Published: Tue, September 12, 2017
Business | By Max Garcia

JD Sports ups profit goal after record first-half haul

JD Sports ups profit goal after record first-half haul

Revenue jumped 41% to £1.3 billion, the company said in a statement on Tuesday, and pre-tax profit rose 33% to £102.7 million.

Strong trading in the half-year helped the seller of trainers and tracksuits predict full-year profit towards the upper end of market expectations of 268-290 million pounds.

Basic earnings per ordinary share grew 36 percent to 8.09 pence from 5.97 pence past year.

Half-year profits have topped the £100m mark to hit a new record high at sportswear retailer JD Sports.

The profit leap came as revenue from its sports fashion business rose by more than 30% to £1.17bn, bolstered by the opening of 12 JD stores in United Kingdom and Ireland and 23 across mainland Europe.

Rapper Stormzy in a new campaign for JD Sports and Adidas.

In November previous year JD Sports bought Go Outdoors for just over £112m.

Executive chairman Peter Cowgill said strong sales across its core United Kingdom and Ireland stores underpinned the half-year profits leap, but he also hailed progress on expanding internationally.

Sales were boosted by the opening of 35 new JD Sports stores during the period, as well as the company's ambitious plans to open several new stores across Europe.

Blacks and Millets also saw an improved performance, with their combined loss reducing to GBP1.6 million from GBP2.3 million thanks to efforts to improve the spring/summer offering and deliver a proposition which can "trade all year".

JD Sports will pay an interim dividend of 0.26 pence, up slightly from 0.25p the year before.

JD Sports has seen another huge jump in both profits and revenues raising its full year outlook and quashing investor fears.

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