JD Sports reveal record profits, can other high street brands learn from their success?
In a time where businesses across all sectors are having to adapt to the pressures on the high street with high rates, rents and competition from online, this week JD sports announced pre-tax profits rose 15.4% to £339.9m in the year to 2 February, with revenues jumping 49.2% to £4.7bn.
Talking to the BBC Richard Lim, chief executive of Retail Economics, said: "These results show that standing out in a crowded market with exclusive products, a unique proposition and placing the experiences at the heart of the store is a winning formula in today's digital age."
He added: "Despite the challenging conditions on the High Street, retailers who continue to thrive are those that have embraced change, invested in digital and listened to their customers to keep products fresh and desirable."
David Preston CEO of OFFiGO the digital platform promoting the high street recently met up with Andy Rubin from parent company Pentland and was impressed with the way the company was adapting to modern challenges. He said "It was pretty clear in that meeting that the company understands what is needed to succeed in today's climate and also how important digital is to its success"
He added "there are still far too many businesses that have a poor online presence and haven't moved to address it, other retailers should take note of JDs success and follow its lead".
The brand has expanded worldwide across Europe with a net increase of 39 stores, 34 new stores in Asia-Pacific and its first 5 in the US.
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