JD Sports profits rise despite UK high street challenges

jd sports
LEEDS, UK - 15 NOVEMBER 2015. JD Sports Shop at Kirkstall Bridge in Leeds

JD Sports (LON:JD) reported its final results for the year on Tuesday, sending shares up.

The sportswear retailer said like-for-like sales during the 12-month period to February were up 6%, despite an increasingly challenging retail backdrop in its core UK market.

As a result, JD Sports said pre-tax profits were up 15.4% to £339.9 million. Revenues were up 49.2% to £4.7 billion during the course of the year.

During the period, the group also continued its expansion into Asian markets, with a further 34 JD stores opened in the region.

Peter Cowgill, Executive Chairman, commented on the results:

“We firmly believe that the elevated and dynamic multibrand multichannel proposition of the core JD fascia, which enjoys the ongoing support of the key international brands, has the necessary agility to continue to exceed consumer expectations and prosper in an increasing number of international markets.

“We believe that our acquisition of the Finish Line business in the United States, the largest market for sport lifestyle footwear and apparel and the home to many of the global sportswear brands, will have positive consequences for our long-term brand engagement whilst significantly extending the Group’s global reach. We maintain our belief that Finish Line is capable of delivering improved levels of profitability.

“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.”

Shares in JD Sports are currently +3.57% as of 11:11AM (GMT).