Retailer JD Sports Fashion has announced a rise in half-year profits and issued an upbeat assessment of its future prospects, despite being badly affected by the English riots in August.
The group – which owns brands including JD Sports, Chausport and Bank – revealed yesterday that stock worth £700,000 had been looted from its stores during the wave of civil unrest that hit several cities last month. Pre-tax profits during the six months to July 30, however, were up by 21 per cent on the same period in 2010.
“We are currently working with our insurers on the subsequent claim, covering theft of stock, repair costs and business interruption. We do not believe that the riots will have a material adverse impact on the outturn for the current year,” the company said in a statement.
Overall sales climbed by 14.6 per cent to a total of £439.8 million, while like-for-like sales at JD Sports Fashion’s core UK and Ireland business increased by 3.3 per cent in the seven-week period ending on September 17.
Earlier this week, French Connection confirmed it had made a half-year profit of £700,000 and outlined plans to expand its overseas operations.
