(RTTNews) - Tuesday, JD Sports Fashion Plc (JD.L: News ), a UK-based retailer of sport and athletic fashion apparel and footwear, reported higher profit for the first half, driven mainly by strong growth in Sports retail sales. Total like-for-like sales in the period edged up 0.7%. Further, the company said its trading since the end of first half has continued to be satisfactory, with 0.8% rise in like-for-like sales in the six week period to September 12, and added that it continues to be cautious about the outlook for the balance of the year.

Profit before tax in the period was GBP 10.13 million, up 11.1% from GBP 9.12 million a year ago. Profit for the period attributable to equity holders of the parent was GBP 6.98 million, higher than last year's GBP 6.01 million, and earnings per share rose 15.3% to 14.35 pence from 12.45 pence a year ago.

The latest first-half results included pre-tax exceptional items of GBP 3.23 million mainly related to onerous lease provision, and loss on disposal of non-current assets, compared to last year's items of GBP 3.29 million.

On an adjusted basis, excluding exceptional items, first-half profit attributable to equity holders of the parent increased to GBP 9.23 million from GBP 7.48 million last year, and earnings per share grew 22.4% to 18.97 pence from 15.50 pence a year ago. Pre-tax profit, before exceptional items rose 14.5% to GBP 14.20 million from GBP 12.40 million last year.

Total revenue increased 8.4% in the period to GBP 323.99 million from GBP 298.95 million last year, and the growth was 0.7% on a like-for-like basis.
In the six months, revenues from Sports retail segment grew to GBP 270.04 million from GBP 252.26 million a year ago, and the growth was 0.3% on a like-for-like basis. Fashion retail revenues increased to GBP 44.77 million from prior year's GBP 40.33 million, with like-for-like sales growth of 3.1%. The company's wholesale business recorded first-half revenues of GBP 10.04 million, up from GBP 6.86 million a year ago.

Total gross margin declined in the period to 48.0% from 48.2% last year, principally as a result of the lower margin of 39.9% achieved on GBP 9.3 million of sales within Chausport. Excluding newly acquired businesses, six-month gross margin was maintained at 48.2%.

Operating profit rose to GBP 11.13 million from GBP 9.75 million last year, and operating profit before exceptional items increased 10.1% to GBP 14.36 million from GBP 13.04 million a year ago. Operating profit margin before exceptional items was maintained at 4.4%.

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