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JD Sports on track to deliver annual results in line with market forecasts, says chairman

JD Sports chairman Peter Cowgill said the company is encouraged about the progress the sportswear retailer has been making with its global expansion
JD sports
The company has added a net 36 stores in the year to date

JD Sports Fashion PLC (LON:JD.) said it remains on track to deliver annual results in line with market expectations after delivering a record profit last year.  

In an annual general meeting statement, chairman Peter Cowgill said the company is encouraged about the progress the sportswear retailer has been making with its global expansion and is “excited about the opportunity ahead of us” following the acquisition of Finish Line in the US.

READ: JD Sports sprints higher as athleisure craze helps to drive record profits

The company has added a net 36 stores in the year to date, including 18 across Europe and 16 in the Asian Pacific region.

Earlier this year the group reported a 24% jump in pre-tax profits to £294.5mln (2017: £238.4mln) in the 12 months ended February 3.  Revenues increased to £3.16bn from £2.38bn, shrugging off the struggles facing many UK high street retailers.

"On 17 April 2018, the Group announced record results for the year ended 3 February 2018 with the Board also stating that it was satisfied with progress and remained confident about the prospects for the current financial year. This continues to be our view, “ Cowgill said in the Thursday statement.

He added: "The board considers that the group continues to be on track to deliver a result for the full year in line with consensus market expectations."

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