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Profits jump 73% at JD Sports Fashion

Revenue at JD Sports Fashion grew 20% to £970.6m in the 26 weeks ended 30 July, while profit before tax leapt 73% to £77.4m.

JD Sports

JD Sports

Executive chairman Peter Cowgill said the performance “exceeded reasonable expectations”, particularly as last year’s result was a record in itself.

“The favourable trends for athletic inspired footwear and apparel in Europe have continued into this year,” he said. “We are very much at the centre of this market with our success being a positive consequence of the investments we have made over a number of years to develop the JD retail concept.”

Operating profits in the sports fashion segment grew by 53% to £79.9m and like for-like sales grew by 10% during the period.

In the outdoor division, operating losses narrowed to £2.3m, down from £4.5m for the comparable period in 2015.

The group had a net cash balance in excess of £200m at the end of the first half and will continue to make “selected acquisitions and investments where they benefit our strategic development”.

Cowgill declined to give any details on trading since the year end “given the importance of Christmas” on the overall result. He did, however, acknowledge that “the positive nature of trading” in the second half is encouraging.

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