JD Sports preliminary profits rise 20 percent in 2013

REPORT_ JD Sports Fashion announced its preliminary results for the 52-weeks

ended 1 February 2014 strong sales performance in sport. Operating profit (before exceptional items) increased by 20 percent to 93.4 million pounds (156 million dollars). Like-for-like sales for the 52-week period in the UK and Ireland combined core retail fascias increased by 6.7 percent.

JD’s international offering saw addition of stores in France and Spain and acquisitions of stores in The Netherlands and Germany. Turnaround of Outdoor business now progressing with combined Blacks and Millets fascias delivering a breakeven result (before exceptional items) in the second half compared to a loss of 4.9 million pounds (8.1 million dollars) in the second half of the previous year and acquisition of Tiso building market presence.

Fashion category witnessed a difficult year with operating losses (before exceptional items) increasing to 6.4 million pounds (10.6 million dollars).

Commenting on the results, Peter Cowgill, Executive Chairman, said, “I am delighted to report that our core sports fascias delivered another year of substantial progress. It is particularly pleasing that they have produced a record result in our core markets in the UK and Ireland. These businesses continue to provide the foundation for profit and expansion in the group. We have also seen very positive developments for our sport fascias in Europe. The group continues to be well positioned with its retail proposition, increased financial resources and extensive management experience to take advantage of opportunities both in the UK and internationally.”