Another record half for JD Sports
JD Sports, the Bury-based sports fashion retailer which has more than 900 sports, fashion and outdoor shops across Europe, has reported another record half year of turnover and profits.
The company, which is continuing to benefit from the on-going fashion trend for athletic sportswear, saw turnover increase 20% to £970.6m for the half year to July 30 (2015: £809.9m).
Pre-tax profits, meanwhile, increased 73% to £77.4m (2015: £44.7m), or by 66% before exceptional items.
The company said its international development plans continue, as it increased its foothold with a further 20 stores across Europe during the period, with acquisitions in the Netherlands and Portugal.
It also said it was making “pleasing” progress with Blacks and Milletts, the outdoor businesses it acquired four years agowhen they ran into difficulty.
The company is reportedly poised to swoop for privately-owned Go Outdoors and if it goes ahead the acquisition would make JD sports the London Stock Exchnage’s biggest sports goods retailer.
Go Outdoors has grown rapidly, with sales rising by 20% between 2014 and 2015. The company – part-owned by private equity group 3i – has embarked on a £10m expansion plan that will include the recruitment of 2,000 more staff in addition to its 2,500-strong workforce.
Peter Cowgill, executive chairman, said:“Given that last year’s result was in itself a record for our Group then to increase this by a further 66% has exceeded reasonable expectations.
“The favourable trends for athletic inspired footwear and apparel in Europe have continued into this year. 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.
“Notwithstanding the demanding comparatives going forward following the strong revenue growth in the previous three years, the positive nature of trading in the second half to date is encouraging.”
