Overcast

Overcast

max temp: 18°C

min temp: 14°C

ESTD 1874 Search

Retail: JD Sports Fashion profits climb 27% after improvement at Blacks and Millets

12:46 15 April 2014

JD parent group JD SportsFashion has reported increased underlying full-year profits.

JD parent group JD SportsFashion has reported increased underlying full-year profits.

JD Sports Fashion said today that “significant improvement” at Blacks and Millets had lifted the outdoor brands out of the red following a two-year struggle.

The group said the two retail brands achieved a break-even position in the second half of the year to February 1, compared with losses of £4.9million a year earlier, and that it expected further improvement this year.

Across the group, annual underlying profits were 27% higher at £77m as continued strong growth for core sports retail brands JD and Size? more than offset bigger losses at its fashion division brands Bank and Scotts.

Profits from the sports stores increased by £15.5m to £93.4m but fashion racked up losses of £6.4m as Bank struggled in the face of a significant shift in the youth market towards own brand and online retailing.

Under a new managing director, JD is working to re-establish Bank’s reputation in branded fashion and to produce a faster turnaround of ranges through a more flexible supply chain.

JD Sports has found the task of reviving its outdoor brands harder than expected after buying Blacks Leisure, which included Millets, out of administration in January 2012.

It has reduced the number of stores under the two fascias to 156 and relocated offices and warehousing to its own facilities as part of a turnaround plan.

The two brands are also being run with separate and significantly changed commercial teams as JD said they attract different types of customers.

Executive chairman Peter Cowgill added: “Inevitably, improvements in financial performance lag operational changes but I am encouraged that the Blacks and Millets business achieved a significant improvement in the second half of the year and we expect continued progress in the new financial year.”

The company has 348 JD stores in the UK and Ireland, with Size?, Chausport, Sprinter and other JD outlets in Europe giving it a total of 563 sports shops. There are 89 Bank shops and 33 under the Scotts brand.

Search hundreds of local jobs at Jobs24

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Viv Gillespie,  principal at Suffolk New College.

Suffolk New College has become the first organisation to sign up as a patron of the Young Chamber scheme run by Suffolk Chamber of Commerce to bridge the gap between the worlds of education and work.

Concrete manufacturer Poundfield Products plans to expand after clinching £1m in funding.

A precast concrete firm has cemented a £1m investment deal to boost its manufacturing operation.

Grain handling at the Port of Ipswich.

The 2015 Port Freight statistics released by the Department for Transport (DfT) yesterday (Thursday, September 22) show that ABP’s Port of Ipswich is once again the UK’s leading export port for agricultural products.

Sports Direct of Dave Forsey, who has resigned as chief executive of Sports Direct with Mike Ashley replacing him, the retailer said.

Longstanding Sports Direct chief executive Dave Forsey has resigned from the retailer, with Mike Ashley replacing him.

iMarketing  team members Samantha Porter, HR manager, Rachel Manning, director, Ron Clint, technical director, Judy Geater, SEO executive, and Amanda Cresswell, office manager celebrate the firm's milestone.

‘Oldest’ SEO firm celebrates a milestone

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24