JD Sports posts uplifts in annual sales and profit
JD Sports has posted uplifts in full year sales and profit after experiencing “very strong” demand from consumers across its core markets.
In the year to 1 February, revenue increased by 30% to £6.11 billion as like-for-like sales at the retailer’s sports fashion fascias climbed by 12%. This included 10% like-for-like growth in the UK and Ireland.
Pre-tax profit edged up 3% to £348.5 million while group EBITDA before exceptional items rose by 28% to £623.6 million.
Peter Cowgill, JD Sports executive chairman, said: “We were encouraged by the continued positive trading in the early weeks of the year prior to the emergence of Covid-19 and we firmly believe that we are well placed to regain our previous momentum.”
During the period, JD saw a net increase of 52 JD stores across mainland Europe and 18 in its Asia Pacific region. The company now has 11 stores open in the US and is planning to launch a flagship store in New York’s Times Square later this summer.
Looking ahead, Cowgill said: “There is inevitably considerable uncertainty as to what the effect of Covid-19 will be on consumer behaviour and footfall with future store investments highly dependent on rental realism and lease flexibility.
“Ultimately, however, we remain confident that we have a market leading multi-channel proposition which has the necessary flexibility and agility to prosper within a retail environment that may see profound and permanent structural change.”
