Highlights
Record performance in the core Sports fascias with strong sales and margin performance. Operating profit (before exceptional items) up 55%. Like for like sales up 7.5% in UK and Ireland
Further expansion of Sports fascias internationally with further new stores in France and Spain together with acquisition of first stores in Holland and Germany
New Managing Director recently appointed to Bank Fashion to accelerate repositioning of the fascia
Restructuring and relocation to the North West of the Outdoor fascias was finally completed at the end of the first half giving the Blacks and Millets businesses a lower cost base and a platform for future profitability
New Managing Director recently appointed at Millets
Like for like sales for the 26 week period in the core UK and Ireland Sport and Fashion fascias increased by 5.8%:
Like for like sales for the core UK and Ireland Sport and Fashion fascias in the five week period to 7 September 2013 up 2.8% overall with continued robust trading in the Sports fascias
Continued strong group cash position
Interim dividend increased by 3.5% from 4.30p to 4.45p
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Peter Cowgill, Executive Chairman, said:
"The strong overall result in the first half has been driven by a record performance in our core Sports fascias in the UK. This business continues to provide the Group with a very solid platform for Group profitability and future cash generation. We are also pleased with the continued evolution of the JD fascia in mainland Europe.
"Elsewhere, the performance of both the Fashion and Outdoor fascias has been impacted by significant continued reorganisation activity in the period. Whilst these reorganisations have had a short term negative impact on the overall Group results, we strongly believe that the decisive actions which we have taken were necessary for these businesses to deliver returns in the longer term.
"The robust trading in the Sports fascias has continued since the period end although trading in the Fashion fascias continues to be more difficult. Overall, the like for like sales for the core UK and Ireland Sport and Fashion fascias in the five week period to 7 September 2013 are up by 2.8%.
"Given the continued robust performance in our core Sports fascias, the Board believes that the Group is well positioned to deliver results that are within the range of current expectations."
