JD Sports Fashion FY’13 revenue up 18.8 percent

JD Sports Fashion has announced its preliminary results for

the 53 weeks ended February 2, 2013. Its gross profit reduced to 48.7 percent as compare to 49.2 percent in 2012. The group revenue increased by 18.8 percent, whereas operating profit before exceptional items reduced to 19.8 percent. Adjusted basic earnings per ordinary share also reduced to 16.4 percent. Overall Gross margin recorded this year dropped to 48.7 percent as compared to 49.2 percent last year.

Ongoing robust performance in core Sports fascias which continue to provide investment platform for future profitability in JD in Europe. In the UK and Ireland, these fascias contributed an additional 4.7 million pounds (7.22 million dollars) of operating profits in the year (before exceptional items). The good performance in the Sports fascias has continued in the current financial year with like for like sales growth in the UK and Ireland stores (except Champion) of 1.9 percent in the 9 weeks to April 6, 2013.

Despite 14.9 million pounds (22.88 million dollar) of operating losses (before exceptional items) incurred in outdoor fascias, performance is improving now with new management team and with stocks being better managed, store investment commenced and ongoing cost reduction programme to deliver benefits in the current financial year. Like for like sales in outdoor in the current financial year have benefitted significantly both from the recent sustained cold weather and a sustained clearance programme from January to March.