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Record profits at JD Sports

JD Sports Fashion has posted record full-year results. Profit before tax and exceptional items was up 26% year on year to £244.8m for the year to 3 February.

Profit before tax was up 24% to £294.5m, while operating profit before exceptional items was up 25% compared with 2017 to £308.8m.

Revenue at the sportswear retailer was up 33% to £3.1bn. 

Like-for-like store sales were up 3% for the year, while like-for-like online sales increased by more than 30%.

During the year the retailer opened net 56 stores across Europe, a further nine in the Asia-Pacific region and its first stores in Australia.

Since year end, it has opened its first shop in South Korea.

JD Sports Fashion has also agreed to buy US sportswear retailer The Finish Line, which is subject to approval.

Executive chairman, Peter Cowgill said the period had been one of “significant progress for the group”: “This is an excellent result, demonstrating our capacity for continuing growth in both existing and new markets, and the strength of our offer in store and online.

“After delivering a headline profit of £100m for the first time in the year to January 2015, the headline profit has increased over the subsequent three years, a rise in excess of 200%. This sustained growth could not have been achieved without a relentless and ongoing focus on a number of key principles that ensure we remain the undisputed consumer destination of choice for sport lifestyle footwear and apparel.

“The investments we have made over a number of years in developing our multichannel proposition and driving improved buying, merchandising and retail discipline have ultimately led to the creation of a world-class sports fashion business that combines the best of physical and digital retail on an increasingly global scale.

“We are very encouraged by the progress that we are making internationally and we continue to look for further opportunities to bring our dynamic multichannel proposition to new markets around the world with the support of our key brands.”

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