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Sales soar at JD Sports Fashion

Tuesday, 16th April 2019
JD Sports Fashion has reported a 49.2% increase in full year revenue to £4.71bn. Pre-tax profit went up 15.4% to £339.9m.

The JD fascia saw a net increase of 39 stores in the period with new stores in all of its existing European territories together with the first two JD stores in Finland. JD now has a presence in 10 countries in mainland Europe with its first store in Austria at Mariahilfer Strasse in Vienna expected to open later in the first half.

At the period end there were 46 stores trading as JD across the Asia Pacific region with additional stores in the existing territories of Malaysia and Australia together with its first stores in Singapore, Thailand and South Korea.

The retailer opened its first five JD stores in the US which included the conversion of four existing Finish Line stores.

It said: 'It is too early to make any conclusions on the potential for JD in the United States as these stores do not currently contain a full representation of the JD product offer, particularly apparel.

'Given the lead times on ordering we do not expect this situation to change materially until the second half of the year.

'These stores have also not had the benefit of full digital support which we anticipate will commence later in the spring leveraging off the Finish Line digital expertise. That said, we are encouraged with the early results and we are using the learnings to further refine our proposition.'

Executive chairman Peter Cowgill implied the new financial year had started well for the group as a whole.

He commented: 'Given the significance of Easter trading to the overall result of the group and the change in the timing relative to last year, any announcement of like-for-like sales performance in the year to date would lack precision. However, we are pleased with the continued underlying positive performance of the group and are excited by the major developments ahead.'




Story provided by StockMarketWire.com

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