JD Sports reports record profits

JD Sports reports record profits

Sports and fashion retailer JD Sports has announced its interim results for the first half of 2017, reporting record profit and a significant jump in sales.

The Greater Manchester-based group announced a 41% increase in revenue in the first 26 weeks of the year, compared to the same period in 2016. It has also seen a 33% increase in operating profit.

Sales were boosted by the opening of 35 new JD Sports stores during the period, as well as the company’s ambitious plans to open several new stores across Europe. 

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% to a new record level of £102.7m. 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 UK 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 £268m to £290m, and remain confident that we are appropriately positioned to deliver further profitable growth and enhance long term shareholder value."