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JD Sports Fashion: reports 3% rise in profit, but predicts uncertain footfall

Jul 14, 2020 United Kingdom
JD Sports Fashion: reports 3% rise in profit, but predicts uncertain footfall
The sportswear retailer says pace in stores should remain uncertain but believes to be well placed to regain its pre-pandemic momentum after reporting a 3% rise in annual profit
JD Sports Fashion pre-tax profit for the year through the 1st of February rose to 348.5 million British pounds as revenue increased by 30% to 6.11 billion British pounds. JD Sports said like-for-like sales at its core in global Sports Fashion banners were up by 12% on an annual basis, with the core UK and Ireland sales up by 10%.

“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”, the company said.
 
Following store closures post-fiscal year end, JD Sports said it saw very strong performance online, which will result, in their view, to the inevitable transference of a certain level of sales in physical retail to online as a consequence of COVID-19.
 
“Whilst the majority of stores have now re-opened, it is very clear that footfall in stores will remain uncertain for the foreseeable future. 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”.

Photo by Annie Spratt on Unsplash

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