JD Sports Fashion PLC reported profits before taxes rose 33 percent in the first half ended July 29 on a 41 percent sales gain.
Profits before taxes reached £102.7 million, up from £77.4 million year ago. Revenues reached 1.37 billion, up from 970.6 million.
- Another record result for the half year with Group profit before tax increased by a further 33 percent
- Further encouraging like for like sales growth in stores with strong growth online.
- Net increase of 12 JD stores in U.K. and Ireland
- International development of JD continues with net increase of 23 JD stores across mainland Europe, first JD stores in Australia and additional stores in Malaysia
- Positive contribution in the period from Go Outdoors
By segment, Sports Fashion’s sales reached £1.17 billion against £897.5 million a year ago. Opening profit rose to £103.2 million from £79.9 million.
In its Outdoor segment, sales rose to £196.6 million from £73.1 million. Outdoor showed an operating profit of £100,000 against a loss of £2.3 million in the same period a year ago.
Peter Cowgill, executive chairman, said, “I am delighted to report that the Group continues to make strong progress with profit before tax for the first half increased by a further 33 percent to a new record level of £102.7 million. 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.
“The base of our ongoing excellent multichannel retail performance comes from the continued strength of our core U.K. and Ireland Sports Fashion fascias. We have strengthened our foundations by significant progression internationally both instore and online so that the JD fascia now has a much broader store and multichannel consumer reach and brand influence globally.
“We are encouraged by the sales to date in the second half which have continued at similar levels to those in the first half supporting our continued confidence in the robustness of the JD proposition. We expect the year end outturn to be towards the upper end of market expectations, which currently range from approximately £268 million to £290 million, and remain confident that we are appropriately positioned to deliver further profitable growth and enhance long term shareholder value.”
Photo courtesy JD Sports