Strong start for JD despite weak Euro

SPORTS,fashion and outdoor retailer JD Sports is trumpeting an excellent start to the year despite the effects of the weak Euro on the continent.

On the back of record results for the 12 months ending January 31 when it reported pre-tax profits in excess of £90m, the Bury-based company said it had performed strongly 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,” said chief executive Peter Cowgill.

“Whilst we are now trading against challenging comparatives for the remains confident current earnings expectations for the group for the year ending January 31 2016 should be met.”

The company enjoyed a an exceptional Christmas period in which its rivals suffered more, with profits beating expectations and sales rising 12%.

JD sold its struggling Bank Fashion chain to Hilco, the turnaround specialist which owns HMV, in November but the business later went into administration.