Sports retailer doubled pre-pandemic profits
By Sarah Wood | 22nd June 2022
JD Sports had a record trading year, more than doubling its pre-pandemic profit levels.
The retailer, which has stores in Cheltenham and Gloucester, recorded pre-tax profits of £947.3m, smashing its previous record profit, which was delivered just before the pandemic, in the year to February 1, 2020, as reported by Retail Gazette.
Despite the cost-of-living crisis, JD Sports said it had been encouraged by resilient consumer demand and believes that profits will be in line with that figure again in the current year.
It said its profits were down to its capacity for growth in both new and existing markets, particularly in the USA, the strength of its global proposition and consumer engagement online and in store.
The strong results are despite some controversies for the brand, which was fined £4.3 million by the CMA over the acquisition on Footasylum and also got into hot water with the CMA over 'cartel activity' around fixing the price of football shirts.
Copyright 2022 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.