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JD Sports cautious despite rise in profits | |
(40 minutes later) | |
Retailer JD Sports Fashion has reported a sharp rise in full-year profits and proposed a "significant increase" in shareholder dividends. | Retailer JD Sports Fashion has reported a sharp rise in full-year profits and proposed a "significant increase" in shareholder dividends. |
Pre-tax profit in the year to 29 January came in at £78.6m, a rise of 28% on the £61.4m it made a year earlier. Revenue rose 15% to £883.7m. | Pre-tax profit in the year to 29 January came in at £78.6m, a rise of 28% on the £61.4m it made a year earlier. Revenue rose 15% to £883.7m. |
But the company said "multiple economic pressures" meant its outlook was "extremely cautious". | |
A number of retailers have delivered gloomy outlooks in recent weeks. | |
These include Next, Mothercare, HMV and Dixons Retail - which owns Currys and PC World. | |
On Tuesday, the British Retail Consortium (BRC) reported its largest monthly fall in sales since records began in 1996. | |
UK retail sales fell 1.9% in March compared with a year earlier, although the early timing of Easter last year had an impact on the figures, the BRC said. | |
Tough environment | |
JD Sports chairman Peter Cowgill said: "The year ended 29 January 2011 has been the seventh successive year of good progress in revenue and profitability for the group." | |
However, he added: "The retail environment has recently been significantly impacted by adverse fiscal changes in addition to the multiple current economic pressures. | |
"Against that background, therefore, it is inevitable that the board is extremely cautious in its outlook." | |
Mr Cowgill said that the board had proposed an increase in final dividend to 19.2 pence, a rise of 31% on a year earlier. | |
Last month, JD abandoned its attempts to take over rival JJB Sports. | |
It said JJB, which has struggled with weak sales and is closing a number of stores, had snubbed requests for information. | It said JJB, which has struggled with weak sales and is closing a number of stores, had snubbed requests for information. |
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