Salem Radio Network News Thursday, June 30, 2022

Business

JD Sports annual profit more than doubles

(Reuters) – Britain’s JD Sports Fashion on Wednesday posted an annual profit that 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.

The London-listed sportswear retailer has been a subject of several investigations by Britain’s antitrust watchdog. Most recently, the UK’s Competition and Markets Authority (CMA) provisionally found that the company along with a rival broke competition law over Rangers FC merchandise pricing.

JD, which is splitting the position of chair and chief executive officer, said it was in the process of filling the two positions.

The company’s profit before tax rose to 654.7 million pounds ($800.2 million) for the year ended Jan. 29 from 324 million pounds 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.

($1 = 0.8181 pounds)

(Reporting by Amna Karimi in Bengaluru; Editing by Shailesh Kuber and Anil D’Silva)

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