A reprieve for outdoor clothing retailer Millets dragged on soaring profits for parent company JD Sports after it reversed plans to scrap the chain.
The group had planned to merge the business with another business, Blacks, after it bought the brands out of administration but earlier this year changed its mind and decided to keep Millets going, saving a number of stores. in the wake of the decision, operating losses across the two businesses narrowed only slightly from £10 million to £8.9m in the six months to the start of August, while revenues fell 17 per cent to £43m. However, JD Sports more than doubled pre-tax profits over the period to £6.1m, buoyed by an exceptional performance from its sports division, and despite losses for fashion brands Bank and Scotts.
The JD Sports chain itself saw revenues charge ahead to £413m and underlying operating profits improve by 55 per cent on UK and ireland sales up 7.5 per cent on a like-for-like basis.