JD Sports trading at record level
JD SPORTS said yesterday it enjoyed record trading in the first half of the year as the sports retailer doubled profits.
Revenue increased by 27 per cent to £721.5m in the six months to 2 August as sales at its sports stores, JD and Size?, jumped 28 per cent.
The strong performance helped drive pre-tax profits up by 100 per cent to £20m.
However, the group said its fashion arm, and especially its Bank stores, continued to disappoint as losses widened to £8m from £6.8m in the first half of last year.
JD Sports hired former Reiss trading director Gwynn Milligan last year to lead a turnaround at Bank and said the autumn season will be the first where he has had “a full influence” over the brand.
Cantor Fitzgerald analyst Freddie George said the group could come under pressure to dispose of its fashion retail business if losses are not significantly reduced over the next two years.