JD Sports set to grab a place on FTSE 100
Bury based retailer JD Sports is set to grab a place on the FTSE 100 this week.
The move has come at a time when top retailers across the UK have struggled to cope with rising rents and rates combined with changing customer habits.
And in the face of carnage on the high street which has claimed the likes of Debenhams and House of Fraser the firm has gone from strength to strength.
The surge up the Stock Market has been boosted by acquisitions and growth in the firm’s online business.
It has come at a time when Marks & Spencer and Easyjet have struggled to hold onto their place in the ranking of top firms.
M&S share price has halved in the last five years and the now has a Stock Market value of just £4.4bn, about £1.6bn less than JD Sports.
The firm, which is one of the region’s biggest success stories, has more than tripled its sales in the past five years to £4.7bn. As a result its profits have risen to £355m.
JD’s executive chairman, Peter Cowgill, has been awarded £6m bonus for what the company called an “outstanding performance”.
Founded in 1981 by John Wardle and David Makin in Bury, the retailer has been one of the biggest growers on the high street.
Richard Lim, chief executive of Retail Economics, said: “The thing JD has done so well is really understood what customers want.
“It has also embraced change and technology and the experiential element of retailing that’s become so critical. It’s an excellent management team that’s been able to execute effectively.”
