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High Street

JD Sports sees revenues and profits soar in ‘record result’

JD Sports has recorded a “record result” in the 26 weeks to 4 August as it posted double-digit growth in both revenues and profits.

The sports and fashion retailer’s revenues increased by 35% to £1.8bn and also saw pre-tax profits jump 19% from £102.7m to £121.9m. JD Sports also reported total like-for-like sales growth of more than 3% achieved against a “backdrop of widely reported retail challenges in the UK”.  

The company said that the recent acquisition of Finish Line in the United States further extended the group’s global reach and announced a trial of the JD fascia anticipated to start in the second half of the year.

Peter Cowgill, executive chairman, said:  “This is another record result for our group demonstrating that our multi-brand multi-channel premium offer has resilient profitability in its core UK and Ireland market with capacity for continued growth across an increasing number of international markets.

“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.

He added: “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 outturn 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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