JD Sports shrugs off athleisure jitters with record profits

JD Sports shrugs off athleisure jitters with record profits

JD Sports shrugs off athleisure jitters with record profits

JD shares jumped 10 percent to 376 pence in early trade.

Annual profits are now expected to come in at the upper end of market expectations currently between £268 million and £290 million.

JD Sports reported a 41pc rise in sales to £1.3bn during the six months to end of July while pre-tax profits also soared by a third to a record £102.7m.

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JD, which also owns trainer shop Size? and the Go Outdoors chain, opened 12 new shops in the United Kingdom and Ireland in the first half of 2017 and 23 new global stores.

Profits at JD Sports, the sportswear retailer, have jumped by 33 per cent to a new record high thanks to a strong performance in the United Kingdom and Ireland and growth in its online and global businesses.

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Nick Bubb, an independent retail analyst, says in an email on Tuesday morning: "The JD Sports share price has been under some pressure of late, with investors anxious about Footlocker's warning in the USA of tougher times in the sportswear industry, so it was important that today's interims cleared the air".

Sales were boosted by the opening of 35 new JD Sports stores during the period, as well as the company's ambitious plans to open several new stores across Europe.

During the half-year, there was a net increase of 12 JD stores in the United Kingdom and Ireland.

Its other outdoor facias saw progress, with Blacks and Millets seeing losses reduced from £2.3 million to £1.6 million.

JD Sports will pay an interim dividend of 0.26 pence, up slightly from 0.25p the year before.

Pretax profit in the retailer's last financial year was GBP238.4 million, and GBP244.8 million excluding exceptional costs.

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