Sep 10, 2019
JD Sports calls for ‘fairness’ in lease arrangements
"Whilst we have no plans to fundamentally alter the size of the JD store network in the UK at this time, we continue to seek fairness and flexibility in the terms of our leases". The company, whose UK same-store sales surged 10 per cent in the first half of its financial year, is one of the few still expanding its physical space in the UK, opening four new stores in the period. Despite strong sales growth in the UK and Europe, it said the adoption of new accounting standards would limit the rise in profits over the full year. Revenue increased 47 per cent, reflecting the strong sales growth in the UK and Europe and a full six months of trading at Finish Line in the US, which only contributed for six weeks of the same period a year ago. Reported pre-tax profit rose 6.6 per cent to £130m. The company entered the FTSE 100 index earlier this year.
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