Scandal-hit JD Sports warns economic crisis will hit growth after profits surge towards £1bn

JD Sports has posted record profits nearing £1bn for its latest financial year but warned the current economic woes will hold back its future growth.

The Greater Manchester-headquartered retail giant has reported profits before tax and exceptional items of £947.2m for the 12 months to January 29, 2022, up from the £421.3m it achieved during the prior year. The listed group's revenue also jumped from £6.1bn to £8.5bn over the same period.

However JD Sports - which markets itself as the King of Trainers - said its profit growth is expected to be held back in the year to next January, due to pressures of the cost-of-living crisis in the UK and wider economic woes.

READ MORE: JD Sports admits to 'cartel activity' with Elite Sports by price-fixing Rangers replica kits

The results are the first since Peter Cowgill suddenly resigned as executive chairman last month after 18 years in the role. In February, JD Sports was fined £4.3m by the Competition and Markets Authority (CMA) for exchanging information with Footasylum, which it had agreed to buy at the time for £90m.

The deal had been blocked by the watchdog a few months earlier but not before Mr Cowgill had met his opposite number at Footasylum in a Bury car park, according to video seen by the Sunday Times.

JD said last month that Mr Cowgill was stepping down after a review of its internal governance and controls, but the move came amid speculation that he was ousted. Board member Kath Smith, who has worked for Adidas and Reebok in the past, has taken the helm while the company looks for a new chief executive.

The firm's woes have continued, with the CMA finding provisionally earlier this month that it conspired, together with sporting goods firm Elite Sports and