JD Sports announces 33% surge in revenue

JD Sports announces 33% surge in revenue

Bury-headquartered retailer JD Sports has announced revenue of £3.16bn for the 53 weeks to 3 February 2018, a 33% increase on the previous year.

The company also saw A 24% increase in profits over the same period. pre-tax profits came in at £294.5m, up from £238.4m in 2016/17.

These strong financial results come on the back of a period of growth for the company, where it acquired US retailer The Finish Line, and opened its first store in South Korea.

Peter Cowgill, executive chairman, said: "I am delighted to report that this has been another period of significant progress for the Group with headline profit before tax and exceptional items increasing by a further 26% to £307.4m. 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.

"After delivering a headline profit of £100m for the first time in the year to January 2015, the headline profit has increased by more than £200m over the subsequent three years, a rise in excess of 200%. This sustained growth could not have been achieved without a relentless and ongoing focus on a number of key principles which ensure we remain the undisputed consumer destination of choice for sport lifestyle footwear and apparel.

"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.

"We are very encouraged by the progress that we are making internationally and we continue to look for further opportunities to bring our dynamic multichannel proposition to new markets around the world with the support of our key brands.

"The commitment of our employees is crucial to our success and I would like to thank everyone in our businesses for their support in delivering another set of excellent results. Their talent and energy is at the heart of our success and we remain committed to giving all our colleagues a quality work experience which is challenging yet rewarding.

"The Board remains confident in the robustness and international potential of the JD proposition and is excited by the major developments ahead."