JD Sports Fashion has posted another record year as profits before tax soared 81% year on year to £238.4m.
Revenue at the sports fashion business jumped 31% to £2.3bn for the year to 28 January, as operating profit increased 55% to £246m.
It was a third consecutive year of like for like sales growth for the sports fashion division of the firm, and total sales for that part of the business increased to £2.1bn from £1.6bn the prior year.
Sales in the outdoor segment of the business were also up, jumping from £155m in 2016 to £198m. The outdoor business, made up of Blacks and Millets, moved out of the red this year, making an operating profit of £1.1m, up from a loss of £3.9m the year before.
During the year the firm’s European development accelerated with a net increase of 54 stores for the JD fascia across Europe. As part of JD’s international strategy, two more stores in Malaysia opened in the year and a further store opened since January.
The first JD store in Australia is due to open shortly.
Peter Cowgill, executive chairman, said:
“This has been another period of very significant progress for the Group. The foundation of this success remains our core sports fashion fascias where JD’s continued strength in its core markets is increasingly being complemented by momentum in our international development.
“Whilst we must recognise that there are external influences which may impact the latter part of the year, notably inflationary pressures arising from Brexit, the board remains confident in the robustness of the JD proposition and believes that the Group is well positioned for further profitable growth.”