Britain’s JD Sports Fashion posted an annual profit that more than doubled on Wednesday, saying independent investigations and a governance review into its regulatory problems highlighted the need to strengthen the board and improve internal controls.
The London-listed sportswear retailer has been the subject of several investigations by Britain’s antitrust watchdog. More recently, the UK’s Competition and Markets Authority (CMA) provisionally found that the company, along with a rival, broke competition law over the prices of Rangers FC merchandise.
JD, who is splitting the chairman and chief executive officer position, said he was in the process of filling both positions.
The company’s pre-tax profit rose to £654.7 million ($800.2 million) for the year ended January 29 from £324 million a year earlier.
“We remain mindful of the prevailing headwinds at the moment, including the broader global macroeconomic and geopolitical situation,” interim chairman Helen Ashton said, as the group forecast pre-tax earnings and one-off items for 2023 in line with its expectations.
By Amna Karimi; Editors: Shailesh Kuber and Anil D’Silva
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JD Sports raises earnings estimates and sales rise
Britain’s JD Sports Fashion raised its full-year profit outlook for 2022 as people spent more on fitness and sportswear, noting upbeat sales data so far this year.
Source: www.businessoffashion.com