Greater Manchester sportswear retailer reports record profits

Greater Manchester based sportswear retailer, JD Sports, has reported record profits of more than double its pre-pandemic performance.

The company has reported that sales have held up despite inflationary pressures on consumer spending for the year ending January 2022.

Pre-tax profits for the sportswear retailer totalled £947.3 million, more than double the previous record set by the firm in the year ending 1st February 2020.

JD Sports interim chair Helen Ashton commented on the progress made by the business since the Covid-19 pandemic, saying:

“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 particularly encouraged by the strong performance from the group’s banners in North America. It is increasingly evident that the group’s progress in North America, and the United States in particular, is having a long-term positive impact both on overall performance and its relationships with the international brands.”

The strong performance for the retailer comes amid an investigation by regulators into the business’ behaviour during its acquisition of rival, Footasylum, which has also seen former CEO Peter Cowgill step down from the business last month. The business has also faced a fine from the Competition and Markets Authority for illegal price fixing of football shorts during the 2018/19 season.