JD Sports half-year profits slide as online sales costs mount

JD Sports

JD Sports has delivered a fall in pre-tax profit at the half-year mark despite a minimal sales decline due to steep costs associated with fulfilling its online orders.

The sports fashion retailer posted a 61% fall in profit before tax and exceptional items of £61.9m in the 26 weeks to August 1, while sales declined 6.5% to £2.5bn.

The retailer hailed strong sales momentum during a period in which many stores across its global portfolio were closed for varying periods due to the coronavirus outbreak, but said “reduction in profitability has arisen as a result of the additional costs associated with this shift in revenues to online channels particularly during period of temporary store closures”.

JD Sports sales across its sports fashion portfolio fell 4.6% during the period to £2.4bn.

Subscription content

Please sign in now if you have a subscription or are already registered with us.

Retail Week

Register for free to continue reading

Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.

Register today for a taste of our high-quality intelligence and enjoy:

  • Two free article views per calendar month on Retail-Week.com
  • Detailed analysis of current trends and events 
  • Exclusive newsletters
  • In-depth reports, videos, interviews and much more

Discover Retail Week register now

Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.