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By Sabella Ojea
JD Sports Fashion Pvt Ltd on Thursday reported a decline in pre-tax profit for the first half after booking higher costs, although it said sales increased on strong demand for its sports products.
The fashion retailer posted a pre-tax profit of £298.3 million (£336.2 million) for the six months ended July 30, compared with GBP364.6 million a year earlier.
The company said revenue rose from GBP3.89 billion to GBP4.42 billion, with organic sales up 5 percent from last year.
The board declared an interim dividend of 0.13 cents. The company did not disclose the payout to shareholders a year ago.
JD Sports’ first-half results were at the top end of the board’s expectations, and the company said it was opening new stores around the world.
For fiscal 2023, the board said it continues to expect adjusted pre-tax profits in line with fiscal 2022 and that sales for the second half to date are 8 percent higher than last year.
“With widespread macroeconomic uncertainty, inflationary pressures and the possibility of supply chain disruptions with industrial action continuing in many markets, we are bound to remain cautious about trading for the rest of the second half.” Higginson said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix is not following anyone. Autodesk_new
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