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H1FY15 operating profit doubles at JD Sports Fashion
19
Sep '14
Following an exceptional performance in its sports division, operating profit more than doubled at JD Sports Fashion Plc, the leading retailer and distributor of branded sportswear and outdoor clothing for the 26 weeks period ended August 2, 2014.

Operating profit, before exceptional items in first half of fiscal 2014 more than doubled to £21.0 million from £10.4 million in first half of fiscal 2013, following an exceptional performance in its Sports division throughout Europe and a significant reduction in losses in Outdoor division.

JD Sports said its group revenue increased by 27% in the period under review to £721.5 million from £567.4 million in the comparable period of 2013.

However, group gross margin declined to 47.6% in the first half of 2104 from 48.8% in first half of 2013 from, an increase in lower margin online sales and increased provisions made against slow moving fashion stocks, the retailer said.

The sports retailer however was able to reduce selling and distribution overheads to 40.2% of revenue in 2014 against 42.8% in 2013, which it achieved by elimination of duplicate warehouse costs, that it experienced in the prior year before the closure of the Northampton facility.

Group profit before tax in the first half of fiscal 2014 too zoomed by £10.4 million to £16.5 million from £6.1 million in the same period of 2013.

At the end of the first half of fiscal 2014, JD Sports was also able to drastically net cash by £9.5 million to £11.2 million from £20.7 million in corresponding period of 2013. (AR)

Fibre2fashion News Desk - India

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