JD's sporting chance: Sportswear firm nets higher profits
STRONG demand for sporting goods and an upturn in its Blacks and Millets outdoor chains helped JD Sports Fashion to net higher profits.
JD Sports said its core sports shops in the UK and Ireland racked up a record year, lifting underlying divisional operating profit by £15.5million to £93.4m.
Blacks and Millets , bought from administrators for £20m two years ago, broke even for the first time in the second half after an overhaul of stores, operations and management.
However, losses in its struggling fashion business increased to £6.4m from £1.7m a year ago, mainly due to higher losses at branded youth fashion chain Bank.
The group’s international sport businesses did well, with a satisfactory performance by its 17 JD shops in France and encouraging results in Spain.
It bought businesses in the Netherlands and Germany during the year and is seeking other international acquisitions.
Pre-tax profit in the year to February 1 rose 27.3 per cent to £77m.
Chairman Peter Cowgill said the core sports businesses “continue to provide the foundation for profit and expansion”.
JD shares fell 14p to 1600p.
