etailer JD Sports Fashion has said it is on track to deliver a rise in full-year profits as its shoppers remain “resilient” despite wider consumer spending woes.
The sportswear retail chain reported a 12% rise in underlying sales over its first half to July 29, with July trading boosted by strong “back to school” demand in North America.
Underlying pre-tax profits slipped 2.6% to £373.5 million.
It said it was “acutely aware of how tough the macroeconomic environment is for consumers across the world”, but said its shoppers “remain resilient”.
Shares in the group jumped 7% in Thursday morning trading as it stood by expectations for full-year underlying profits to reach £1.04 billion for the year to February 3, with underlying sales lifting 10% in the first seven weeks of the second half.
Around 65% of its annual profit is expected to be made in the second half.
On a reported basis, half-year pre-tax profits rose 25.8% to £375.2 million.
Regis Schultz, chief executive of JD Sports Fashion, said: “Looking ahead, our core consumers remain resilient in the face of the ongoing global macro-economic challenges.”
The group has seen sales boosted by the boom in demand for athleisure, while its customer base has so far seen spending hold up despite cost of living pressures.
Half-year sales lifted 8% across the UK and Ireland on an underlying basis, but jumped by 27% in Europe and 15% in North America.
JD Sports added it expects to open more than 200 stores worldwide by January next year.
The firm has been growing rapidly in the US, including adding a flagship store in Chicago earlier this year, and in May it shared ambitious growth plans to open up to 350 shops globally each year, focused in North America and continental Europe.
The British firm also recently agreed to buy France’s sportswear and trainer retailer Courir, for nearly £450 million.