A WINNING COMBINATION
Fashion retailer JD Sports hails set of record results after strong sales
FASHION 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 “exceptional first half ” after it saw pre-tax profits leap a third higher to £102.7m in the six months to July 29.
It said full-year profits were now 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 its core UK and Ireland stores underpinned the halfyear 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 multi-channel proposition and our ability to prosper in an increasingly competitive market for athletic-inspired footwear and apparel.”
He added: “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 per cent rise in UK and Ireland likefor-like sales, while sales rose 7 per cent across mainland Europe on a constant currency basis.
Its record first-half performance comes despite fears over trading in June after the group said it was facing margin pressure and that comparative sales would be impacted by the timing of the Islamic festival of Eid, which marks the end of Ramadan.
We are encouraged by the sales to date in the second half.
Peter Cowgill, executive chairman of JD Sports