Trends & Features

JD Sports: half-year results

A record performance in its sports business helped JD post pre-tax profits of £6 million for the six months to August 3 – a 111 per cent increase on the same period in 2012.

Revenue for the period stood at £567 million.

However, its Blacks and Millets outlets made a combined loss of £8.9 million (£10 million in 2012).

JD executive chairman Peter Cowgill described this as a “disappointing performance”.

The JD fascia continued its international development during the period, with further expansion in France and the acquisition of stores in Holland (15) and Germany (10).

“The strong overall result in the first half has been driven by a record performance in our core sports fascias in the UK,” Cowgill says.

“This business continues to provide the group with a very solid platform for profitability and future cash generation.

“We are also pleased with the continued evolution of the JD fascia in mainland Europe.

“Elsewhere, the performance of both the fashion and outdoor fascias has been impacted by significant reorganisation activity in the period.

“While these reorganisations have had a short-term negative impact on the overall group results, we strongly believe the decisive actions we have taken were necessary for these businesses to deliver results in the longer term.

“The robust trading in the sports fascias has continued since the period end, although trading in the fashion fascias continues to be more difficult.”

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