JD Sports revenues up 47 per cent
Written by Hannah McGrath
JD Sports has reported a 47 per cent rise in half-year revenues as the retailer bucks the downward trend on the High Street.
The sportswear retailer’s half year report for the 26 weeks to August 3 revealed a jump in revenues to £2.7 billion, up from £1.8 million last year.
The rise was driven by a 10 per cent jump in like for sales in the group’s stores in the UK and Ireland.
The JD Sports group, which owns JD Sports, Blacks, and Go Outdoors in addition to a number of other sportswear chains said that operating profit was up 61 per cent year on year to £199.8 million, with earnings before interest, tax, depreciation and amortization (EBITDA) doubling to £402.9 million up from £171.8 million.
Commenting on the results, Peter Cowgill, executive chairman of JDSports said: “Against a backdrop of widely reported retail challenges in the UK, it is extremely encouraging that JD has delivered like for like sales growth of more than 10 per cent with an improved conversion reflecting consumers’ increasingly positive reaction to our elevated multichannel proposition.”
He added that the company was working to develop a “constantly evolving sports and fashion premium brand offer [that] is presented in a vibrant retail theatre with innovative digital technology.”