Home / Knowledge / News / Apparel/Garments / Rocketing profits; facing VAT & cotton price issues - JD Sports
Rocketing profits; facing VAT & cotton price issues - JD Sports
14
Apr '11
JD Sports Fashion Plc, the leading retailer and distributor of sport and athletic inspired fashion apparel and footwear, announces its Preliminary Results for the 52 weeks ended 29 January 2011.

Peter Cowgill, Executive Chairman, said:

"The year ended 29 January 2011 has been the seventh successive year of good progress in revenue and profitability for the Group. Profit before tax and exceptional items improved by 21% to £81.6 million (2010: £67.4 million). Such sustained performance continues to reflect the strength and uniqueness of our brand and fascia offers as well as the strength of our management teams. Our very strong cash position has also allowed us to continue to invest in brands, our store portfolios and new businesses during the year and since the year end.

"Confidence arising from the sustained period of results improvement and the strength of our balance sheet has enabled the Board to propose another significant increase in the level of dividends with a final proposed dividend increase of 31% to 19.2p (2010: 14.7p) bringing the total dividends payable for the year to 23.0p (2010: 18.0p), an increase of 28% following on from the rises of 50% and 41% in the last two years.

"Following successive years of record results for the Group, the retail environment has recently been significantly impacted by adverse fiscal changes in addition to the multiple current economic pressures. Our core business already possesses very strong sales densities and margins, being the result of continual growth in both measures for several years. Against that background, therefore, it is inevitable that the Board is extremely cautious in its outlook, particularly when the profits achieved for the year to 29 January 2011 are effectively rebased purely as a result of the impact of increased VAT.

"Management remain highly focused on all avenues of revenue growth, margin protection and cost control available to us to endeavour to deliver the optimum outturn, minimise the impact of the factors above, and with a strong balance sheet and dominant market position in our core business, we expect to be able to deliver operational and financial progress for the Group over the long term."

Executive Chairman's Statement

Introduction

The year ended 29 January 2011 has been the seventh successive year of good progress in revenue and profitability for the Group. Profit before tax and exceptional items improved by 21% to £81.6 million (2010: £67.4 million). Such sustained performance continues to reflect the strength and uniqueness of our brand and fascia offers as well as the strength of our management teams. Our very strong cash position has also allowed us to continue to invest in brands, our store portfolios and new businesses during the year and since the year end.

Group profit before tax increased by 28% in the year to £78.6 million (2010: £61.4 million) and Group profit after tax has increased by 31% to £55.9 million (2010: £42.7million).


Must ReadView All

Sanjay K Jain, managing director, TT Ltd

Textiles | On 21st Sep 2017

TT’s Sanjay Jain elected new chairman of CITI

The Confederation of Indian Textile Industry (CITI), the apex body...

Textiles | On 21st Sep 2017

NRF urges US lawmakers to lower corporate tax rates

The National Retail Federation (NRF) has written to the US Senate...

Apparel/Garments | On 21st Sep 2017

UK fashion exports £10.7 bn in 2016; highest till now

Exports of British fashion goods rose to £10.7 billion in 2016, the...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search