JD Sports posts record half-year profit

JD Sports has recorded an 18.7 per cent rise in first-half earnings amid growing demand for its sportswear and its fast-growing overseas business, all of which helped it defy the “retail challenges” in the home market.

For the 26 weeks to 4 August, the group’s profit before tax rose to £121.9m– up from £102.7m a year earlier. The total like-for-like sales were also “encouraging” with a growth of 3 per cent.

The group added that it expects to report full-year profit in line with market forecasts after its UK operations increased sales in the first half of the year.

Peter Cowgill, JD’s executive chairman, added: “Against a backdrop of widely reported retail challenges in the UK, it is extremely reassuring that the profitability in the UK and Ireland Sports Fascias has been further enhanced. This reflects the value of the investments that we have made over a number of years in developing a dynamic multichannel proposition.”