JD Sports pre-tax profits jump 14.5%

Total group sales jumped 8.4% to £324m, while like-for-likes edged up 0.7%.

The like-for-like growth was made up of a 0.3% rise at the Sports business — comprising JD, Size? and Chausport — and a 3.1% increase at its Fashion fascia comprising Bank and Scotts.

Group like-for-likes in the six weeks to September 12 grew 0.8%. This was made up of a 1.3% rise at the Sports fascia and a 2.4% decline in its Fashion business.  

At the retailer’s Sports Retail business, operating profit before exceptional items increased from £16.2m to £17.2m.  At its Fashion Retail business operating losses before exceptional items reduced from £3.3m to £2.7m in the period.

JD Sports also operates a Wholesale arm, comprising Topgrade, Nicholas Deakins and Kooga.

Group gross margin was maintained at 48.2%.

In the period JD Sports acquired 78-store French sports footwear retailer Chausport, allowing JD Sports to create a “foothold in a new and sizeable European market”, according to executive chairman Peter Cowgill.

The retailer also acquired Kooga Rugby in the period, as well as Canterbury Europe since the year end, meaning JD “now owns two important rugby brand businesses which further diversify the Group’s interests”.

The retailer opened five new Sports stores in the period, as well as five new Fashion stores. It has also continued it “substantial” store refurbishment programme, according to Cowgill.

He said the “positive performance” enables the retailer to “continue to look positively at the many acquisition opportunities available in our retail markets and related areas as they arise”.

He added: “The Sports Fascias remain the core of Group profitability. Their strength lies in our unique blend of sports and fashion brands, the strong brand relationships which allow us to develop exclusive products, and our exclusive own brands and superior visual merchandising.

“With challenging conditions for the consumer continuing, the result for the full year remains very dependent on the sales and margin performance in December and January.

“Nevertheless, the Board believes that the Group is well positioned to deliver on market expectations.”