JD profit soars 103%

JD has seen an encouraging start to the year

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The John David Group saw sales rise 11.6% to £592 million and profit before tax rocketed 103% to £35m for the 53 weeks ended February 2.

John David Group chairman Peter Cowgill said the exceptional performance was down to strong buying, merchandising and performance by the group's own brands.

Group like-for-likes were ahead 11.6% over the year with the sports business up 11.1% like for like and the fashion fascias (excluding Bank) ahead 7.6% like for like.

However Scotts saw sales fall back to £34.5m against £37.7m the previous year. This was a result of store disposals.

Bank, which was bought by the John David Group in December, contributed £434,000 of operating profit in the second half of the year, helped by Christmas trading. 

JD said that trading since the year end had been £encouraging" given the timing of Easter and the weather. Like-for-like sales at the sports fascias were ahead 4% for the 10 weeks to April 12. Like-for-like sales at the fashion fascias are up 4.9% over the same period.

However Cowgill warned: "The Group's recent strong performance with regards to like-for-like sales and gross margins means that further improvement in these areas is becoming challenging. Furthermore, despite recent and current performance, the current economic climate and outlook dictates a note of prudence. The board is therefore cautious about the extend of future growth in earnings."