Daily Mirror (Northern Ireland)
JD Sports in great shape
PROFITS DOUBLE AMID SHAKE UP
THE owner of trainer chain JD Sports yesterday revealed record annual results – but warned about the economic slowdown.
Profits at JD Sports Fashion soared from £421million to £947m in the year to the end of January.
But it said profits for the current year were likely to flatline because of the slowing economy.
The delayed results came as the firm delivered a critical assessment of how the business was run under ousted boss Peter Cowgill.
Executive chairman Cowgill is credited with turning JD into a £5.5bin retail powerhouse during his 18 years at the business .
But the 69-year-old’s no-nonsense approach, as well as his dual role in charge, attracted criticism. JD Sports
Fashion yesterday laid out plans to overhaul its corporate governance structure and internal controls.
Interim chair Helen Ashton said “a number of regulatory issues” had arisen. She highlighted a list of issues needing to be tackled, including “greater relevant experience on the board”, formalising “governance systems”, and better record keeping.
The group is in the process of finding a chief executive and chair.
Russ Mould, investment director at City firm AJ Bell, highlighted that JD’S upbeat results didn’t cover the impact of soaring inflation and the war in Ukraine.
But Darcey Jupp, analyst at Globaldata, said: “JD Sports has little to worry about, particularly as it remains a key wholesale partner for Nike.”