JD Sports sales and profits surge, driven by fashion

The sportswear retailer registered a 46.9% jump in group sales to £2.7bn for the 26 weeks to August 3. It posted a 6.6% increase in profit before tax to £129.9m for the period, up from an increase of £121.9m in the same period the previous year.

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

Group like-for-like store and online sales increased 7% and 10% respectively.

JD Sports chief executive Peter Cowgill said it reflected “consumers’ increasingly positive reaction” to the group’s “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”.

“JD also continues to gain momentum in Europe with a further double-digit increase in total like-for-like sales and a net increase of 23 stores in the period,” he added.

“We are pleased by the continued positive trends to date in the second half in sports fashion while recognising the tougher comparatives ahead.

“Notwithstanding the ongoing uncertainty with regards to Brexit, the board is confident that, without the impact from the transition to IFRS 16, the group would have been on track to deliver headline profit before tax for the full year at the top end of market expectations, which currently range from £402m to £424m.

“However, after adjusting for the impact of the transition to IFRS 16, we would expect to deliver results at the mid-point of expectations. We remain encouraged by our prospects for further growth.”