JD Sports upbeat despite weaker euro

Sportswear and outdoor goods retailer JD Sports today said it was confident of meeting City hopes for its new financial year, although the weaker euro will dent margins at its overseas stores.

The group, which owns a 60 per cent stake in Edinburgh-based outdoor equipment chain Tiso, said it had enjoyed “strong” trading in the first 19 weeks of its new year, having announced record annual pre-tax profits of £100 million in April.

In a statement ahead of JD’s annual meeting, executive chairman Peter Cowgill said: “We remain pleased with the growing level of sales in Europe although the weak euro will impact our margins in our JD stores outside the UK.

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“Whilst we are now trading against challenging comparatives for the remainder of the year, the board remains confident that current earnings expectations for the group for the year ended 31 January 2016 should be met.”

The firm about 70 stores in Europe under its JD and Size? brands, while it also owns the Chausport footwear chain in France and Sprinter in Spain.