JD Sports reported full-year revenue of £12.7bn (£12.8bn expected), up 11.7% ignoring exchange rates, with growth largely driven by acquisitions. On an organic basis, sales grew by 2.1% with growth in all regions except the UK.
Underlying pre-tax profits fell by 6.4% to £852mn (£848mn expected), driven by higher operating costs due to acquisitions and store expansions.
Free cash flow rose 36.3% to £462mn. Net debt, including lease liabilities, fell by £0.2bn to £2.8bn.
Organic sales growth was flat over the first quarter. Full-year guidance points to underlying pre-tax profits of between £750-850mn (£832mn expected), with free cash flows of between £460-520mn.
The group announced a 20% increase in the full-year dividend to 1.20p per share. A £200mn share buyback programme is underway and expected to complete by year-end.
The shares rose 3.3% in early trading.
Our view
HL view to follow.
JD Sports key facts
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