StockMarketWire.com - JD sports reported a rise in profit in the first half of the year as the sportswear retailer's expansion into the US following its acquisition of Finish Line bolstered results.

The company said, however, it expected headline pre-tax profit at the mid-point of expectations, which currently range from £402m to £424m, blaming the adoption of new accounting standards.

Notwithstanding the ongoing uncertainty with regards to Brexit, the company said it was confident that, without the impact from the transition to the new accounting standards, IFRS 16, the group would have been on track to deliver headline profit before tax for the full year at the top end of market expectations.

For the six months ended 30 June, pre-tax profit rose to £129.9m from 121.9m a year earlier and revenue increased 47% to £1.8bn.

Headline profit before tax and exceptional items increased 30% to £158.6m and like-for-like sales in global sports fashion fascias grew 12% including growth of more than 10% in the core UK and Ireland Sports fascias, the company said.

JD said it also continued to gain momentum in Europe with a further double digit increase in total like for like sales and a net increase of 23 stores in the period.

The company expanded its footprint abroad, with a net increase of 23 JD stores across mainland Europe, seven stores in the Asia Pacific region and six stores in the US.

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