JD sports has announced record half-year pre-tax profits.
The 66 per cent jump, a leap of £77.4m, is the third consecutive year of the growth for the group and is being put down partly to the strong demand in the athleisure market.
Executive chairman Peter Cowgill said: “I am delighted to report that this has been another period of excellent progress for the Group with a record profit before tax and exceptional items of £77.4 million (2015: £46.6 million).
“Given that last year’s result was in itself a record for our Group then to increase this by a further 66 per cent has exceeded reasonable expectations.
“The favourable trends for athletic inspired footwear and apparel in Europe have continued into this year.”
The Group’s Sports Fashion saw profits increasing by a further 53 per cent to £79.9 million (2015: £52.1 million).
Cowgill, though, added a cautionary note, saying: “However, we are very conscious that the market for sports and fashion brands can change quickly and so we continue to invest in visual merchandising, retail theatre and creative marketing as we believe that it is JD’s market leading standards in these areas that make it an attractive outlet to many brands.”
And JD sports is looking to increase its business overseas with expansion in Europe and a move into the Australian marketplace.
Cowgill said: “We anticipate the opening of additional JD stores across Europe in the remainder of the year, including the opening of flagship style stores on Rue Neuve in Brussels and Hohe Strasse in Cologne.
“Elsewhere, we are also currently refurbishing the flagship Perry Sport store on Kalverstraat in Amsterdam.
“Further afield, we have expanded our presence in Malaysia with the acquisition from our JD joint venture partner (Stream Enterprises) of 20 small multi-brand stores trading as Sports Empire, Revolution and The Marathon Shop.
“Since the period end we have also acquired Next Athleisure in Australia which has 32 stores trading as Glue.
“This business and its management will provide the platform to open JD in Australia.”
