Sports profit

JD Sports profits double to £947m in FY22

JD Sports posted a “record” pre-tax profit of £947.2 million in FY22, more than double the previous record set in the year to February 1, 2020.

The group recorded a strong sportswear retail performance in the UK and the Republic of Ireland in particular, with profits in this area reaching £471.2 million, and strong sales retention via digital channels in the first quarter as stores were temporarily closed. .

The latest annual results also include £125.6 million of profit from acquisitions made during the year, as well as the annualization period for businesses purchased in the 52 weeks to January 30, 2021.

The acquisition of Shoe Palace and DTLR by JD Sports included contributions of £57.3m and £50.6m respectively, which also increased its pre-tax profit to £343m on the North American market.

In addition, the company’s net cash balance at the end of the period peaked at £1.18 billion compared to £795.4 million in 2021. This reflects strong cash generation in the UK United and North America as it reported net proceeds after cost of £455.9 million.

A final bonus dividend of 0.35p (0.29p in 2021) per share is proposed to “recognize the performance of the group” over the full year.

Helen Ashton, Acting Chairman of JD Sports, said: “It was another period of exceptional progress, with the group achieving record overall profit before tax and exceptional items of more than double the previous record, which was the last financial year completed. before the Covid19 pandemic.

“This result demonstrates our ability to grow in existing and new markets, as well as the strength of our overall offering and consumer engagement in-store and online. We are, as always, indebted to our talented and committed colleagues within our group and extend our thanks for the incredible work they do every day.

She added: “While we are encouraged by the resilient nature of consumer demand in the current year to date, we remain mindful of the headwinds prevailing at this time, including the macroeconomic situation. and general global geopolitics.

“In this context, the Board of Directors believes that the comprehensive income before tax and exceptional items for the financial year ended January 28, 2023 will be in line with the record performance of the financial year ended January 29, 2022.”