JD Sports rewarded for focus on millennials
A focus on younger consumers has helped JD Sports to buck the retail gloom and report record results.
The sportswear retailer said pre-tax profits rose 15.4% to £339.9m in the year to 2 February, with revenues jumping 49.2% to £4.7bn.
Executive chairman Peter Cowgill told the BBC: “The business has stayed very much in tune with the millennials and Generation Z.
“This is in terms of providing customer experience and customer focus.”
The brand has expanded worldwide across Europe, Asia-Pacific and the US.
In Europe, it had a net increase of 39 stores. It opened 34 in the Asia-Pacific region and its first five in the US, including the conversion of four existing Finish Line stores after taking over the business last summer.
Mr Cowgill added: “We are pleased with the continued underlying positive performance of the group and are excited by the major developments ahead.”
- How JD Sports became a £5bn company
Richard Lim, chief executive of Retail Economics, said: “These results show that standing out in a crowded market with exclusive products, a unique proposition and placing the experiences at the heart of the store is a winning formula in today’s digital age.”
He added: “Despite the challenging conditions on the High Street, retailers who continue to thrive are those that have embraced change, invested in digital and listened to their customers to keep products fresh and desirable.”
June 3, 2020
June 3, 2020