Retailer JD Sports (LON: JD) has reported a strong increase in sales, with over 25 percent increase in full-year headline pretax profits.
Posting positive results in the otherwise gloomy British clothing sector, the group’s pre-tax profit reached record levels and surpassed the £300 million mark.
“This is an excellent result demonstrating our capacity for continuing growth in both existing and new markets, and the strength of our offer in-store and online,” said JD Sport’s executive chairman, Peter Cowgill.
The strong results were boosted by Go Outdoor’s contribution, which JD Sports brought in May 2017 in a £112 million deal.
JD Sports also purchased Finish Line (NASDAQ: FINL) last year for $558 million in order to tap into the South Korean market.
Shares of the company increased as much as 7.9 percent on the news and it was one of the FTSE 250’s top gainers.
The clothing company has gone from success to success in recent years, overtaking Sports Direct (LON: SPD) as the UK’s leading sportswear retailer by market value.
“At this early stage, we are satisfied with progress and remain confident about the prospects for the current financial year,” said the firm.
JD Sports have opened 56 stores in the past 12 months, nine of which are in the Asia Pacific.
“The investments we have made over a number of years in developing our multichannel proposition and driving improved buying, merchandising and retail discipline have ultimately led to the creation of a world-class sports fashion business which combines the best of physical and digital retail on an increasingly global scale,” said Cowgill.
“We are very encouraged by the progress that we are making internationally and we continue to look for further opportunities to bring our dynamic multichannel proposition to new markets around the world with the support of our key brands,” he added.