JD results are no mean feet

Chain’s growth built on trainer coups

TRAINERS chain JD Sports kicked its rivals into touch by revealing record annual results yesterday.

Boss Peter Cowgill said JD scored by getting top sportswear brands such as Nike and Adidas to give it their latest designs first.

“The brands are increasingly placing their trust in us,” he said.

Executive chairman Cowgill insisted its shoppers were keen to have the latest shoe technology.

But one major reason for JD’s success is that many customers buy trainers for everyday wear, rather than playing sport. Cowgill admitted: “For every one person running past the pub in a pair of trainers, there are 10 inside wearing them and having a pint.” JD’s sales soared 49 per cent to £4.7billion in the year to February, including nearly £1billion in takings from newly bought US chain Finish Line. Sales at its established sports arm rose six per cent globally, although that takes in online as well as store turnover.

Cowgill said JD stores in the UK were only “slightly positive”.

The company’s outdoor wear chains Blacks, Millets and Go Outdoors did less well, plunging from an £8.8million profit to a £4.3million loss last year.

But group profits still increased by 15.4 per cent to £339million.

The marketbeating results saw JD’s share price surge 8.3 per cent yesterday, Executive chairman Cowgill giving it a stock market value of £5.6billion.

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.”

The results come as JD proceeds with a £90million takeover of rival Footasylum.

Earlier this month JD bought Pretty Green, the fashion firm founded by former Oasis frontman Liam Gallagher, out of administration for

£1.5million. JD’S biggest shareholder got a near £10million windfall after it upped its dividend by almost five per cent. Pentland Group, which controls cent 57 per of JD, owns brands such as Speedo and Mitre. Its chairman is billionaire Stephen Rubin.