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JD Sports hails year of ‘significant’ progress

JD Sports has reported that its annual pre-tax profit before exceptional items rose by 26% to £307.4 million after a year of “significant” progress both in… View Article

SPORTS & LEISURE

JD Sports hails year of ‘significant’ progress

JD Sports has reported that its annual pre-tax profit before exceptional items rose by 26% to £307.4 million after a year of “significant” progress both in the UK and overseas.

In the 53 weeks to 3 February, pre-tax profit climbed by 24% to £294.5 million while revenues increased by 33% to £3.161 billion.

Like-for-like sales in stores rose by 3% and were up in excess of 30% online.

Peter Cowgill, JD Sports executive chairman, said: “I am delighted to report that this has been another period of significant progress for the group with headline profit before tax and exceptional items increasing by a further 26% to £307.4 million. This is an excellent result demonstrating our capacity for continuing growth in both existing and new markets, and the strength of our offer in store and online.”

JD said its core UK and Ireland sports fashion fascias was continuing to provide the foundation for its success. It also made significant progress for the JD fascia internationally in the period with a net increase of 65 stores, of which 56 were in Europe.

During the year, the company agreed terms for the acquisition of The Finish Line in the US. This includes 931 branded stores as well as 375 branded concessions and 188 unbranded concessions in in Macy’s department stores.

Cowgill added: “We are very encouraged by the progress that we are making internationally and we continue to look for further opportunities to bring our dynamic multichannel proposition to new markets around the world with the support of our key brands.”

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