Sportswear retailer, JD Sports has reported today that it has seen its pre-tax profit increase 88% to £44.7 million in its first half financial year, as well as its continued success seeing a net increase of 27 stores open across Europe.
Figures show that JD Sports saw its revenue increase 21% to £809.9 million in the 26 weeks to August 1st, with exceptional items growing 62% to £52.1 million with like-for-like sales increasing over 10%.
Peter Cowgill, JD Sports chairman, said: “Our current successful exploitation of these favourable market conditions reflects investments that we have made over a number of years in developing our multi-channel retail proposition and driving improved buying, merchandising and retailing disciplines. We continue to invest heavily in these areas.”
Black and Millets, also part of JD Sports, said that the outdoor business has made encouraging progress.
Mr Cowgill added: "Given the demanding comparatives following two years of strong revenue growth, we are encouraged by the positive nature of the trading to date in the second half across our core fascias."
In other news, the company has said that the new National Living Wage could mean its recruitment may slow, despite the increased "spending power" of customers. The National Living Wage means that the minimum wage will be set at £7.20 an hour for over-25s from April 2016, which is predicted to rise to £9.35 in 2020.
