People walk past a JD Sports store in London, Britain on November 17, 2021. REUTERS/May James
July 22 (Reuters) – Britain’s biggest sportswear retailer JD Sports Fashion ( JD.L ) said on Friday it expected annual profit to match last year’s record profit on strong demand for sportswear and sportswear.
The company, which offers Nike, Adidas, Puma and in-house brands, said total sales for the first five months of the year were still up more than 5% on the same period last year.
The Bury-headquartered retailer said it has begun a review of its control, risk and compliance operating model. Last month it set out plans to overhaul its corporate governance structure and internal controls, a review that ousted longtime chief Peter Cowgill in May. Read more
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JD Sports, which will hold its annual general meeting on Friday, said this year’s earnings would reflect a more normalized trading pattern, with around 35% to 40% of profits generated in the first half. Read also : Indiana Sports Corp names Patrick Talty to replace Ryan Vaughn.
The company made a pre-tax profit of 654.7 million pounds ($800.2 million) in the year ended January 29.
JD, which appointed Andrew Higginson, the former chairman of supermarket group Morrisons, as chairman this month, said it was in the process of recruiting a new chief executive. Read more
Rival Frasers ( FRAS.L ), owner of Sports Direct, said on Thursday it expected higher profits next year, boosted by store reopenings after a “record-breaking” 2022 and strong demand for its sportswear. Read more
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Reporting by Radhika Anilkumar in Bengaluru; Editing by Vinay Dwivedi To see also : The sports park planned with the Crew Stadium was moved due to a lack of state land.
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