JD Sports announces profits jump
JD Sports has announced a 28% increase in profits for the year to 29 January with pre-tax profits jumping to £78.6million from the £61.4million achieved in the previous year.
Revenue rose 15% to £883.7million from £769.8million.
The retailer has ben busy acquiring a number of brands including the Sonneti, Chilli Pepper, and Nanny State brands and Irish sports shop chain Champion Sports. It has also increased its store portfolio with 21 new stores offset by 15 closures.
Peter Cowgill, executive chairman, said: "This has been the seventh successive year of good progress in revenue and profitability for the group. Such sustained performance continues to reflect the strength and uniqueness of our brand as well as the strength of our management teams.
"Our very strong cash position has also allowed us to continue to invest in brands, our store portfolios and new businesses."
Despite the good results the retailer said it would remain cautious about the outlook for the coming year.
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