JD Sports Fashion Will Convert 50 More Finish Lines Banners This FY
Publicly traded global retailer JD Sports, which acquired Baltimore-based DTLR Villa LLC earlier this fiscal year, currently has 60 JD-bannered stores in the U.S. after opening five and converting six former Finish Line locations. Last week, the U.K.-based company transferred ownership of DTLR Villa LLC to Genesis Topco Inc. for $504.4 million. JD owns 80 percent of Genesis, the parent of all three U.S. retail businesses that have been acquired—Finish Line, Shoe Palace and DTLR.
With plans to convert 50 more Finish Line doors to JD banners by the end of Feb. 2022, JD reports the March federal stimulus to consumers “enhanced levels of consumer demand” across all its businesses. The company, slated to report H1 results for the six months ended July 31 on Sept. 14, is currently forecasting annual EBIT of no less than £550 million ($761.5 million).
In an executive suite development, JD last week confirmed it will recruit a new CEO over the next year, shifting the title and responsibilities Peter Cowgill who currently serves as Executive Chairman and CEO.