Group profit, before tax and exceptional items, rocketed 51 per cent to£25.1 million, compared to£16.6 million the previous year. Operating profit - before net financing costs and exceptional items - also soared 36 per cent to£27.3 million.
John David executive chairman Peter Cowgill said: 'I am pleased with the progress of the group during the year and, specifically, the improvement in profit before tax and exceptional items.'
Sales rose to£492.8 million at its sports fascias, compared to£448.9 million last year and group operating profit was£29.7 million, compared to£22.6 million last year. The retailer said the 73 ex-Allsports stores, now trading as JD branches, were performing satisfactorily. However, the 14 Hargreaves airport stores, acquired in June, were not doing well after being adversely affected by airport security measures.
At its fashion fascias, like-for-like sales were up 3.7 per cent for the year. However, sales declined to£37.7 million, compared to£41.4 million last year, as a result of store disposals. Eight underperforming shops were closed in the year and a further two have been closed since the year end. The retailer said substantial losses were borne on some of the stores before they were disposed of.
Cowgill said: 'Trading has been encouraging, with like-for-like sales for the 12 weeks ending April 21 up 7.5 per cent. Overall, the board expects a further improvement in the group's results for the first half of the current year, but remains aware of the more challenging environment, which is likely to prevail in the balance of the year.'
No comments yet