JD Sports has posted record sales and solid profit growth as it outperformed a “challenging and volatile market”.
For the first half ending 3 August, the sportswear giant’s sales rose 5.2% to £5bn as pre-tax profit hit £405m.
CEO Régis Schultz said: “Our success is a direct reflection of the strength and agility of our global, multi-brand strategy, which allows us to adapt swiftly to fast-changing industry trends across the world, and our operational excellence.”
Organic sales increased by 6.4%, with like-for-like sales edging up 0.7% as JD continued to outperform in a competitive environment.
JD Sports said its trading was “in line with expectations”, and its overall guidance range of £955m to £1.035bn remained unchanged.
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The group added that its acquisition of US brand Hibbett back in April significantly expanded its footprint in North America, which now represents around 40% of group revenue. Hibbett is expected to contribute £25m to full-year profit.
Schultz has ambitious expansion plans for the American market, with around 700 new stores planned over the next four years.
The retailer opened 83 new stores globally, including its largest store to date in Stratford, London, over the period and plans to open around 200 new shops by year-end.
JD Sports CEO Régis Schultz said:“Our strong business model and clear strategy position us to deliver long-term growth and value creation for our shareholders.”
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