JD Sports posts record growth in FY profits

JD Sports Fashion this morning said it was “very encouraged” by a 24 per cent rise in profit growth last year.

The company said pre-tax profits came in at £294.5 million for the 53 weeks to February 3 2018, up from £238.4 million in 2016/17.

Revenue for the period came in at £3.16 billion, an increase of 33 per cent against the £2.38 billion achieved the year before.

JD Sports Fashion’s 2016/17 accounting year was one week shorter than 2017/18, spanning the 52 weeks to January 28 2017.

The results come as JD continues to eye international expansion for its brand, and just weeks after it reached a deal to acquire Finish Line for $558 million (£388.53 million).

Subject to approval, the deal will enable the business to expand its presence into the US and Puerto Rico.

The brand saw marked international growth last year, with a net increase of 56 stories across Europe and nine in the Asia Pacific region, including the company’s first in Australia and in South Korea.

“After delivering a headline profit of £100m for the first time in the year to January 2015, the headline profit has increased by more than £200m over the subsequent three years, a rise in excess of 200%” said JD’s executive chairman, Peter Cowgill.

“The investments we have made over a number of years in developing our multichannel proposition and driving improved buying, merchandising and retail discipline have ultimately led to the creation of a world class sports fashion business which combines the best of physical and digital retail on an increasingly global scale.”

Speaking further, Cowgill said the company is “very encouraged by the progress [made] internationally”, adding that JD will “continue to look for further opportunities to bring our dynamic multichannel proposition to new markets around the world with the support of our key brands”.

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