JD Sports sprints ahead in retail race
Published 14/09/2016 | 02:30
JD Sports Fashion reported first-half earnings growth that showed why it has surged past Mike Ashley's Sports Direct International among UK sports retailers.
Underlying pre-tax profit jumped 66pc to £77.4m (€90.7m), the company said yesterday. That was described as "astonishing" by retail analyst Nick Bubb. The shares rose as much as 8.3pc to hit a record.
While still smaller than Sports Direct in sales, JD Sports has sprinted past its larger rival in market capitalisation, now being valued at £2.8bn compared with its competitor's £1.9bn. By stocking exclusive ranges from Adidas and Nike in bright, spacious outlets, JD has moved up market while Sports Direct's more mass market strategy is out of favour. (Bloomberg)