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JD Sports Fashion reports H1 FY20 revenue of £2,545 mn

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JD Sports Fashion, the leading retailer of sports, fashion and outdoor brands, has posted 6.5 per cent total revenue decrease to £2,544.9 million in its first half (H1) for fiscal 2020 ended on August 1, compared to the revenue of £2,721.2 in the same period prior year. Company’s profit for the period came down to £27.1 million (H1 FY19: £98.0 million).

 

“Ultimately, given the unique circumstances of this trading period, we are reassured by the strength of the JD brand as demonstrated by the retention of more than 90 per cent of the total revenues. However, it should be recognised that this has necessitated additional costs principally relating to the provision of enhanced health and safety measures, in all areas of the business, together with increased costs of online fulfilment, including performance marketing,” Peter Cowgill, executive chairman, said in a press release.

 

Gross profit during the six months period was down to £1,161.5 million (£1,275.1 million). Operating profit fell to £75.0 million (£171.1 million). Profit before tax was down to £41.5 million (£129.9 million). 

 

Sports Fashion reduced 4.6 per cent to £2,402.4 million (£2,517.1 million). While, outdoor sales reduced 30.2 per cent to £142.5 million (£204.1 million).

 

During the first half for FY20, sales in UK were down to £963.2 million (£1,120.7 million). In Europe, sales fell to £622.5 million (£727.0 million). However, sales in US rose to £834.3 million (£730.3 million). While sales in Rest of world was £124.9 million (£143.2 million). 

 

“We are generally encouraged by our performance since the stores re-opened and with our performance in the first few weeks of the second half. However, retail footfall remains comparatively weak and the recent strengthening of measures in many countries and the subsequent temporary closure of some stores reminds us that Covid-19 remains an ongoing challenge,” Cowgill said.

Fibre2Fashion News Desk (JL)

JD Sports Fashion, the leading retailer of sports, fashion and outdoor brands, has posted 6.5 per cent total revenue decrease to £2,544.9 million in its first half (H1) for fiscal 2020 ended on August 1, compared to the revenue of £2,721.2 in the same period prior year. Company’s profit for the period came down to £27.1 million (H1 FY19: £98.0 million).



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