Tiso owner JD Sports on track to match record profit haul

Retail giant JD Sports Fashion is on course to match last year’s record profit haul after sales continued to grow last month despite a tougher backdrop for consumer spending.

The sports clothing and trainers chain, which has a ­controlling stake in ­Scottish outdoor retailer Tiso, told shareholders before its annual general meeting that like-for-like sales increased by 5 per cent over the five months to June, compared with the same period last year.

As a result, its pre-tax profits for the current financial year “will be in line with the record performance” in the year to January 2022.

The company delivered a £654.7 million statutory pre-tax profit over the year after surging demand for its sportswear. That was up from £324m the previous year.

JD also confirmed in its latest update that it is “progressing” with a review of its governance and compliance.

In May, the group laid out plans for an overhaul of its corporate governance structure which led to longstanding chairman Peter Cowgill stepping down from his role after 18 years.

Earlier this month, the group hired former Morrisons boss Andrew Higginson as its new chairman. JD told investors that its process to hire a new chief executive was “ongoing”.

The update comes after Sports Direct owner Frasers Group posted bumper profits a day earlier and said it expects further progress, despite cautioning over inflationary and supply chain pressures.

The Mike Ashley-founded business, which also runs House of Fraser and Game stores, hailed a strong full-year performance despite a “significant increase” in running costs.