Profits at sportswear retailer JD Sports have risen by more than half and now stand in excess of £150m during a year which saw important progress in the company’s efforts to expand across Europe.
JD Sports posted profits before tax and exceptional items of £157.1m for the year ending 30 January 2016, a figure which is up 57% from last year.
Revenues climbed by 20% to £1.8bn over the same period as like-for-like sales across all group brands increased by 12%. The company’s brands include JD, Ark, Blacks and Millets.
JD Sports told investors that its European expansion had continued with a net increase of 38 stores for the JD brand. Meanwhile, in March of 2016 it completed the £21m acquisition of the assets of a besieged Dutch chain.
The company’s profit figure does not include the cost of exceptional items, comprising the termination of a project to replace core IT systems and the impairment of intangible assets, which was estimated at £25.5m in 2015/16 compared to £9.5m in 2014/15.
Peter Cowgill, executive chairman of JD Sports, said: “I am delighted to report that the group has delivered another very strong set of results for the year to 30 January 2016. Given that last year’s results was a record for our group then the performance in this year was very pleasing, further demonstrating the increasing influence of the JD fascia in the UK and beyond.
Mr. Cowgill also added “During this year we have expanded our international presence with additional stores in existing European territories together with a number of stores in new countries. We continue to gain traction in Europe and are confident of the opportunities that exist in these markets”.