Record results as sports fashion group expands in Europe

JD Sports

JD Sports Fashion is continuing to enjoy spectacular success with record results as it continues to grow its store count across Europe.

The Bury-based group’s preliminary results for the year ended January 30 show pre-tax profits are up 57% to £157m and revenue up 20% to £1.82bn.

They highlight a “very pleasing performance in sports fashion with like for like store sales growth in excess of 10% for the second consecutive year”.

This resulted in operating profit before exceptional items increasing by 49% to £162.9m (2015: £109.3m).

European rollout continues with a net increase of 38 stores for the JD across Europe, it said.

Encouraging progress in outdoors with additional operational management changes put in place to drive further improvements in performance in a challenging market have also been effective.

There has been strong cash generation with period end net cash of £209.4m (2015: £84.2m) which facilitated continued investment in the sports fashion outlets.

The company said total capital expenditure of £83.5m (2015: £70.2m) is expected to increase further in the current financial year as the international rollout of JD continues to gain momentum.

The final dividend payable increased by 5.1% to 6.20p (2015: 5.90p) bringing the total dividends payable for the year to 7.40p (2015: 7.05p) per ordinary share, an increase of 5%.

Executive chairman Peter Cowgill said: “I am delighted to report that the group has delivered another very strong set of results for the year to 30 January 2016 with the headline profit before tax and exceptional items increased by 57% to £157.1m.
 
“Given that last year’s result was a record for our Group then the performance in the year was very pleasing, further demonstrating the increasing influence of the JD fascia in the UK and beyond.

“During the year we have expanded our international presence with additional stores in existing European territories together with a number of stores in new countries.
“We continue to gain traction in Europe and are confident of the opportunities that exist for the JD fascia in these markets.

“We are encouraged by the continued positive trading across our core fascias in the year to date and the Board continues to believe that the group is very well positioned for profitable growth.”

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