JD Sports profits up to
High street retailer JD Sports has increased profits by 21% making it a seventh successive year of sales and earnings growth.
The company, which produces football kit for clubs including Premier League Blackpool under the Carbrini brand, acquired new brands during the period including Sonneti, Chilli Pepper,Nanny State and most recently Fenchurch.
Speaking to TheBusinessDesk.com executive chairman Peter Cowgill said: "We are in good shape to meet a number of inevitable challenges. The first is that the Government is taking an increasing slice of the cake in terms of VAT, and that's going to affect all retailers in terms of the bottom line.
"Costs are going, up, we do a lot of our product sourcing in the Far East and the price of cotton has surged and there is also labour cost pressure there too. Finally there is recessionary pressures here, with disposable incomes being hit."
The group, which has more than 530 stores under brands including JD, Size? Bank and Scotts, said its cash position had increased to