Retailer JD Sports (LON:JD) released a strong set of results on Tuesday, sending shares up and reassuring investors that it remains unfazed by the current high street crisis.
Headline profit before tax rose 26 percent in the 53 weeks to February 3rd, hitting to £307.4 million. Strong digital sales growth gave a 3 percent boost to like-for-like store sales, with revenue rising by 33 percent across the year to £3,161.4 million.
Operating profit rose by £62.6 million to hit £308.8 million, driven by the first full-year contribution from Go Outdoors. JD Sports bought the outdoor clothing and equipment company back at the beginning of 2017, and its EBITDA has since risen from £7 million to £23 million.
Profit before tax, including exceptional items, increased by 24 percent to £294.5 million.
JD Sports opened a total of 56 stores in the 12 month period, up from 54 the previous year, nine of which were in the Asia Pacific region.
“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 chief executive Peter Cowgill.
The final dividend payable to investors increased by 5.4 percent, taking the total dividends payable for the year to 1.63 pence.
“At this early stage, we are satisfied with progress and remain confident about the prospects for the current financial year,” the firm said.
Shares in JD Sports are currently trading up 6.66 percent at 376.40 (0826GMT).
