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Record profits of £46million for flourishing JD Sports

By Roger Baird

Published 17/09/2015

JD Sports has around 10 stores in Northern Ireland
JD Sports has around 10 stores in Northern Ireland

JD Sports, which has around 10 stores in Northern Ireland, shrugged off the high street gloom to post record half-year profits.

The Bury-based firm, which also owns Blacks and Millets, said underlying pre-tax profits leapt 83% to a better-than-forecast £46.6m in the 26 weeks to August 1, driven by 10% like-for-like sales growth at its sports shops for the second year in a row. Shares also lifted by 2%.

Analysts had expected interim profits of around £35m, after the FTSE 250 company said in July that its full-year pre-tax profit would be about 10% ahead of City forecasts of around £110m.

The group, which runs more than 800 stores across the UK and Europe, said its sports shops performed strongly in an extremely competitive market.

It added that, like a number of retailers, its earnings would be impacted by the introduction of the national living wage next year, but it did not provide a more detailed update.

The minimum wage will be set at £7.20 an hour for the over-25s from April, and is forecast to rise to £9.35 by 2020.

Belfast Telegraph

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