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JD Sports Fashion HY Pre-tax Profit Increases - Quick Facts

JD Sports Fashion Plc (JD.L) reported that its profit before tax for the 26 weeks ended 3 August 2019 increased by 6.6% to 129.9 million pounds from 121.9 million last year, after net adjustments of 7.6 million pounds following transition to IFRS 16 'Leases' and exceptional items of 28.7 million pounds.

Profit before tax and exceptional items on a comparable accounting basis increased by 36% to 166.2 million pounds from the previous year.

Profit attributable to equity holders of the parent for the period declined to 94.1 million pounds or 9.67 pence per share from 97.8 million pounds or 10.05 pence per share in the prior year.

Group revenue increased by 47% to 2.72 billion pounds from last year, with strong total like for like sales growth in global Sports Fashion fascias of 12% including highly encouraging growth of more than 10% in the core* UK and Ireland Sports fascias.

The company said it is confident that, without the impact from the transition to IFRS 16, it would have been on track to deliver headline profit before tax for the full year at the top end of market expectations which currently range from 402 million pounds to 424 million pounds. However, after adjusting for the impact of the transition to IFRS 16, the company would expects to deliver results at the mid-point of expectations.

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