Maintains FY pretax profit guidance (Il Sole 24 Ore Radiocor) - London, 22 Aug - JD Sports Fashion, a UK retailer of sports, fashion and outdoor brands, said that in the 13 weeks to August 3 like-for-like sales were up 2.4% and organic sales were up 8.3%.

As a consequence, first half like-for-like sales were up 0.7% and organic sales were up 6.4%.

The first half gross margin was 48.3%, 10 basis points below last year and inventory levels at the end of the period were as it expected. During the first half, the group opened 85 new JD stores, which along with the Hibbett acquisition and the ongoing disposal of non-core stores, meant it ended the first half with 4,506 stores, up 1,189 from the start of the year. "The global macro environment remains volatile and so we continue to be cautious on our outlook for the rest of the year," it said.

But based on its first half trading and allowing for an anticipated 15 million pound headwind at current exchange rates due to a stronger pound, it maintained its guidance range of profit before tax and adjusting items of 955-1,035 million pounds, on a pre-Hibbett basis.

AAA-Web

(RADIOCOR) 22-08-24 08:29:03 (0141) 5 NNNN