Up-to-date coverage of the latest events in UK retail.

JD Sports sales and profits surge in winning results

JD Sports has posted an increase in sales and profits during its half year results bolstered by an increase in sports fashion sales. The sports retailer registered a 46.9% jump in group sales to £2.7bn for the 26 weeks to August 3.

The sportswear retailer posted a 6.6% increase in profit before tax to £129.9m for the same period up from an increase of £121.9m the same period the previous year.

The winning results were boosted by its sports fashion sales and registered a 12% increase in like-for-like sales.

JD Sports chief executive Peter Cowgill said: “Against a backdrop of widely reported retail challenges in the UK, it is extremely encouraging that JD has delivered like for like sales growth of more than 10% with an improved conversion reflecting consumers’ increasingly positive reaction to our elevated multichannel proposition where a unique and constantly evolving sports and fashion premium brand offer is presented in a vibrant retail theatre with innovative digital technology.”

Alibaba founder Jack Ma due to step down

Alibaba’s Jack Ma is due to step down on Tuesday on his 55th birthday after heading the e-commerce goliath Alibaba since 1999. Ma founded the online platform that went on to become the world’s biggest internet company.

Earlier this year The businessman told The New York Times that his retirement was not the end but the “beginning of an era”.

Alibaba’s chief executive Daniel Zhang is set to replace him as executive chairman after his departure.

The online business is valued at $480bn (£389bn) making Ma China’s richest man.