JD Sports shares pop as retailer reports record yearly profit

Business

JD Sports shares rose more than 6 per cent in early trading after the group reported what it said were “record results” for the year to 3 February.

Pre-tax profit rose 24 per cent to £294.5m, from £238.4m the year before, while revenue increased by 33 per cent to £3.2bn from £2.4bn.

The company said like-for-like in-store sales rose 3 per cent, but the lion’s share of sales came from its website, with growth of 30 per cent.

“This is an excellent result demonstrating our capacity for continuing growth in both existing and new markets, and the strength of our offer in store and online,” said JD Sports boss Peter Cowgill.

“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.”

The retailer recently unveiled a $550m (£383m) deal to buy US athleisure brand Finish Line, and said the takeover would give JD Sports the opportunity to “expand its market leading elevated proposition into the most significant global market”.

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