JD boss Cowgill expects ‘excellent’ first-half results after Euro 2016 boost

Cowgill will tell shareholders at JD’s annual general meeting today that the business has experienced “continued positive trading” since the start of its financial year on January 31, with the start of Euro 2016 driving “a further boost to sales”.

It comes after JD Sports hailed an “exceptional year” to January 30, in which pre-tax profit before exceptional items surged 57% to £157.1m on sales of £1.82bn.

When delivering those results in April, executive chairman Cowgill said he was “confident of the opportunities that exist for the JD fascia” in both the UK and Europe.

Cowgill will reaffirm that belief at the retailer’s AGM today, when he will tell shareholders: “The board stated [in April] that it was encouraged by the continued positive trading across our core fascias in the year to date and that it continued to believe the group was very well positioned for profitable growth.

“We have, in recent weeks, seen a further boost to sales from the UEFA Euro 2016 tournament. Consequently, we are well positioned to deliver an excellent first half year result.

“We face strong comparatives for the remainder of the year but our strong start will help facilitate delivery of current market expectations.”

JD has surged ahead of its rival Sports Direct in the UK and is continuing to expand on the continent after completing a €26.5m (£20.9m) deal to acquire beleaguered Dutch chains Perry Sport and Aktiesport from Unlimited Sports Group in March.