Member Article

Profits rise at JD Sports as Blacks and Millets turnaround speeds up

High street sports retailer JD sports has experienced a 5.5% rise in full year profits as its recently acquired Blacks and Millets business broke even.

The retailer said strong sales in Sport helped drive operating profit of £78.2 million, after roughly £11.8 million expenses associated with the acquisition of JD brand Bank Fashion’s parent, Pink Soda Limited.

JD’s Fashion business suffered operating losses of £6.4 million while new stores were acquired in the Netherlands and Germany.

Markdowns and stock clearance across the Blacks and Millets stores allowed the firm to reach break even point in the second half of the year, compared with a loss of £4.9 million in the same period the previous year.

Executive chairman Peter Cowgill said: “I am delighted to report that our core Sports fascias (JD and Size?) delivered another year of substantial progress. It is particularly pleasing that they have produced a record result in our core markets in the UK and Ireland.

“These businesses continue to provide the foundation for profit and expansion in the Group. We have also seen very positive developments for our Sport fascias in Europe.

“I am encouraged that the Blacks and Millets business achieved a significant improvement in the second half of the year and we expect continued progress in the new financial year.

“The Group continues to be well positioned with its retail proposition, increased financial resources and extensive management experience to take advantage of opportunities both in the UK and internationally.”

This was posted in Bdaily's Members' News section by Tom Keighley .