JD Sports Fashion has announced an annual profit that has more than doubled, and said independent probes and a governance review into its regulatory issues stressed on the need to bolster the board and improve internal controls.
Revently the the UK’s Competition and Markets Authority (CMA) provisionally found that the Greater Manchester company along with a rival broke competition law over Rangers FC merchandise pricing
Previously JD Sports was fined £4.3m by the Competition and Markets Authority (CMA) for exchanging information with Footasylum, which it had agreed to buy at the time for £90m.
The company’s profit before tax rose to £654.7m for the year ended Jan. 29 from £324m a year ago.
“We remain conscious of the headwinds that prevail at this time including the general global macro-economic and geopolitical situation,” interim Chair Helen Ashton said, as the group forecast 2023 headline profit before tax and exceptional items in line with its expectations.
“This result demonstrates our capacity for growth in both existing and new markets, and the strength of our global proposition and consumer engagement in store and online.
“We are, as always, indebted to our talented and committed colleagues across our group and send our thanks for the amazing work they do every day. We are particularly encouraged by the strong performance from the group’s banners in North America.
