Retailer Results / JD Sports

13/09/2016

JD Sports

Trading Update
26 weeks ended 30 July 2016

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14/04/2016

JD Sports

Full Year Results
Preliminary Results for the 52 weeks ended 30 January 2016 (2015: 52 weeks ended 31 January 2015).

Highlights

• Record result with headline profit before tax and exceptional items of £157.1 million (2015: 100.0 million) and group operating profit before exceptional items increasing by 56 per cent to £158.9 million (2015: £102.2 million)
• Sports Fashion -like for like store sales growth in excess of 10 per cent for the second consecutive year resulting in operating profit before exceptional items increasing by 49 per cent to £162.9 million (2015: £109.3 million)
• European rollout continues with a net increase of 38 stores for the JD fascia across Europe
• Strong cash generation with period end net cash of £209.4 million (2015: £84.2 million) which facilitates continued investment in the Sports Fashion fascias

Summary

Total revenue increased by 20 per cent in the year to £1,821.7 million (2015: £1,522.3 million). Like for like sales for the 52 week period across all Group fascias, including those in Europe, increased by 11.6 per cent.

Sports Fashion has had an exceptional year with operating profits (before exceptional items) increased by 49 per cent to £162.9 million (2015: £109.3 million). The retailer has successfully exploited the buoyant market for branded athletic footwear and apparel across Western Europe with like for like store sales growth in excess of 10 per cent for the second consecutive year. The JD fascia is developing well in both its core and international markets.

Total gross margin in the year of 48.5 per cent was broadly consistent with the prior year with an increase in the margin in Outdoor to 43.3 per cent (2015: 42.2 per cent) offset by a slight reduction in the margin in Sports Fashion to 49.0 per cent (2015: 49.2 per cent).

Peter Cowgill, Executive Chairman, said: "I am delighted to report that the Group has delivered another very strong set of results for the year to 30 January 2016 with the headline profit before tax and exceptional items increased by 57 per cent to £157.1 million. Given that last year's result was a record for our Group then the performance in the year was very pleasing, further demonstrating the increasing influence of the JD fascia in the UK and beyond.

"During the year we have expanded our international presence with additional stores in existing European territories together with a number of stores in new countries. We continue to gain traction in Europe and are confident of the opportunities that exist for the JD fascia in these markets.

"We are encouraged by the continued positive trading across our core fascias in the year to date and the Board continues to believe that the Group is very well positioned for profitable growth."


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