Positive outlook for JD Sports
By Sarah Wood | 8th September 2020
Britain's biggest sportswear retail JD Sports said it has been encouraged by its performance since stores reopened following coronavirus restrictions.
The retailer, which has a store in Gloucester, said first half pre-tax profit fell 68 per cent to £41.5m due to the effects of Covid-19 store closures. But it predicts full year profits to be at least £256m, as reported by Reuters.
Initial sales in reopened stores were boosted by pent-up demand and shoppers looking for a bargain. But footfall remains lower than usual, particularly across Europe.
The company said the reduction in footfall was partly offset through higher transaction values - as shoppers only visited the stores when they intended to buy something.
JD Sports is now trying to establish a permanent European supply chain infrastructure, as the UK's transition period with the EU enters its final months.
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