JD Sports has seen another huge jump in both profits and revenues, allowing it to raise its full year outlook and quash investor fears.
In the 26-week period ended July 29, the retailer saw a 41 per cent rise in revenues to £1.36 billion while pre-tax profits jumped 33 per cent to £102.7 million.
Despite seeing share prices drop by 10 per cent following its last trading update in which it revealed its margins were under pressure, confidence has now been restored and the retailer has raised its full-year expectations.
Annual profits are now expected to come in at the upper end of market expectations, currently between £268 million and £290 million.
“This is another pleasing result demonstrating the strength of our highly differentiated multichannel proposition and our ability to prosper in an increasingly competitive market for athletic inspired footwear and apparel,” JD Sports executive chairman Peter Cowgill said.
“The base of our ongoing excellent multichannel retail performance comes from the continued strength of our core UK and Ireland Sports Fashion fascias.
“We have strengthened our foundations by significant progression internationally both instore and online so that the JD fascia now has a much broader store and multichannel consumer reach and brand influence globally.”
Go Outdoors, which JD recently acquired, delivered profits for the first time with a £100,000 operating profit, compared to a £2.3 million loss last year.
Its other outdoor facias saw progress, with Blacks and Millets seeing losses reduced from £2.3 million to £1.6 million.
Sales in the UK and Ireland saw like-for-like sales rise three per cent alongside a seven per cent rise in sales across Europe on a constant currency basis.
It continued its relentless expansion, opening 40 stores over the period. Over half of these were across Europe and the retailer reportedly plans to open a further 23 over the next half.