Belfast Telegraph

Footwear doubles profits at JD Sports

By Graeme Evans

JD Sports Fashion said profits doubled as demand for branded athletic footwear powered an "exceptional" performance in its sports shops.

The retailer, which has 580 sports outlets in Europe, said profits for the six months to August 3 jumped to £20m from £10m a year earlier.

The result also benefited from a cut in losses at its outdoor arm, which comprises the Blacks and Millets chains bought out of administration in 2012. The 88-strong Bank clothing fascia continues to trouble the company as JD's fashion division slumped to a deeper loss of £8.2m.

Overall, executive chairman Peter Cowgill said the group was well placed to deliver results towards the upper end of current market expectations.

Kate Calvert, a retail analyst at Investec Securities, said: "Good numbers were expected following its first quarter trading update, but a 100% increase in half-year results has exceeded expectations."

Belfast Telegraph