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Gloucestershire Business News

Record profits for retailer as "athleisure" craze grows

JD Sports Fashion has reported a record 81 per cent increase in profits thanks to the growing popularity of sports leisure wear for recreational as well as sports activities.

The popularity of so-called "athleisure" saw JD Sports profits before tax soar to £238.4 million in the year ending January 2017.

JD Sports executive chairman Peter Cowgill said: "This has been another period of very significant progress for the group with the headline profit before tax and exceptional items increased by 56 per cent to £244.8 million (2016: £157.1 million).

"Over a three year period the result has improved by more than 190 per cent which is an outstanding performance and provides the Group with a robust platform for further development.

"The foundation of this success remains our core Sports Fashion fascias where JD's continued strength in its core markets is increasingly being complemented by momentum in our international development, with a net increase of 54 JD stores across mainland Europe during the year."

He added: "We are fully aware that athletic inspired footwear and apparel has been on trend throughout Europe for a number of seasons.

"However, whilst this tailwind has clearly had a positive influence, the key to our success in recent years has been the way that we have leveraged these favourable market conditions with our strengthening profitability, a payback for the investments we have made over a number of years to develop the JD retail concept and strengthen our core commercial practices.

"Although the UK's vote to leave the European Union means that there will be some uncertainties for the immediately foreseeable future, our international expansion will remain a clear strategic focus.

"There is an ongoing process to strengthen and build the management team and other core operational infrastructure to support an expansion over a wider geography."

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