JD Sports Fashion has put a cost on the amount of stock that was looted during August's riots. The retailer believes stock worth £700,000 was taken from 16 stores with 6 in London worst affected. Shops in Birmingham, Manchester and Nottingham were also targeted and all those attacked have since re-opened, bar one store in Woolwich which suffered fire damage.
The company says if it wasn't for the actions of its staff, the losses would have been greater and it is still working with insurers to recover stock theft, repair costs and business interruption. It does not expect the damage to have a material adverse impact on its full year results.
In its latest trading update this morning, the firm saw pre tax profits for the 26 weeks to the end of July rise by 20% to £20m.
Adapted and edited from Yahoo/Sky News here.
Wow, that;s some admission. Following the bile and vitriol poured out by the right wing press and TV media it seems that despite claims of ruined businesses and the adverse effect on the economy, the reverse has occurred and this retailer is making even more money! I would like to quote the following line again to make sure, dear reader, that it stands bold for all to see:
"It does not expect the damage to have a material adverse impact on its full year results."
I don't think we need say anymore.
SussexSocialist
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