Sports retailer JD Sports have posted a 111 per cent surge in profit before tax for the 26 weeks ended ending 3 August 2013.
Like-for-like sales in the UK rose by 7.5 per cent as the first half was ‘driven by a record performance‘ in core Sports fascias.
Peter Cowgill, Executive Chairman, said: “This (sports fascias) business continues to provide the Group with a very solid platform for Group profitability and future cash generation. We are also pleased with the continued evolution of the JD fascia in mainland Europe.
“The robust trading in the Sports fascias has continued since the period end although trading in the Fashion fascias continues to be more difficult. Overall, the like for like sales for the core UK and Ireland Sport and Fashion fascias in the five week period to 7 September 2013 are up by 2.8 per cent.”
The sports retailer, who bought outdoor clothing brands Blacks and Millets for £20m last year, have also hired ex Chief Operations Officer at Go Outdoors, Lee Bagnall, as Managing Director of Millets as it aims to improve the stores‘ portfolio.
JD Sports said in a statement that the operating loss for the combined Blacks and Millets fascias has only reduced slightly in the period to £8.9m from £10m last year described as ‘a disappointing performance‘.
Greg Bromley, Consultant at Conlumino, comments: “This represents a good set of results for JD Sports, with its core sports division performing strongly both at home and abroad. However, we believe the group will have to work harder on improving its outdoor arm to reverse continued losses, and prevent it bringing down overall trading performance.”
The sports fashion retailer continues to expand into France, with six stores planned to be added to the current portfolio of 12.