JD profits and sales soar as global expansion pays off

Pre-tax profits shot up 24% to £294.5m in the year to January 28 while sales soared 33% to £3.16bn.

JD Sports first delivered profits of £100m just three years ago and has since grown at a rapid pace. 

The business has been on the acquisition trail of late, snapping up businesses such as Hot-T in South Korea, Sport Zone in Iberia and Finish Line in the US, which is currently being finalised by shareholders.

JD expects to complete the deal towards the end of its first half. 

Fashion and outdoors

JD Sports’ fashion business racked up “another exceptional year” as operating profits before exceptional items grew 22% to £300m.

Like-for-likes were up 3%, following double-digit like-for-like growth during the previous three years. Online sales across Europe shot up 30%.

Its outdoor business “made encouraging progress”, delivering 3% like-for-like growth and a 30% online sales rise. Operating profit before exceptional items was £8.8m including a non-trading amortisation charge of £3.7m, up from £1.2m in 2017.

Executive chairman Peter Cowgill said: “This sustained growth could not have been achieved without a relentless and ongoing focus on a number of key principles which ensure we remain the undisputed consumer destination of choice for sport lifestyle footwear and apparel.

“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.

“We are very encouraged by the progress that we are making internationally and we 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.”