JD Sports today said online sales growth had helped lift its revenues in the first half of its financial year – but that the acquisition of loss-making Blacks out of administration had seriously dented its profits.
The sports clothing and equipment retailer said “continuing strong growth in online sales” had helped to lift gross UK and Ireland sales by 1.1% in the first half.
The update came as the company reported a 26.4% rise in sales to £555.99m in the half-year to July 28, compared to the same time last year, but an 85.65% drop in pre-tax profits to £2.87m from £20.07m last time. Profits were hit by the acquisition of Blacks, which recorded a loss of £10m, and other acquisitions, which saw a loss of £1.7m.
