Britain’s JD Sports Fashion on Wednesday posted an annual profit that more than doubled, and said independent probes and a governance review into its regulatory issues stressed on the need to bolster the board and improve internal controls.
The London-listed sportswear retailer has been a subject of several investigations by Britain’s antitrust watchdog. Most recently, the UK’s Competition and Markets Authority (CMA) provisionally found that the company along with a rival broke competition law over Rangers FC merchandise pricing.
JD, which is splitting the position of chair and chief executive officer, said it was in the process of filling the two positions.
The company’s profit before tax rose to £654.7 million ($800.2 million) for the year ended Jan. 29 from £324 million a year ago.
“We remain conscious of the headwinds that prevail at this time including the general global macro-economic and geopolitical situation,” interim chair Helen Ashton said, as the group forecast 2023 headline profit before tax and exceptional items in line with its expectations.
By Amna Karimi; Editors: Shailesh Kuber and Anil D’Silva
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JD Sports Lifts Profit Estimates, Sales Rise
Britain’s JD Sports Fashion raised its annual profit outlook for 2022 as people spent more on athleisure and sportswear, and pointed to upbeat sales data so far this year.
