JD Sports see FY in line as strong demand boosts lifts H1 profits by 25%

(Sharecast News) - UK sportswear retailer JD Sports Fashion said it was still on track to deliver a 5% rise in annual profit after interim earnings rose by more than a quarter driven by strong sales despite the cost-of-living crisis. It expects to post pre-tax profits of £1.04bn for the year to January 2024.

Underlying sales for the six months to July 29 rose 12% to £4.7bn, while pre-tax profit surged 25.8% to £375.2m.

"In the last seven weeks, trading across the group has continued in line with our expectations. At constant exchange rates, organic sales growth was 10%. In addition, we have continued to open new JD stores worldwide and are on track to meet our full-year store targets," the company said on Thursday.

Reporting by Frank Prenesti for Sharecast.com