JD Sports weathers the storm to show upturn in profits

Oct 6 2005

Daily Post

THE owner of JD Sports revealed an upturn in profits yesterday after weathering tough trading conditions which recently saw rival Allsports go into administration. Turnover was down at John David Group, but improved margins saw half-year operating profits to the end of July jump to £2.8m from £1.8m for the same period last year. But the company warned that trading had been disappointing since July 30 due to increased competition and the London bombings, and added that the Christmas shopping period would be crucial. Rival firm Allsports put 1,700 jobs at risk when it went into administration last month following a price war amongst sportswear retailers. Turnover at JD was down 1.2% to £209.6m after 13 stores were closed and only one was opened in the first six months of the year. Story continues ADVERTISEMENT A further four stores have closed since the end of July, with one opening in Norwich. Like-for-like sales were down 0.6%, although JD's sports stores fared much better than its fashion stores, down 0.2% and 5.3% respectively. Margins improved to 46.6% from 46% in 2004 leaving underlying operating profits up 55% to £2.8m. After £3.7m of exceptional costs due to "onerous lease costs and store impairment provisions", JD posted a pre-tax operating loss of £900,000.

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