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Interim Results

Record results for JD Sports as like-for-like sales rise

12 September 2017 07:17

JD Sports Fashion's has reported another record results with revenues up by 41% to £1,367.2m in the 26 weeks to 29 July.

The group saw further encouraging like-for-like sales growth in stores and strong growth online.

Operating profit for the period increased by 33% to £103.3 million (2016: £77.6 million) following an exceptional performance in our Sports Fashion fascias and a positive contribution from Go Outdoors.

The net cash balance at the end of the period was £222.7 million (2016: £231.8 million) with the significant investments in the last year on both acquisitions and capital expenditure being funded by the ongoing strong cash generation in our core retail fascias.

The group said the growth of 40% in net stocks to £414.3 million (2016: £296.0 million) was consistent with the growth in sales and it maintained its robust approach to stock management.

Executive chairman Peter Cowgill said: "I am delighted to report that the Group continues to make strong progress with profit before tax for the first half increased by a further 33% to a new record level of £102.7 million.

"This is another pleasing result demonstrating the strength of our highly differentiated multichannel proposition and our ability to prosper in an increasingly competitive market for athletic inspired footwear and apparel.

"The base of our ongoing excellent multichannel retail performance comes from the continued strength of our core UK and Ireland Sports Fashion fascias.

"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.

"We are encouraged by the sales to date in the second half which have continued at similar levels to those in the first half supporting our continued confidence in the robustness of the JD proposition.

"We expect the year end outturn to be towards the upper end of market expectations, which currently range from approximately £268 million to £290 million, and remain confident that we are appropriately positioned to deliver further profitable growth and enhance long term shareholder value."

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