Sports giant sees profits rise 81%
Sports and outdoor fashion retailer JD Sports Fashion has increased its pre-tax profits by a whopping 81% to a record £238.4m, with a third consecutive year of double digit like-for-like sales growth in its sports fashion stores.
The Bury-based company reported the impressive profit figures on turnover that increased 31% to £2.4bn for the year to January 28, 2017.
The core sports fashion division remains the foundation of the business, where JD’s continued strength is being complemented the group’s momentum in international development.
It is continuing to grow its brand and physical presence across Europe and during the period it opened 54 new stores on the continent.
Internationally, a further two stores opened in Malaysia with a further store opened in the new financial year, while the first JD store is due to open in Australia.
Outdoor brands Blacks and Millets delivered a positive result for the first time, while its £112m acquisition of Go Outdoors in November will further develop its outdoors portfolio, the company said.
Peter Cowgill, executive chairman, said: “Over a three year period the result has improved by more than 190% which is an outstanding performance and provides the group with a robust platform for further development.”
He added: “It is a great testament to the strength and quality of the people at every level in our businesses that we have been able to consistently deliver outstanding results over a number of years. Our continued strength is principally due to their talent, energy and commitment and I thank everybody involved across the Group for delivering these excellent results.
“Whilst we must recognise that there are external influences which may impact the latter part of the year, notably inflationary pressures arising from Brexit, the board remains confident in the robustness of the JD proposition and believes that the group is well positioned for further profitable growth.”
The company increased its final dividend by 4.8% to 1.30p, bringing the total dividends payable for the year to 1.55p, an increase of 4.7%.
