JD Sports Fashion has made a “strong start” to the new financial year but warned the weak euro will affect its margins in overseas stores.
In a statement released ahead of its annual general meeting, executive chairman Peter Cowgill said: “The board is pleased that the group has made a strong start in the first 19 weeks of the new financial year. We remain pleased with the growing level of sales in Europe although the weak euro will impact our margins in our JD stores outside the UK.
“Whilst we are now trading against challenging comparatives for the remainder of the year, the board remains confident that current earnings expectations for the group for the year ended January 31, 2016 should be met.”
In April, JD announced record results for the year to January 31. Pre-tax profits rose 18% to £90.5m while revenues were up 25% to £1.5bn.