BRITISH retailer JD Sports yesterday posted a surge in first-half profits, with a strong performance in the firm’s core sports offering offsetting continued losses from its fashion and outdoor stores.
Pre-tax profits excluding exceptional items rose to £10m from £2.9m in the first half of 2012. The firm posted a record performance in its core sports business, with operating profit up 55 per cent and like-for-like sales up 7.5 per cent in the UK and Ireland.
However, Blacks and Millets stores continued to make losses and fashion lines Bank and Scotts posted a 2.2 per cent decrease in like-for-like sales.
“Given the continued robust performance in our core sports fascias, the board believes that the group is well positioned to deliver results that are within the range of current expectations,” said executive chairman Peter Cowgill.
Shares closed down 1.1 per cent.