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JD Sports hails record full year profits

JD Sports has posted strong full year results with pre-tax profit before exceptional items coming in at £947.2 million in the 52 weeks to 29 January…. View Article

SPORTS & LEISURE

JD Sports hails record full year profits

JD Sports has posted strong full year results with pre-tax profit before exceptional items coming in at £947.2 million in the 52 weeks to 29 January.

This was more than double the record £438.8 million in the year to 1 February 2020, which was pre-pandemic.

The retailer said its sports fashion retail fascias in the UK and Ireland put in a particularly good performance with pre-tax profit before exceptional items climbing to £471.2 million from £262.7 million in the prior year. 

Meanwhile, profit in North America grew to £343 million from a previous £171.9 million.

JD Sports said its outdoor category returned to profitability in the period after it benefited from increased demand for holidays in the UK and a general recognition by consumers of the physical and mental health benefits of spending time outdoors.

Helen Ashton, interim chair of JD Sports, said: “This was another period of outstanding progress with the group delivering a record headline profit before tax and exceptional items of £947.2 million, more than double the previous record of £438.8 million set in the period to 1 February 2020, which was the last completed financial year prior to the Covid-19 pandemic.

“This result demonstrates our capacity for growth in both existing and new markets, and the strength of our global proposition and consumer engagement in store and online.”

JD Sports said its process to recruit a new chief executive is ongoing and that a number high calibre candidates are being considered. It is also currently working to recruit a new chair.

Looking ahead, the retailer said it anticipates that its headline profit before tax and exceptional items for the 12 months to 28 January 2023 will be in line with the record performance in the prior year.

Ashton added: “Whilst we are encouraged by the resilient nature of the consumer demand in the current year to date, we remain conscious of the headwinds that prevail at this time including the general global macro-economic and geopolitical situation.”

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