JD Sports boss: we can benefit from the gloom on Britain’s High Streets
The boss of trainers and tracksuits seller JD Sports on Tuesday said the turmoil on the High Street could give other retailers a boost.
Executive chairman Peter Cowgill said: “We hope [the closure of shops] in the long run will reduce property prices.”
The company defied the gloom by revealing record pre-tax profits of £300 million on sales of £3.1 billion in the 53 weeks to February 2018.
Same-store sales were up 3% in stark contrast to the likes of New Look, Mothercare and Carpetright, which are shutting stores amid weak sales and hefty rent bills.
“We’re not immune, we have to recognise what’s happening on the High Street, but we’re focusing on what we’re doing. We’re a leading player in our market,” added Cowgill.
JD Sports, a long-standing rival to Mike Ashley’s Sports Direct, has been expanding aggressively overseas.
Just last month it agreed to dish out £400 million for US rival Finish Line, in which Sports Direct had built a stake, in a bid to boost its presence across the pond after growing on the Continent.
However, the UK still accounts for three quarters of the business.
Shares in JD Sports were up 4.6%, or 16.1p, to 369p.
