Business news in brief
JD Sports delivers bumper profits after demand surge
JD Sports revealed a surge in profits as pent-up demand from shoppers returning to stores and strong online sales helped drive the retailer to a “record first half” of trading. Shares in the company jumped yesterday morning after the sportswear retailer revealed a pre-tax profit of £364.6m for the six months to 31 July, compared with £41.5m for the same period last year. The group said it now expects to deliver profits of £750m for the
financial year, far ahead of the £600m figure previously predicted by analysts. Peter Cowgill, founder and executive chair of the retail group, hailed it as a “stellar” set of figures amid a raft of industry challenges. The group also posted a jump in sales despite still being impacted by some pandemic restrictions, weakened high street footfall, supply chain challenges and Brexit-related costs.
Morrisons’ pension trustees have reached an agreement with Clayton, Dubilier & Rice (CD&R), the suitor targeting a £7bn takeover of the UK supermarket chain. The retailer agreed the offer from the US private equity firm last month but it could still be trumped by a rival firm. A consortium led by Softbank-backed private equity firm Fortress Investment Group might yet take control of the firm as the retailer looks set to head for an auction. Yesterday, CD&R confirmed it has agreed a package to provide additional security and covenant support to the Morrisons pension fund. Chair of the trustees Steve Southern said: “CD&R has been proactive in its engagement with the trustees, with discussions progressing positively and decisively, delivering a positive outcome for all members of Morrisons’ pension schemes.” Pension trustees had previously raised concerns that the proposed acquisition of Morrisons could “materially weaken” support for those covered by the schemes. PA
Want your views to be included in The Independent Daily Edition letters page? Email us by tapping here firstname.lastname@example.org. Please include your address
BACK TO TOP