JD Sports posts record interim results

JD Sports

Bury-based sports and fashion retailer JD Sports bucked the high street blues today and posted record interim results.

The group, which bought US ‘athleisure’ business Finish Line earlier this year, revealed a 35% increase in revenues off £1.846bn for the 26 weeks to August 4, while pre-tax profits jumped by 19% to £122m.

An interim dividend of 0.27p per share is a 4% improvement on the previous year.

The group’s international reach expanded during the period, with a net increase of 18 JD stores across mainland Europe, and a net increase of 21 stores in the Asia Pacific region, including first stores in South Korea and Singapore and additional stores in both Malaysia and Australia.

Executive chairman Peter Cowgill said today: “The group continues to make excellent progress with the profit before tax for the 26 weeks ended 4 August 2018 increasing by a further 19% to £121.9m.

“The increase in the operating profit of £20.6m to £123.9m includes a contribution of £4.8m from Finish Line in the seven week period post acquisition.

“This is another record result for our group, demonstrating that our multibrand multichannel premium offer has resilient profitability in its core UK and Ireland market with capacity for continued growth across an increasing number of international markets.”

He added: “Against a backdrop of widely reported retail challenges in the UK, it is extremely reassuring that the profitability in the UK and Ireland Sports Fascias has been further enhanced.

“This reflects the value of the investments that we have made over a number of years in developing a dynamic multichannel proposition which marries the best of physical and digital retail, enabling customers to interact with us where and when they want and through the channel of their choice.”

Looking forward, he said: “Sales to date in the second half have continued at similar levels to those in the first half, supporting our continued confidence in the robustness of the JD proposition.

“We remain confident that we are well positioned to deliver an out-turn in line with current market expectations which, including a part year from Finish Line, range from £337m to £345m, and we also remain encouraged by our prospects for future growth.”

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