High Street

JD Sports profits double to £947m in FY22

JD Sports’ acquisition of Shoe Palace and DTLR have included contributions of £57.3m and £50.6m respectively, which also increased its profit tax to £343m in the North American market

JD Sports has recorded a “record” pre-tax profit of £947.2m in FY22, more than double the previous record set in the year to 1 February 2020. 

The group reported a strong performance from sports fashion retail in the UK and Republic of Ireland in particular, with profits in this area rising to £471.2m, and a strong retention of sales through digital channels in the first quarter while the stores were temporarily closed.   

The latest full-year results also include £125.6m in profit from acquisitions made in the year, as well as the annualisation period of businesses bought in the 52 weeks to 30 January 2021. 

JD Sports’ acquisition of Shoe Palace and DTLR have included contributions of £57.3m and £50.6m respectively, which also increased its pre-tax profit to £343m in the North American market. 

In addition, the company’s net cash balance at the end of the period peaked at £1.18bn when compared to the £795.4m in 2021. This reflects strong cash generation in the UK and North America as it has reported the net proceeds after cost of £455.9m. 

An enhanced final dividend of 0.35p (0.29p in 2021) per share is proposed to “recognise the performance of the group” over the full year. 

Helen Ashton, interim chair of JD Sports, said: “This was another period of outstanding progress with the group delivering a record headline profit before tax and exceptional items of more than double the previous record, which was the last completed financial year prior to the Covid-19 pandemic. 

“This result demonstrates our capacity for growth in both existing and new markets, and the strength of our global proposition and consumer engagement in store and online. We are, as always, indebted to our talented and committed colleagues across our group and send our thanks for the amazing work they do every day.”

She added: “Whilst we are encouraged by the resilient nature of the consumer demand in the current year to date, we remain conscious of the headwinds that prevail at this time including the general global macro-economic and geopolitical situation. 

“Against this backdrop, the board believes that the headline profit before tax and exceptional items for the year end 28 January 2023 will be in line with the record performance for the year ended 29 January 2022.”

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