JD Sports Annual Results To Meet Upper End Of Expectations

JD Sports has hailed another record set of results and upped its earnings outlook for the full year

JD Sports has hailed another record set of results and upped its earnings outlook for the full year

Revenue jumped 41% to £1.3 billion, the company said in a statement on Tuesday, and pre-tax profit rose 33% to £102.7 million.

Sales at sportswear shop JD Sports jumped by 40% in the first half of 2017, as the retailer enjoyed a record six months. Think yoga trousers, a Nike top, and the latest Adidas trainers.

"We expect the year end outturn to be towards the upper end of market expectations, which now range from approximately GBP268 million to GBP290 million, and remain confident that we are appropriately positioned to deliver further profitable growth and enhance long-term shareholder value", he added.

"We have strengthened our foundations by significant progression internationally both instore and online so that the JD fascia now has a much broader store and multichannel consumer reach and brand influence globally". There was also a net increase of 23 JD stores across mainland Europe, as well as the first store in Australia and additional stores in Malaysia.

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It said full-year profits were now set to come in towards the upper end of market expectations, which are currently in the range of £268 million to £290 million.

Go Outdoors, which JD recently acquired, delivered profits for the first time seeing a £100,000 operating profit, compared to a £2.3 million loss previous year. Excluding the impact of new store openings, in-store sales rose 3% in the period.

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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