JD sports sees profit more than double

Sports retailer JD sports has reported profit before tax up 111 per cent for the 26 week period to 3 August, at £6.087m from 2.879m in the same period of 2012. (Release)

Like for like sales in the UK and Ireland were up 7.5 per cent.

Basic earnings per ordinary share were at 10.19p - a 272 per cent increase from 2012's 2.74p.

The company has appointed new managing directors for Millets and Bank Fashion and expanded with new stores in France and Spain, along with the acquisition of first stores in Holland and Germany.

Peter Cowgill, executive chairman, said:

The strong overall result in the first half has been driven by a record performance in our core Sports fascias in the UK. This business continues to provide the Group with a very solid platform for Group profitability and future cash generation. We are also pleased with the continued evolution of the JD fascia in mainland Europe.

The like for like sales for the core UK and Ireland Sport and Fashion fascias in the five week period to 7 September 2013 are up by 2.8%.