Thursday 21 September 2017

JD Sports sprints ahead in retail race

Photo: PA
Photo: PA

Paul Jarvis

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)

Irish Independent

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