JD, Briggate, Leeds

JD seeks “rental realism” as Covid-19 impacts footfall

JD Sports has seen its sales and profits rise and now expects the growth to continue despite the impact of Covid-19.

The sportswear retailer reported a sales growth of 30 per cent to £6.11 billion in the year ending February 1, before the lockdown was implemented.

Like-for-likes advanced approximately 10 per cent in JD’s core UK and Ireland business.

Meanwhile, pre-tax profit rose three per cent to £348.5 million over the year.

JD, which last month put its Go Outdoors business through a pre-pack administration, called for “rental realism” as the pandemic continues to affect trading.

The retailer had announced the appointment of Michael Magnay and Daniel Butters of Deloitte LLP as joint administrators for its Go Outdoors business, before buying it back in a pre-pack deal for £56.5 million.

Citing the impact of Covid-19 closures, as well as “extremely inflexible” terms on its property leases, JD Sports said that the “the future viability of the business has become materially uncertain”.

Moreover, JD Sports said customers have been nervous about coming back into some stores as it reopened the majority of its shops last month…

… visit Retail Gazette to read full story

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