JD Sports has seen another huge jump in both profits and revenues raising its full year outlook and quashing investor fears.
The sports clothing retailer said pretax profit in the 26 weeks ended July 29 rose to GBP102.7 million from GBP77.4 million the year before, as revenue grew to GBP1.37 billion from GBP970.6 million.
But JD Sports confirmed in its half-year figures that its profit margin was slightly below the previous year as it has faced soaring buying costs as a result of the Brexit-hit pound.
Executive chairman Peter Cowgill said strong sales across its core United Kingdom and Ireland stores underpinned the half-year profits leap, but he also hailed progress on expanding internationally.
During the half-year, there was a net increase of 12 JD stores in the United Kingdom and Ireland.
JD Sports said it achieved "encouraging" like-for-like sales growth in the half and "strong" growth online, while also benefiting from new store openings across the UK & Ireland, mainland Europe, Malaysia and its first stores in Australia.
JD Sports Fashion PLC (LON:JD.) reported record first-half profit boosted by the opening of 35 new stores at home and overseas, and the retailer expects its full year results to be at the top end of market expectations.
"This is another pleasing result demonstrating the strength of our highly differentiated multichannel proposition and our ability to prosper in an increasingly competitive market for athletic inspired footwear and apparel". Over half of these were across Europe and the retailer reportedly plans to open a further 23 over the next half.