High street retailer Sports Direct has reported a near 50% increase in revenue over the past year amid news of a major warehouse closure at Sports Direct.
The 38-year-old chain today revealed a 49.2% increase in annual revenue in the past 12 months - taking total sales to £4.7 billion. It also recorded a 15% rise in pre-tax profits in 2018.
Executive chairman Peter Cowgill said: "We firmly believe that the elevated and dynamic multibrand multichannel proposition of the core JD fascia, which enjoys the ongoing support of the key international brands, has the necessary agility to continue to exceed consumer expectations and prosper in an increasing number of international markets."
The past year has also seen the opening of 56 new stores across the Europe - with 39 more expected to open in 2019.
Just last month, JD Sports JD Sports to buy Footasylum in £90 million cash deal weeks after claiming it had no interest in saving the company.
JD Sports to buy Footasylum in £90 million cash deal
The takeover was given the green light from shareholders on 12 April - with the merger expected to take place this year.
JD Sports executive chairman Peter Cowgill said: “We are very pleased that this offer has been declared unconditional and look forward to welcoming the Footasylum team to our newly enlarged group.
“We believe the combination of these two complementary businesses will deliver significant operational and strategic benefits going forward.”
JD Sports, founded in Greater Manchester in 1981, is a specialist multi-brand retailer of branded leisure and casual wear.
It has over 2,400 stores across a number of retail fascias in 18 countries.
The chain also bought Liam Gallagher’s menswear chain Pretty Green out of administration for an undisclosed deal earlier this month.
Speaking on today's figures, Richard Lim, chief executive at 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.
“Investment in the retail theatre in concert with digital integration has propelled the retailer to an enviable market position, translating into healthy financials.
“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.”
Today's figures come as Sports Direct, owned by billionaire Mike Ashley, is to close a warehouse in Wigan, Greater Manchester , with the loss of 300 jobs.
Employees, who mostly work packing goods for nationwide distribution, were told of the decision on Monday, with the closure expected on 13 June.
Union GMB criticised the decision by the sportswear company, which has come under criticism since 2016 over its controversial employment contracts.
