JD Sports Fashion posts rise in annual profits

15th Apr 2014 07:44

JD Sports Fashion posted a five per cent rise in annual pre-tax profit to 57.8m pounds as sales in the core Sports fascias delivered record results in the UK and Ireland. Revenue increased 5.7% to £1.3bn in the year to February 1st 2014, as like-for-like retail sales in the UK and Ireland rose 6.5%. Operating profit advanced 5.5% to £59m.The Sport division achieved a 20% gain in operating profit to £93.4m, offsetting a difficult year in Fashion which saw operating losses rise £6.4m.In July, Gwynn Milligan was appointed Managing Director to help turn around the Fashion arm, which includes the retail businesses Bank, Scotts, Tessuti, Cloggs and Ark.The Outdoor division, which includes Blacks and Millets stores, had a mixed year.The company was forced to sacrifice margins by marking down prices of winter stock to clear an excess of heavy jackets at the start of the year. However, the second half of the year was "much more promising" with a breakeven position achieved, compared to a loss of £4.9m in the same period of the previous 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," said Executive Chairman Peter Cowgill.The dividend was raised 3% to 27.10p.RD