High Street gloom as sales and profits soar

THE self-proclaimed ‘King of Trainers’ JD Sports has shrugged off the gloom engulfing the High Street with soaring sales.

The sportswear retailer, which has 394 stores across the UK and more than 2,200 worldwide, raked in £2.7bn during the 26 weeks to August 3, a 47pc rise on a year ago.

Same-store sales shot up by 10pc in the UK, while profits rose from £121.9m to £129.9m.

Analysts described JD Sports as being ‘in rude health’ as it continues to attract shoppers while rivals battle to keep hold of customers amid an onslaught from online retailers.

Executive chairman Peter Cowgill said targeting shoppers through social media such as Instagram was paying off. The 66-year-old said JD Sports has ‘hundreds’ of employees working on social media.

The company was founded in 1981 in Manchester by John Wardle and David Makin and sold for £45m in 2005 to Pentland Group, which is still the largest shareholder. This year, JD Sports paid £90m for Footasylum. It also owns American chain Finish Line.

JD Sports has triumphed as millennials – attracted by collaborations with celebrities such as Rita Ora ( pictured) – flock to buy trainers, while rival Sports Direct fights to keep up.

JD Sports is now worth £6.7bn, compared with Mike Ashley’s Sports Direct, which has a price tag of just £1.4bn. Marks & Spencer is currently worth £3.9bn.

Jonathan Pritchard, analyst at Peel Hunt, said: ‘We can think of barely any other retailer that is in such rude health.’

Cowgill said its success was largely down to understanding its customers and being quick to respond to new trends.

Its success is in contrast to much of the High Street, where many retailers are begging for rent cuts and shutting shops. Shares rose 8.8pc to 688.2p.