JD Sports’ total group revenue increased by 18.5 per cent during the 26 weeks to July 31, while profit after tax increased by 70.3 per cent to £11.7million.
However, the retailer’s operating loss in its distribution business increased to £1million due to losses incurred in Kooga’s quietest trading period of the year, much of which was prior to its acquisition last year, and ongoing investment to build Getthelabel.com.
JD said Getthelabel.com was two years away from profitability; Canterbury delivered a small profit during the period. It opened 11 stores in the UK during the period, compared to five in 2009.
“The trading results for the six months ended July 31 have again given us a good foundation for improved results for the full year,” says Peter Cowgill, JD Sports’ executive chairman.
“The improvement has largely been driven by the sports fascias, but margin improvements in the fashion fascias and their recent trading performance lead us to believe that they too will be steadily growing contributors to our results.
“We are up against tough comparatives over the balance of the year and the economic outlook remains uncertain, but the good foundation of these first half results and our strong cash position mean that we have proposed another significant dividend increase, and we are well positioned for further internal and external investment in our growth.
“The board again believes that the Group is well positioned and trading is in line with its expectations.”
