The British retailer JD Sports Fashion Plc closed the 2021/22 financial year with a significant increase in sales and a strong increase in profit despite the adverse general conditions. This emerges from the current annual report, which the company presented on Wednesday.
In the past financial year, which ended on January 29, group sales amounted to 8.56 billion British pounds (9.96 billion euros). It thus exceeded the previous year’s level by 38.8 percent. Numerous takeovers and the strong development in the USA contributed to the strong growth. Unlike in some European and Asian markets, business there was no longer affected by Covid-19 protective measures last year.
The Group was also able to increase its earnings significantly: Adjusted for special effects, profit before taxes was more than twice as high as in the previous year at 947.2 million British pounds and reached a new record level. Net income attributable to shareholders increased by 64.8 percent to £369.7 million (EUR 429.9 million).
Despite the “continued headwind”, not least because of the current macroeconomic and geopolitical situation, the management hopes to reach the record level of the previous year in the current financial year in terms of profit before taxes adjusted for special effects. In the first four months, like-for-like sales rose by five percent despite temporary delivery difficulties, the group said.
The search for a new CEO is still ongoing. Some “high-profile candidates” have expressed their interest, the company said. The appointment process for the post of Chairman of the Board of Directors is also progressing rapidly. Since the resignation of former Executive Chairman Peter Cowgill at the end of May, Kath Smith has been leading the group as interim CEO, while Helen Ashton is also acting as non-executive chair on an interim basis.