JD Sports reports 24 percent rise in annual pre-tax profit

For the year to February 1, 2020, total revenue at JD Sports Fashion Plc increased by 30 percent to 6,110.8 million pounds, including 1,601.5 million pounds of revenue from Finish Line and JD in the United States and 215.9 million pounds from Footasylum in the 39 week period after it was acquired. Like for like store sales for the 52 week period across all group fascias, the company said in a statement, increased by 6 percent with the total like for like growth including online for the same businesses increasing by 10 percent. Gross margin in the year of 47 percent was slightly behind the prior year’s 47.5 percent. The company added that profit before tax and exceptional items increased by 24 percent to 438.8 million pounds.

Commenting on the full year trading, Peter Cowgill, the group’s Executive Chairman, said: “While Covid-19 has constrained our short term progress, it is important that we do not lose sight of the core retail standards and commercial disciplines which have underpinned our longer term growth to date. We were encouraged by the continued positive trading in the early weeks of the year prior to the emergence of Covid-19 and we firmly believe that we are well placed to regain our previous momentum.”

As previously announced, JD Sports further said that to maintain cash reserves in the current situation, the group will not pay a final dividend.

The company’s adjusted earnings per ordinary share before exceptional items increased by 20 percent to 34.26p and on a consistent accounting basis, the adjusted earnings per ordinary share were 36.41p. The basic earnings per ordinary share decreased by 6 percent to 25.29p and on a consistent accounting basis, the basic earnings per ordinary increased by 2percent to 27.44p.

Picture:Facebook/JD Sports

 

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