Britain's third-largest sportswear retailer, JD Sports Fashion, posted an expected 14.5 per cent increase in first-half profit and said it was on track to meet expectations for the full year.
The company, which focuses on the upper end of the sportswear market, said today it made a profit before tax and exceptional items of £14.2 million in the six months to August 1st.
That compared with analysts forecasts of about £14 million and £12.4 million in the 2008 period.
Revenue increased 8.4 per cent to £324 million nd was up 0.7 per cent on a like-for-like basis, while gross margin was maintained at 48.2 per cent.
Like-for-like sales rose 0.8 per cent in the six weeks to September 12th.
"With challenging conditions for the consumer continuing, the result for the full year remains very dependent on the sales and margin performance in December and January," said executive chairman Peter Cowgill. "Nevertheless, the board believes that the group is well positioned to deliver on market expectations."
Shares in JD, 57 per cent of which are owned by sportswear company Pentland, have doubled in value over the past six months, outperforming other general retailers by 47 percent.
The stock closed yesterday at 579 pence, valuing the business at £282 million.
Reuters