JD Sports Fashion ‘very encouraged’ as profits rise alongside international expansion

Retailer JD Sports Fashion Plc achieved profit growth of 24% last year.

The Bury-headquartered company’s pre-tax profits came in at £294.5m for the 53 weeks to February 3 2018, up from £238.4m in 2016/17.

Revenue for the period was £3.16bn, an increase of 33% against the £2.38bn reported the year prior.

JD Sports Fashion’s 2016/17 accounting year was one week shorter than 2017/18, spanning the 52 weeks to January 28 2017.

The brand saw marked international growth last year, with a net increase of 56 stories across Europe and nine in the Asia Pacific region, including the company’s first in Australia.

JD has also launched its first store in South Korea and agreed terms for the acquisition of £1.3bn-revenue US retailer The Finish Line, Inc. The deal is subject to approval from the shareholders of both businesses.

JD’s executive chairman, Peter Cowgill, said: “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.”

He continued: “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.”

Speaking further, Mr Cowgill said the company is “very encouraged by the progress [made] internationally”.

He added: “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.”