Sports chain lost £700,000 stock in British riots
Published 21/09/2011 | 08:42
BRITISH retailer JD Sports Fashion today revealed that £700,000 of stock was looted in last month's riots while one of its stores has yet to reopen after suffering fire damage.
A total of 16 stores in London, Nottingham, Manchester and Birmingham were hit by the disorder, with six in London suffering "very significant thefts".
Its losses would have been worse if not for the pre-emptive measures it took to stop looters gaining access to its stores, it said.
A JD store in Woolwich in London is still closed as fire damage is repaired but the rest of the stores were reopened by Sunday August 21.
Despite the effect of the riots and store closures, the chain said like-for-like sales excluding VAT increased by 1.6pc in seven weeks to September 17, underscoring its credentials as one of the top performing retailers.
However, it also revealed that underlying pre-tax profits declined 17pc to £16m in the half year to July 30 as its margins were squeezed by the impact of faltering consumer confidence and the increase in VAT.