JD Sports sees record half yearly result
JD Sports saw profits increase more than 17 per cent to £95.4 million (US$124.1 million) in the six months to August 4, from £81.1 million in the previous corresponding period.
The sporting retailer saw gross revenue jump 35 per cent to £1.84 billion, from £1.36 billion, while basic earnings per share increased 24 per cent to 10.05p, from 8.09p.
“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,” JD Sports executive chairman Peter Cowgill said.
“Sales to date in the second half have continued at a similar levels to those in the first half, supporting our continued confidence in the robustness of the JD proposition.”
Cowgill reported significant positive progress in Australia, where JD Sports has opened four new stores during the period, including the conversion of three former Glue stores.
This brings JD Sports’ total presence to six stores in Sydney and four stores in Melbourne.
The company plans to open a further three stores in the second half, including a flagship store on Pitt Street in Sydney, according to Cowgill.
Like-for-like store sales for the APAC region stayed flat.
The company said it will issue a more robust trading update after the Christmas period.
This story first appeared on sister site Inside Retail Australia.