JD Sports posts major rise in profits
HIGH street retailer JD Sports has notched up record half-year profits and announced plans to set up shop in Australia, as well as vowing to press ahead with European expansion despite the Brexit vote.
The sports to fashion retailer said that pre-tax profit rocketed 66 per cent to £77.4 million, driven by 10 per cent like-for-like sales growth at its shops.
Revenue rose 20 per cent to £971m and boss Peter Cowgill said: "The favourable trends for athletic-inspired footwear and apparel in Europe have continued into this year.
"We are very much at the centre of this market with our success being a positive consequence of the investments we have made over a number of years to develop the JD retail concept."
The company also said that it has acquired Next Athleisure in Australia, which trades as Glue, with the deal providing "the platform to open JD in Australia".
On Brexit, JD said that while the UK's decision to quit the European Union means that there will be some "uncertainties" over the next two or three years, it will press ahead with European expansion.
The group has recently acquired businesses in Portugal and the Netherlands.