JD Sports plays a blinder in otherwise troubled retail sector
By Andrew Merrell | 17th April 2018
JD Sports has proved itself ahead of the retail game after announcing a 24 per cent rise in profits last year - a record for the firm.
In an otherwise troubled retail sector the business, which has a store in Eastgate Shopping Centre, Gloucester, appears to be playing a blinder.
Pre-tax profits were reported as £294.5 million for the 53 weeks to February 3, 2018, rising from £238.4 million on the previous year.
Revenue was up 33 per cent to £3.16 billion, rising from £2.38 on the previous year.
According to JD's executive chairman, Peter Cowgill, the success is a result of getting everything right - from the high street to its on-line offering.
"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," said Mr Cowgill.
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And speaking of global scale - the firm continues to have one eye on international expansion.
It recently reached a deal to acquire United States of America brand Finish Line for $558 million (£388.53 million).
If the deal wins approval it will help JD expand into the US and Puerto Rico.
Internationally the company increased its European store count by 56 last year, nine in the Asia Pacific region and opened its first operations in Australia and South Korea.
Over the last three years JD Sports has increased its profits by 200 per cent, pointed out Mr Cowgill.
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