JD Sports doesn't fear benefit cuts as success story goes on

"I understand the question," conceded chairman Peter Cowgill. "But in truth I don't think we will be any more disadvantaged than other retailers."

JD is often derided as chav fashion by snooty metropolitan types, but beneath the sneers there's a solid business with a record of introducing new brands to the high street.

Profits for this year are likely to hit £70 million, a huge rise from the £5 million being made five years ago.

A trading statement today for the period from the end of January to June 5 shows like-for-like sales up 2%.

The sports arms in particular are doing well, up 3%, while fashion is suffering, down 3.5%.

So far consumers worried for their jobs haven't been holding back on shopping at JD.

"This is famous last words, but we've not had a bad week this year," says Cowgill, who reckons his customers are already regretting the arrival of the new government.

"If they'd told the truth in the first place about what they were going to do, they wouldn't have won," he argues.

JD isn't big on replica shirts, but other world cup-related gear is doing well.

Singer Capital Markets rates the shares a buy.