U.S. JD Sports Banners Will Approach 100 By Year’s End
British retailer JD Sports continues to march across the U.S. JD’s growth has accelerated in recent months via strategic acquisitions of West Coast-based Shoe Palace and DTLR in the East. The retail chain will focus on expanding its nameplate by another 50 before the end of its current fiscal year, which would bring its store count to nearly 100 in the U.S. In its most recent fiscal year, the Finish Line parent company opened a JD flagship in New York City’s Time Square and converted 37 former Finish Line doors to the JD nameplate and format.
“Our recent completed acquisitions of Shoe Palace and DTLR in the United States together with the conditional acquisition of Sizeer in Central and Eastern Europe are important steps in our evolution, which will transform our consumer connection in these markets and further develop our key brand relationships,” JD Sports Executive Chairman Peter Cowgill said in a statement.
The JD Sports Group is currently forecasting EBIT of £475-500 million ($653.3-$687.7 million) for the fiscal year ending Jan. 29, 2022.
In the recently completed fiscal year, JD’s combined U.S. businesses, including 290 Finish Line shops in Macy’s locations, generated total revenues of £1,760.4 million ($2.42 billion). The revenue total included approximately six weeks of sales, an estimated $77.2 million, from Shoe Palace. Fueled by a stronger margin in the U.S., prompted by what it called “lower levels of promotional activity in the overall market compared to previous years,” JD Sports annual gross margin rose 100 basis points to 48.0 percent last year.