Economy

JD Sports profit rises 33%; lifts dividend

JD Sports profit rises 33%; lifts dividend”

Rapper Stormzy in a new campaign for JD Sports and Adidas.

JD Sports has reported a 41 per cent surge in revenue and a 33 per cent jump in operating profit during the six months to the end of July, citing a strong performance in its core United Kingdom business.

JD, which sells from more than 1,300 stores, has overtaken Sports Direct as the UK's leading sportswear retailer by market value.

The chain is benefiting from the current trend for "Athleisure" clothes - streetwear and fashion influenced by athletics and sporting styles.

Executive Chairman Peter Cowgill said the results show JD is able "to prosper in an increasingly competitive market for athletic inspired footwear and apparel".

Looking ahead, the company said it expects year end outturn to be towards the upper end of market expectations, which now range from approximately £268 million to £290 million.

The profit leap came as revenue from its sports fashion business rose by more than 30% to £1.17bn, bolstered by the opening of 12 JD stores in United Kingdom and Ireland and 23 across mainland Europe.

Further, the company announced that it increased interim dividend payable per ordinary share by 4 percent to 0.26 pence from 0.25 pence past year.

It opened 12 JD stores in United Kingdom and Ireland and 23 across mainland Europe in the first half of the year.



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