JD Sports posts strong full-year profits
JD Sports has reported that its full year profits before tax and exceptional items have broken the Â£100 million barrier for the first time.
After exceptional items, the sportswear retailer increased its pre-tax profit by 18% to £90.5 million in the year to 31 January. Meanwhile, revenue climbed by 25% to £1.5 billion with like-for-like sports fashion sales growing 13% year-on-year.
Peter Cowgill, JD Sports executive chairman, said: "I am delighted to report that our continuing operations have delivered a record result for the year with a headline profit before tax and exceptional items in excess of £100 million for the first time. This result and its ingredients provide a robust platform for further profitable growth, at home and internationally.”
JD Sports said the result had been driven by an “outstanding” performance in the company’s sports fashion fascias. However, its outdoor business had a difficult second half due to the unseasonably mild autumn and winter.
The company continued to expand its store presence in Europe with 19 new stores for JD Sports and Size? to take the total to 70 stores. In addition, it refurbished its flagship Trafford Centre store in a new concept. This will also be applied to a new flagship in London’s Oxford Street which will open later in the year.
Cowgill added: "The board continues to believe that the group is well positioned to exploit successfully the opportunities that exist for continued profitable growth."
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