JD Sports Fashion, the British sportswear specialist, said it has made a “strong” start to the fiscal year in a trading update ahead of its AGM today, having announced record annual pre-tax profits of £100m in April.
The retailer recently divested its loss-making Bank Fashion business before it went into administration, but it’s confident for the new financial year.
The company said the weakness of the euro would likely impact margins at stores outside of the UK and in a statement this morning Peter Cowgill, Executive Chairman of JD Sports Fashion said:
“The Board is pleased that the Group has made a strong start in the first 19 weeks of the new financial year. We remain pleased with the growing level of sales in Europe although the weak Euro will impact our margins in our JD stores outside the UK. Whilst we re now trading against challenging comparatives for the remainder of the year, the Board remains confident that current earnings expectations for the Group for the year ended 31 January 2016 should be met.”