Sep 14, 2021

JD Sports hits record profits

UK retail chain JD Sports has reported record first-half profits thanks to increased spending online and pent-up demand that brought people back into shops after lockdowns ended. In the six months to the end of July, profit before tax and exceptional items rose to £439.5m, a sharp jump from £61.9m in the same period last year and £158.6m in 2019 before the pandemic. Profit before tax and exceptional items in the US climbed to £245m, from £73.4m last year and £35.7m in 2019. Jonathan Pritchard, analyst at Peel Hunt, said JD Sports' expansion into the US had been "The seminal moment in the company's history". In the first six months of the year, it opened 21 new stores in western Europe, six new stores in the Asia-Pacific region and 66 stores are now trading as JD Sports in the US. "JD retains a cautionary stance," said Richard Hunter, head of markets at fund supermarket Interactive Investor.

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