Apr 11, 2017
JD Sports hits its stride in shift to athleisure
The juxtaposition of Jaeger's collapse and JD Sports Fashion's 30 per cent rise in sales to £2.4bn and its 50 per cent rise in pre-nasties profits to £245m says a lot about what has happened to the high street over recent decades. Investec forecasts that JD Sports, which has closely tied itself to the big athleisure brands, will be turning over about £3bn by then and making pre-tax profits of £304m a year. The 200-year-old business, set up by a Guernsey printer a year before the battle of Waterloo, said on Tuesday it would more than match analysts' full-year expectations for operating profits of £66.4m. Net debt will also be better than expected at £120m because of strong cash generation. De La Rue has a long way to go before it returns to better times when its shares traded above 800p. At £66m, operating profits will still be down on last year. The assets in its 2012 fund are down close to 40 per cent in five years.
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