JD Sports shrugs off Brexit to report a more than 80% jump in profit – The Independent
JD Sports reported a more than 80 per cent jump in profit before tax for the year to the end of January, bolstered by its core fashion business and an international expansion drive.
The cut-price sports retailer said that profit before tax hit £238.4m, up from £131.6m in the same period the previous year, and that it was in a strong position to weather the market implications of Brexit.
“Whilst we must recognise that there are external influences which may impact the latter part of the year, notably inflationary pressures arising from Brexit, the board remains confident in the robustness of the JD proposition and believes that the group is well positioned for further profitable growth,” said chief executive Peter Cowgill.
The group said that the record results had been achieved partially thanks to opening 54 new stores during the period, up from 38 during the previous year. It also said that the first JD Sports store in Australia is due to open shortly.
JD Sport’s Blacks and Millets business delivered a positive result for the first time and it said that the acquisition of the Go Outdoors business would help to further strengthen its position in the outdoor market.
It said that it would pay a total dividend per ordinary share of 1.55p for the year, up from 1.48p a year ago.