JD Sports continued its run of beating its competitors to the finishing line today, posting rocketing profits and revenues.
The sports fashion retailer reported a 33% leap in pre-tax profits to £102.7m in the 26 weeks to July 29, driven by a 44% jump in revenue to £1.36bn.
UK like-for-likes were up 3% during the period while JD continued with international expansion.
It’s an impressive result from executive chairman Peter Cowgill, who seems to have beating the sluggish market down pat.
And it’s left investors feeling relieved – JD Sports had cautioned that its margins were under pressure in a June trading update but now expects profits to be at the upper end of market expectations, which range between £268m and £290m.
Elsewhere today, John Lewis revealed it would shutter its Edinburgh distribution centre while yesterday the retail exodus continued with new appointments Hobbycraft boss John Colley and Mothercare chief customer officer Andy Harding departing their posts just months after joining.
Quote of the day
“JD Sports is perceived internationally as the iconic retailer in this sector of the market. It sounds arrogant but the reason I know that is by the number of partners that wish to engage with us in every corner of the world, we just can’t accommodate it.”
JD Sports executive chairman Peter Cowgill
Today in numbers
The number of job losses at John Lewis’ Edinburgh fulfilment centre
The estimated hike in business rates next year
Dunelm reports its preliminary results tomorrow while mattress specialist Eve published its interims.
It’s also the first day of our Tech. event – check back in for videos, news and keep up-to-date with our live blog across the two days.
Becky Waller-Davies, reporter