JD sports is giving competitors a run for their money, hitting highs of £100m for the first time in its 34 year history.
While other high street retailers have been struggling amid challenging conditions, the sports retailer’s executive chairman Peter Cowgill said:
“I am delighted to report that our continuing operations have delivered a record result for the year with a headline profit before tax and exceptional items in excess of £100m for the first time. This results and its ingredients provide a robust platform for further profitable growth at home and internationally.
The board continues to believe that the group is well position to exploit successfully the opportunities that exist for continued profitable growth.”
The brand continued to push into Europe in 2014, adding 19 new stores of JD to its roster, which also owns Size?, Millets and Blacks.
While a high demand for JD Sports trainers pushed profits, its outdoor sector brands Blacks and Millets made an operating loss of £4.9m, with sales affected by a “particularly mild and dry season”. The company remains optimistic in the long-term.
Results have “been driven by an outstanding performance in our Sports Fashion fascias where JD’s unique and often exclusive sports and fasion premium brand offer continues to enthuse and excite both customers and suppliers” added Cowgill.
“The turnaround of our outdoor fascias continues although the encouraging results in the first half were somewhat tempered in the second half as the milder and drier weather led to a general oversupply relative to demand for winter related product in the market throughout the season with consequent high levels of discounting.”