JD Sports profit surges

21st Sep 2010 08:33

JD Sports, the sport-themed fashion chain, scored a 64% gain in first-half pre-tax profit, but, as always, results for the full-year remains "very dependent" on December and January trade.Profit before tax in the 26 weeks ended 31 July leapt to £16.6m from £10.1m in 2009 and was up 36.5% to £19.4m before exceptional items. Revenue was up 18.5% to £384m.Like for like sales in the UK and Ireland rose 2.8%, with sports shops up 3.9% and fashion outlets down 3.8%.Trading in the first four weeks of the second half has continued to be "satisfactory". Like for like sales are up 2.7% (+2.1% Sports Fascias;+7.1% Fashion Fascias).Executive chairman Peter Cowgill says today's numbers have provided "a good foundation for improved results for the full year"."We are up against tough comparatives over the balance of the year and the economic outlook remains uncertain but the good foundation of these first half results and our strong cash position mean both, that we have proposed another significant dividend increase, and we are well positioned for further internal and external investment in our growth," he added. "The board again believes that the group is well positioned and trading is in line with its expectations."Shareholders will welcome a 15% increase in the half-year dividend to 3.8p from 3.3p.