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JD Sports Fashion reports robust performance

24 Sep '11

3 min read

JD Sports Fashion Plc, the leading retailer and distributor of sport and athletic inspired fashion apparel and footwear, announces its Interim Results for the 26 weeks ended 30 July 2011 (comparative figures are shown for the 26 week period ended 31 July 2010).

Highlights
• Total Group revenue increased by 14.6% to £439.8 million (2010: £383.9 million) of which £35.1 million came from businesses not wholly owned in both six month periods

• Profit before taxation increased by 20.6% to £20.1 million (2010: £16.6 million)

• Underlying group profit before tax and exceptionals declined from £19.4 million to £16.0 million in line with the Board's expectations at the time of the preliminary announcement of results for the last financial year in April

• Net cash at 30 July 2011 was £19.2 million (31 July 2010: £34.5 million) after net cash investment of £12.4 million on the new warehouse site in Rochdale (2010: £1.3 million) and £22.2 million of net investments and repayments of debt associated with acquisitions (2010: £1.2 million) in the six month period

• Interim dividend increased by 7.9% to 4.1p (2010: 3.8p)

• Acquisitions in Ireland (Champion Sports) and Spain (Sprinter) have continued the international expansion of the Sports Retail concepts

Overall gross LFL sales for the 26 week period in the UK and Ireland combined core retail segments increased by 0.8% but on a net basis fell by 0.9%:

Peter Cowgill, Executive Chairman, said:
"It is pleasing to report that Group profit before tax rose by 20.6% to £20.1 million (2010: £16.6 million). Our continual focus on exploiting all avenues of revenue growth and margin protection has enabled us to deliver a level of profit that represents a platform for meeting expectations for the full year, although trading conditions remain tough.

"Trading since the period end has continued to improve with gross like for like sales for the core UK and Ireland retail fascias in the seven week period to 17 September up by 3.3% (+2.5% Sports Fascias; +7.4% Fashion Fascias). Excluding the impact of VAT, the net revenues have increased in this period by 1.6% (+1.0% Sports Fascias; +5.0% Fashion Fascias). The result for the full year remains very dependent on the sales and margin performance in December and January and we will issue an Interim Management Statement on the third quarter in November.

"We continue to look for appropriate acquisition opportunities which can deliver additional sources of future earnings growth principally in overseas Sports Retail but also to compliment our core retail fascias.

"The Board again believes that the Group is well positioned for future growth across its markets and trading is in line with its expectations."

JD Sports Fashion plc is the leading retailer of sport inspired fashion apparel and footwear.

JD Sports Fashion Plc

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