THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Profits fall at JD Sports as Blacks losses continue

Sportswear retailer JD Sports Fashion saw its full year pre-tax profit fall by 18.3% in the year to February as the group's Blacks chain of stores impacted performance.

GENERAL MERCHANDISE

Profits fall at JD Sports as Blacks losses continue

In the 53 weeks to 2 February, pre-tax profit dropped to £55.1 million although revenues increased by 18.8% to £1.26 billion.

Like-for-like sales in the group’s core sports fascias climbed 2.5% while revenues grew by 10.2% to reach £854 million. Operating profits rose 4.7% to £77.8 million.

JD said its sports fascias had continued to perform well in the current financial year with like-for-like sales growth in the UK and Ireland stores of 1.9% in the nine weeks to 6 April 2013.

Outdoor brands Blacks and Millets, which the group acquired in January 2012, made an operating loss of £14.9 million although their performance has improved more recently due to new management team, better stock control and ongoing cost management.

JD’s fashion business, which includes the Bank chain of stores, reported a 4.1% decline in the like-for-like sales during the year.

Peter Cowgill, executive chairman, said: "We are pleased overall with the start that we have made to the new year. A very considerable amount of reorganisation in both Outdoor Retail and our warehousing and distribution operations is now behind us and this should benefit trading in the balance of the year.

"The group is exceptionally well positioned with its retail proposition, financial resources and extended management experience to take advantage of opportunities both in the UK and internationally. Whilst the board recognises that recent acquisition activity has impacted on short term returns, it remains confident that the group is well positioned to deliver earnings growth and increased shareholder returns over the longer term."

 


 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
National Minimum Wage Breakfast Briefing
National Minimum Wage Breakfast Briefing
20 September 2018
6th Floor 1, St. Martin's Le Grand London, EC1A 4AS
National Minimum Wage Breakfast Briefing