JD Sports boosted by everyday clothing

JD Sports Fashion pleased investors again today as it said continuing strong demand for sportswear as everyday clothing had pushed profits up by a massive 66% in the first half.

The group, which is expanding rapidly into Europe, said sales grew by 20% to £970 million in the six months to July with half of that from expansion and half from existing stores.

Pre-tax profits rose from £46.6 million to £77.4 million.

“There is a strong trend for athleisure,” said executive chairman Peter Cowgill.

“We are the leader in the market. We are always first to market with all the international brands.”

JD has also seen a good improvement in the outdoor chains Blacks and Millets, which it bought from the administrators for £20 million four years ago. Losses were halved to £2.3 million.

Cowgill said: “We are making steady progress and we recognise that athleisure and glamping are moving closer together.”

He said the Brexit vote had had no immediate impact on the business with all the main sports brands keen to support the group’s expansion into Europe.

The shares increased by 53p to 1386p.