JD Sports sees revenues and profits soar in ‘record result’
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JD Sports saw profits increase more than 17 per cent to £95.4 million (US$124.1 million) in the six months to August 4, from £81.1 million in the previous corresponding period.
The sporting retailer saw gross revenue jump 35 per cent to £1.84 billion, from £1.36 billion, while basic earnings per share increased 24 per cent to 10.05p, from 8.09p.
“This is another record result for our group demonstrating that our multibrand multichannel premium offer has resilient profitability in its core UK and Ireland market with capacity for continued growth across an increasing number of international markets,” JD Sports executive chairman Peter Cowgill said.
“Sales to date in the second half have continued at a similar levels to those in the first half, supporting our continued confidence in the robustness of the JD proposition.”
Cowgill reported significant positive progress in Australia, where JD Sports has opened four new stores during the period, including the conversion of three former Glue stores.
This brings JD Sports’ total presence to six stores in Sydney and four stores in Melbourne.
The company plans to open a further three stores in the second half, including a flagship store on Pitt Street in Sydney, according to Cowgill.
Like-for-like store sales for the APAC region stayed flat.
The company said it will issue a more robust trading update after the Christmas period.
Questions & Answers
Q.What was the growth in JD Sports' gross revenue for the six months to August 4?
What was the growth in JD Sports' gross revenue for the six months to August 4?
Gross revenue for the period increased by 35 per cent, reaching £1.84 billion. This was up from £1.36 billion in the previous corresponding six months, demonstrating strong sales performance.
Q.How did the company's profits change during the reported six-month period?
How did the company's profits change during the reported six-month period?
Profits for JD Sports increased by more than 17 per cent, rising to £95.4 million. This represents a significant jump from £81.1 million reported in the previous equivalent period.
Q.What is the current store presence for JD Sports in Australia, and what are their future plans there?
What is the current store presence for JD Sports in Australia, and what are their future plans there?
JD Sports now has six stores in Sydney and four in Melbourne, after opening four new stores, including three conversions from Glue stores. They plan to open another three, including a Sydney flagship.
Q.How have sales in the second half of the year performed so far?
How have sales in the second half of the year performed so far?
Sales in the second half of the year have continued at similar levels to those seen in the first half. This sustained performance contributes to the company's ongoing confidence in its business proposition.
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