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JD Sports posts 11.1% increase in profits

By: Jeff James

Listed Under: News

Published: Tuesday, September 22, 2009

It's not all doom and gloom on the high street, as JD Sports has proven in its interim results for the 26 weeks to August 1, 2009.

The retailer has seen first-half profits rise 11.1 per cent to £10.1million and revenue rise 8.4 per cent to £324million.

Says the company's executive chairman, Peter Cowgill: "The positive performance of the group has enabled us to continue with our substantial store refurbishment programme and to open five new sports stores and
five new fashion stores. It also means that we are able to continue to look positively at the many acquisition opportunities available in our retail markets and related areas as they arise.

"The sports fascias remain the core of group profitability. Their strength lies in our unique blend of sports and fashion brands, the strong brand relationships which allow us to develop exclusive products and our exclusive own brands and superior visual merchandising. We believe these strengths will benefit us as we look to further develop the potential in the Chausport business in 2010.

"Trading since the period end has continued to be satisfactory, with like-for-like sales for the group in the six-week period to September 12 up by 0.8 per cent. Sports retail is up by 1.3 per cent, although fashion retail is down by 2.4 per cent. The like-for-like sales performance in the balance of the year will be measured against weaker comparatives in October and November last year, but with challenging conditions for the consumer continuing, the result for the full year remains very dependent on the sales and margin performance in December and January.

"Nevertheless, the board believes that the group is well positioned to deliver on market expectations."

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