UK retailer JD Sports Fashion more than doubled annual profits and said trading in the current year to date was up 5% as demand for sportswear continued after the Covid pandemic.
The company posted pre-tax profits of £654.7m for the year to January 29, up from £324m a year earlier, driven by strong performances in the UK, Ireland and North America. It added that earnings for the current year would be in line with expectations.
Revenue rose to £8.5bn from £6.1bn and the total dividend was lifted to 0.35p a share from 0.29p.
It added that the process to recruit a new chief executive was ongoing with a number of “high calibre” candidates at different stages of consideration including some who have only recently made their interest in the role known following the departure of Peter Cowgill a month ago.
JD Sports said the result had been achieved against a backdrop of a global shortfall in the supply of certain key footwear styles, adding that supply was expected to improve progressively through the remainder of the year.
Its outdoor division returned to profitability with an elevated demand for holidays in the UK and a “general recognition of the physical and mental health benefits of spending time outdoors”. The division posted profit before tax and exceptional items of £25.9m compared with a £6m loss a year ago.
Reporting by Frank Prenesti at Sharecast.
