Big hitters Duo pack a punch to floor high street gloom

TWO store chains defied the high street misery by posting knockout results yesterday.

JD Sports, which sponsors British heavyweight boxing champion Anthony Joshua, revealed a thumping 24% jump in annual profits.

It claimed some fashionobsessed shoppers are buying a new pair of trainers every month.

Meanwhile, budget fashion chain Primark hailed a “stunning” rise in UK sales. The 3% increase for the six months to March was down on the previous year’s rise, but came despite a warm autumn and a cold blast as spring approached.

The firms’ upbeat results have bucked the high street carnage trend that has marred 2018 so far. JD made £294million profit in the 12 months to February 3 – a jump of 200% in the space of three years – with sales soaring 33% to £3.1billion. Peter Cowgill, executive chairman, said it was benefiting from a boom in “street leisure”.

He claimed big trainer brands picked JD over rivals to launch new designs every two to three months. Cowgill said of its typical customer: “They are buying three to five pairs a year, but a pair a month isn’t exceptional.”

JD has expanded to 15 countries abroad, including Australia and South Korea, and recently agreed to buy US chain The Finish Line.

Cowgill insisted it could succeed in America where other UK retailers had failed.

“We are not being billy big shot about it,” he said. “We have done a lot of homework.”

Primark’s strong performance offset tougher trading in the sugar arm of parent company Associated British Foods (ABF) which saw profits rise 1% to £628m.

Finance chief John Bason called Primark’s UK result “stunning”, adding: “We got the product, trend and price all right.”

He added the stronger pound would not result in higher prices but overseas profits would be hit.

ABF also owns Twinings tea and Kingsmill bread.