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National Living Wage could mean fewer jobs, says JD Sports National Living Wage could mean fewer jobs, says JD Sports
(about 1 hour later)
The new National Living Wage could affect jobs even if it means consumers have more to spend, JD Sports executive chairman Peter Cowgill has said.The new National Living Wage could affect jobs even if it means consumers have more to spend, JD Sports executive chairman Peter Cowgill has said.
Speaking to the BBC, Mr Cowgill said the increased "spending power" of customers was unlikely to outweigh the higher labour costs at his firm. The chain has announced half-year pre-tax profits of £46.6m, up 82% and like-for-like sales growth in excess of 10%.
However, Mr Cowgill said his company could absorb the cost. It also owns footwear specialist Size? and outdoor specialists Blacks and Millets.
The company also owns footwear specialist Size? and outdoor specialists Blacks and Millets. Mr Cowgill said the increased "spending power" of customers was unlikely to outweigh higher future labour costs.
"It is at the cost of expansion, development and perhaps therefore the repercussion in the wider sense is the ongoing cost in terms of increasing employment," he added. He said his company could absorb higher wages and it would not effect immediate recruitment plans.
"Perhaps the repercussion in the wider sense is the ongoing cost in terms of increasing employment," he added.
The National Living Wage means that the minimum wage will be set at £7.20 an hour for over-25s from April 2016 which is forecast to rise to £9.35 in 2020.