JD Sports Fashion sales jump 30% to £6,111 mn in FY20

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JD Sports Fashion, a UK-based retailer of sports, fashion and outdoor brands, posted 30 per cent revenue growth to £6,110.8 million in fiscal 2020, ended on February 2, 2020 compared to £4,717.8 million in previous year. Profit for the period fell to £250.7 million (FY19: £264.2 million). Operating profit in FY20 were £426.6 million (FY19: £346.2 million). 
“Whilst Covid-19 has constrained our short term progress, it is important that we do not lose sight of the core retail standards and commercial disciplines which have underpinned our longer term growth to date. JD has a market leading multi-channel proposition which maximises its consumer relevance and reach by creating, and then maintaining, a deep emotional connection with its consumers who see JD as an authoritative and trustworthy source of style and fashion inspiration with influences drawn from both sport and music,” Peter Cowgill, executive chairman, said in a press release.
Group’s Sports Fashion businesses performed well which reflected in their performance last year, with profit before tax and exceptional items increasing 28 per cent to £468.5 million (£365.8 million). Sales across group’s global Sports Fashion fascias (excluding Finish Line) increased 8 per cent, including online growth of 12 per cent. 
However, group stated that it was a year of transition and challenges in Outdoor with the Go Outdoors business, in particular, experiencing a number of integration issues in the project to transition store replenishment to being fulfilled entirely from a central warehouse. The overall loss before tax and exceptional items increased to £23.5 million (£20.4 million).
Sales in Europe during FY20 rose to £2,599.2 million (£2,137.9 million). Europe’s sales grew to £1,619.2 million (£1,368.6 million). Sales in US increased to £1,611.0 million (£967.3 million). In Rest of world, JD’s sales were $281.4 million (£244.0 million).
"We were encouraged by the continued positive trading in the early weeks of the year prior to the emergence of Covid-19 and we firmly believe that we are well placed to regain our previous momentum. Looking longer term, there is inevitably considerable uncertainty as to what the effect of Covid-19 will be on consumer behaviour and footfall with future store investments highly dependent on rental realism and lease flexibility,” Cowgill said. 

Tuesday, 07 July 2020

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