But executive chairman Peter Cowgill said that, before any expansion programme is launched, the group will concentrate on improving the 49-store chain’s retailing disciplines.
“The ground rules need to be correct first. We are focusing on rationalisation before taking it forward,” said Cowgill.
The retailer will also launch a transactional site for Bank by September, offering about 95 per cent of its product range.
This week, JD reported stellar results. Pre-tax profits soared 103 per cent to£35 million in the year to February 2. Turnover climbed 11.6 per cent against the previous year to£592.2 million. Cowgill put the success down to a “differentiated focus and stylish quality merchandise”.
Despite the consumer slowdown, Cowgill insisted that he was not tempted to alter price points. “We believe we have a quality offer that represents value for money and don’t want to be sucked into cheap and cheerful,” he said.
With a net cash balance at£11.7 million at the end of its financial year, JD has not ruled out further acquisitions. “We would take advantage of any opportunities but have no immediate plans,” said Cowgill.
The retailer has also not ruled out overseas markets as a potential longer-term growth strategy.
Investec analyst David Jeary upgraded his pre-tax profit forecast for the present year by 4.7 per cent to£45 million, but said: “We think it is inevitable, given the weakening consumer background and integration of and investment in its acquisitions, that 2008/09 will see a lower rate of growth on all counts.”
However, he added: “Its younger customer should be relatively more immune to the broader consumer deceleration.”
Current trading has remained solid since the year-end. Like-for-like sales rose 4 per cent for the 10 weeks to April 12.
JD has also signed a sponsorship deal with football team Dundee United to widen its brand awareness among football fans.