JD Sports Fashion pre-tax profit before exceptional items has broken through the £100m barrier for the first time.
Profits jumped 22% to £100m in the 52 weeks ended January 31.
Group like-for-likes advanced 12% – “an exceptional performance”, according to JD Sports executive chairman Peter Cowgill.
Sales increased 25% to £1.52bn driven by a strong performance in its Sports Fashion division where like-for-likes increased 13% across Europe and operating profits were up 18% to £107m.
Cowgill said JD Sports benefited from its “unique” approach to retail theatre. He said: “JD’s unique and often exclusive sports and fashion premium brand offer continues to enthuse and excite both customers and suppliers”.
JD Sports operates 660 stores in its sports division across the UK and Europe.
However the outdoor arm experienced a “difficult second half” following the mild autumn, which meant the retailer upped its promotional activity. Losses in the 184-store division, which comprises Blacks and Millets, were £4.9m, down from £8m the previous year.
Cowgill said: “I am delighted to report that our continuing operations have delivered a record result for the year with a headline profit before tax and exceptional items in excess of £100 million for the first time. This result and its ingredients provide a robust platform for further profitable growth, at home and internationally.”
He added: “This, combined with our market-leading standards of visual merchandising and disciplines in-store, provides the basis for international success.
“The Board continues to believe that the Group is well positioned to exploit successfully the opportunities that exist for continued profitable growth.”
JD Sports disposed of its fashion business Bank in the period, selling it to Hilco in November before it eventually went bust.
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