JD Sports has confirmed revenues of £2.54bn for the six months to August 1st. This was down from £2.71bn for the same period last year as a result of lockdown. Pre-tax profits for the half year were down by 68 per cent to £41.5 million.
The business had incurred significant additional costs at its Kingsway, Rochdale facility to support increased demand from online channels and had also opened a test warehouse in Belgium.
CEO Peter Cowgill said: ” Throughout the Covid-19 pandemic our priorities have been to ensure the safety of our colleagues and customers, to preserve financial resources and limit the impact on profitability.
“Continuing outbreaks of the virus and periodic strengthening of public safety measures in a number of our global territories, including temporary store closures and the ongoing requirement to maintain strict social distancing in our warehouses, makes us cognisant that further challenges lie ahead.
“Ultimately, given the unique circumstances of this trading period, we are reassured by the strength of the JD brand as demonstrated by the retention of more than 90 per cent of the total revenues.”
Commenting on the period ahead he added: “Assuming a prudent but realistic set of assumptions for the peak trading period that reflect an uncertain outlook for consumer confidence, the ongoing challenges of attracting footfall to stores and the potential for further operational restrictions, we would presently anticipate delivering a headline profit before tax for the full year of at least £265 million when calculated under IFRS 16 ‘Leases’.”
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