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Wednesday, April 17, 2024
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JD Sports Posts Record Earnings

JD Sports/Design: Alex Brooks

JD Sports saw record earnings for the first half of the year, reaching $505.9 million in pre-tax profit with revenues increasing 52% during the period.

The sports retailer’s earnings come after a year of expanding its business through acquisitions.

  • December 2020: Acquired Shoe Palace for $325 million
  • March 2021: Purchased DTLR Villa for $495 million and acquired a 60% stake in sportswear seller Marketing Investment Group
  • May 2021: Bought clothing retailer Oi Polloi
  • June 2021: Sold Sports Unlimited Retail to its 50.02%-owned subsidiary Iberian Sports Retail Group

JD Sports had also acquired Footasylum in 2019 for $124 million, but the acquisition was flagged by the Competition and Markets Authority, requiring the shoe retailer to be sold. After an appeal from JD Sports, the CMA said that JD Sports will likely still need to sell it.

Recent reports suggest that the company is interested in expanding its fashion retailer portfolio by acquiring Missguided. It purchased a majority stake in Missy Empire, an online retailer for women’s clothing, in June.

Despite a strong six months, JD Sports said it was affected by supply chain disruptions, Brexit-related costs, and pandemic restrictions.

The company has more than 2,600 stores worldwide and expects full-year earnings to more than double.

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