Home / Knowledge / News / Retail / JD Sports posts record result for half year

JD Sports posts record result for half year

14
Sep '19
Pic: JD Sports Plc
Pic: JD Sports Plc
JD Sports Fashion Plc, the leading retailer of sports, fashion and outdoor brands, has posted yet another record result for the half year ending August 3, 2019. Group revenue increased by 47 per cent to £2,721.2 million (2018: £1,846.3 million) with strong total like for like sales, while EBITDA increased by 37 per cent to £235.2 million (£171.8 million).
 
Profit before tax and exceptional items on a comparable accounting basis increased by 36 per cent to £166.2 million (compared to £121.9 million for the 26 week period ended 4 August 2018), according to the interim results announced by the company.
 
Reported profit before tax increased by 6.6 per cent to £129.9 million (2018: £121.9 million), after net adjustments of £7.6 million following transition to IFRS 16 'Leases' and exceptional items of £28.7 million.
 
Meanwhile, the company continued its international development with net increase of 23 JD stores across mainland Europe, net increase of seven JD stores in the Asia Pacific region. Six JD stores are now trading in the United States with the physical stores now complemented by a trading website, the company said.
 
Result for the 26 weeks ended August 3, 2019 reflects the application of IFRS 16 'Leases' for the first time. The Group has adopted the modified retrospective transition approach to this new accounting standard with the result to August 4, 2018, which reflected the application of IAS 17 'Leases', not requiring restatement. 
 
"Against a backdrop of widely reported retail challenges in the UK, it is extremely encouraging that JD has delivered like for like sales growth of more than 10 per cent with an improved conversion reflecting consumers' increasingly positive reaction to our elevated multichannel proposition where a unique and constantly evolving sports and fashion premium brand offer is presented in a vibrant retail theatre with innovative digital technology," said JD Sports executive chairman Peter Cowgill.
 
"Notwithstanding the ongoing uncertainty with regards to Brexit, the board is confident that, without the impact from the transition to IFRS 16, the Group would have been on track to deliver headline profit before tax for the full year at the top end of market expectations which currently range from £402 million to £424 million. However, after adjusting for the impact of the transition to IFRS 16, we would expect to deliver results at the mid-point of expectations. We remain encouraged by our prospects for further growth," Cowgill added. (RKS)
 

Fibre2Fashion News Desk – India


Interviews View All

Abhishek Samdaria, Reflete

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Binoy Ravjani, Hero's Fashion

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Nitin Bhatia, Trend Arrest

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Alon Moshe,

Alon Moshe

Israel-based Twine Solutions is a technology start-up that has developed a ...

John Elmuccio,

John Elmuccio

Evolution St Louis is a company setting up a high-tech knitting facility...

Fan Liyuan,

Fan Liyuan

Chinese company Jiangsu Yingyang Nonwoven Machinery, established in 1993,...

Sachin Pendharkar, Dieffenbacher India Pvt Ltd

Sachin Pendharkar
Dieffenbacher India Pvt Ltd

Germany-based Dieffenbacher Group is a producer of high-quality composites ...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Suresh Patel, Sidwin Fabric

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search