World Footwear


JD Sports with record profit

Sep 23, 2014 United Kingdom
JD Sports with record profit
The UK based retailer and distributor of branded sportswear, fashionwear, outdoor clothing and equipment, announced revenue up by 27% and 170% growth for profit before tax
"The Group has delivered record results for the first half with encouraging progress in the principal areas of the business, notably our UK and European Sports fascias. I am also pleased with the positive progress in our outdoor business, particularly since the move to our central facilities was only completed in July last year. Fashion continues to disappoint, albeit trading more positively in the second quarter. The second half of the year is traditionally stronger for the Fashion fascias”, commented Peter Cowgill, Executive Chairman.

When announcing the interim results for the 26 weeks ended on the 2nd of August 2014, JD Sports Fashion PLC presented 27% growth in revenue, reaching 917.2 million euros (compares to 721.3 million euros from similar period in 2013). This result in profit before tax of 20.9 million euros, up by 171% from the 7.7 million euros registered in similar period last year.

The group operates in three segments: sports (80%), fashion (12%) and outdoor (9%), which generated 733.3 million euros, 105.6 million euros and 78.2 million euros respectively during the first half of the year. All segments registered two digits growth, with the most dynamic performance belonging to the outdoor segment, which increased revenue by 43%, growing from 54.8 million euros to 78.2 million euros. Sports increased 28% from 574.3 million euros to 733.3 million euros, and fashion grew 15% from 92.2 million euros to 105.6 million euros.  "Our Sports operations continue to provide the engine for profit growth and cash generation in the Group and will therefore continue to be the primary focus of investment”, stated Peter Cowgill.

Management added: "The Board recognizes the demanding comparatives of the second half of the last financial year, particularly in the core UK and Ireland Sports fascias where like for like sales increased by 11.2%, as well as our significant dependence on Christmas trading but following the robust performance of the business in the first half believes that the Group is well positioned to deliver results towards the upper end of current market expectations."

JD Sports Fashion PLC
shares were last traded at 546.7 euros on the 22nd September at the London Stock Exchange.

For more information about JD Sports Fashion PLC please refer to the company's website.

Note - The group announces results in British Pounds (GDP). An exchange rate of 0.7866 as announced by the European Central Bank on the 22nd of September has been applied to present results in Euros.

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