Profits soar at sports fashion retailer
By Sarah Wood | 10th September 2019
JD Sports has defied tough trading conditions on the high street, with a big increase in like-for like-sales and a significant jump in profits.
In its half-year report for the 26 weeks ending 3rd August, the retailer, which has a store in Gloucester, saw revenue soar 47 per cent year-on-year to £2.7 billion - boosted by a 10 per cent increase in like-for-like sales across the UK and Ireland, as reported by Retail Gazette.
JD Sports owns a number of brands, including Blacks and Go Outdoors, which both have stores in the county. The company's operating profit rose by an incredible 61 per cent year-on-year to £199.8 million, with pre-tax profit increasing 6.6 per cent to £129.9 million.
The sports fashion retailer said it was pleased with customer reaction to improvements to stores and online, against a backdrop of retail challenges in the UK. Like-for-like sales are also up in Europe and the company increased its store portfolio by 23 during the period.
JD Sports entered the FTSE 100 for the first time this year. Its market value of £6.3 billion is more than four times higher than closest rival, Sports Direct.
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