1. News
June 22, 2022

JD Sports registers ‘strong’ results for year to 29 January

The company’s profit before tax more than doubled year-over-year to £654.7 during the 12-month period.

British sports apparel retailer JD Sports has reported ‘strong’ results for the year to 29 January 2022 despite supply chain disruptions and the impact of the Covid-19 pandemic.

The company’s revenue in the 52-week period amounted to £8.56bn ($10.45bn), up from £6.16bn ($7.52bn) recorded in the previous year.

Its gross profit percentage for the year grew slightly to 49.1% from 48.0% on a year-over-year basis.

JD Sports’ profit before tax more than doubled to £654.7 from last year’s £324m.

The company attributed its results to robust performances of its Sports Fashion retail fascias in the UK, Ireland and North America.

JD Sports interim chair Helen Ashton said: “This result demonstrates our capacity for growth in both existing and new markets, and the strength of our global proposition and consumer engagement in-store and online.

“We are particularly encouraged by the strong performance from the Group’s banners in North America.

“It is increasingly evident that the Group’s progress in North America, and the United States in particular, is having a long-term positive impact both on the Group’s overall performance and its relationships with the international brands.

“Whilst we are encouraged by the resilient nature of the consumer demand in the current year to date, we remain conscious of the headwinds that prevail at this time, including the general global macro-economic and geopolitical situation.”

For the four months following 29 January, JD Sports recorded a like-for-like sales growth of 5% compared with the same period of last year.

The retailer’s annual results come after the departure of its executive chair Peter Cowgill last month. The process to recruit Cowgill’s successor is currently underway.

Ashton added: “The process to recruit a CEO is ongoing, with a number of high-calibre candidates at different stages of consideration, including some who have only recently made their interest in the role known.

“A process to recruit a new non-executive chair is also progressing at pace.”