JD SPORTS SET FOR RECORD PROFIT AS SALES BOOM

JD Sports expects another year of record profits after sales grew again in June.

The high street chain told shareholders before its annual general meeting yesterday that like-for-like sales rose by 5pc over the five months to June, compared with the same period last year.

Pre-tax profit for the current year ‘will be in line with the record performance; in the year to January 2022, it said. It made £654.7m pretax profit in the year, amid surging demand for sportswear.

The Lancashire business confirmed it is overhauling its corporate governance structure which led to chairman Peter Cowgill stepping down from his role after 18 years.

That came after it was fined £4.3m by the competition watchdog for exchanging information with Footasylum in February in a Bury car park, amid reports Cowgill met a counterpart from the brand JD Sports planned to acquire.

Former Morrisons boss Andrew Higginson is the new chairman.

JD Sports failed to address reports that it is in talks with a private equity firm over a sale for Footasylum, the chain it agreed to buy for £86m in 2019 but has been forced to offload by regulators.