JD Sports beats forecast as revenues surge 49.2%

1223
JD Sports Footasylum
// JD Sports beats market expectations as revenue surges 49.2% for the 52 weeks to February 2
// Profit before tax increased 15.4% to £339.9m

JD Sports has beaten market expectations with a 49.2 per cent increase in revenue to £4.7 billion for the full-year period ending February 2.

Profit before tax also increased 15.4 per cent to £339.9 million during the period.

The sports retailer, which recently bought Pretty Green out of administration, said it remains threatened by the high street’s challenging conditions despite the rise in sales and profits.

The strong performance has bolstered the team’s notion that bricks-and-mortar stores are still having a positive influence on sales.

Meanwhile, JD Sports opened 83 new stores – with 78 of these in international markets as the retailer focuses on international expansion.

“We firmly believe that the elevated and dynamic multibrand, multichannel proposition of the core JD fascia, which enjoys the ongoing support of the key international brands, has the necessary agility to continue to exceed consumer expectations and prosper in an increasing number of international markets,” JD Sports executive chairman Peter Cowgill said.

The results have come in just days after JD Sports gained enough shareholder support for its £90 million takeover offer for smaller rival Footasylum.

JD Sports also acquired US-based sports retailer Finish Line during the full-year period.

Click here to sign up to Retail Gazette‘s free daily email newsletter