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JD Sports shrugs off fears over weak euro

By John-Paul Ford Rojas

Retailer JD Sports said it had enjoyed a strong start to the financial year, but warned the weakness of the euro would hit profit margins on overseas stores.

Executive chairman Peter Cowgill also said the group's trading figures would be up against tough comparatives with 2014/15 - but said profit expectations for the full-year should be met.

Bury-based JD, which reported annual profits of £100m for the first time earlier this year, delivered the trading update at its annual general meeting.

The group operates more than 800 stores including its sports outlets in the UK and Europe, as well as outdoor brands Blacks and Millets.

Last year it disposed of its loss-making Bank fashion chain, which later went into administration.

In April, JD reported record annual results for the year to the end of January, boosted by demand for branded trainers which helped like-for-like sales at its main sports stores grow by 13%.

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