From trainers to stilettos? JD Sports goes shopping

Marcus Leroux and Emily Ford & ,}

JD Sports Fashion is on the surveillance for acquisitions after a jump in annual profits.

Peter Cowgill, senior manager chairman, pronounced that the association was still inspired for deals after a year in that it defied the default of MA wake up by shopping Canterbury, the rugby brand, and by creation the initial general incursion with the merger of Chausport, a French chain. Mr Cowgill, vocalization after JD reported pre-tax increase up twenty-six per cent at 67.4 million for the year to Jan 30, said: We are still seeking at one or dual things. One of the advantages of the stream marketplace is that when you have got cash, when youre some-more strong than others, you are means to buy things some-more straightforwardly and you would goal that would simulate in the price. Credit isnt simply available to people.

Faith, the shoe emporium sequence put up for sale by John Kinnaird, the sell entrepreneur, is between the intensity targets. We might have a see at it, Mr Cowgill said.

JD, the second-largest sportswear company, at the back of Mike Ashleys Sports Direct, occupies a some-more upmarket on all sides than the incomparable opposition and JJB Sports. It trades as Size?, Bank and Scotts, as well as JD.

Related LinksJD Sports in conform as increase grow stronglyJD Sports banks on going nationalJD Sports strike after immature consumers call time out on shopping

JDs income rose by fifteen per cent to 770 million. Its conform chains, Bank and Scotts, were the best-performing stores last year. However, given Jan they have purebred a warn dip. Mr Cowgill attributed piece of the 3.5 per cent tumble in like-for-like sales in the ten weeks to Apr 10 to the timing of the sales period.

The sum division for the year was lifted by half to 18p. The shares fell 16p, or 2 per cent, to 723p yesterday.

The association believes that illiquidity is weighing on the share price. Pentland, a sports brand-owner, binds about 57 per cent of the stock, and Sports Direct has a twelve per cent stake.

Sports Direct is tranquil by Mike Ashley, the sportswear businessman who owns Newcastle United.

Mr Cowgill said: The complaint is that Mike thinks the shares are undervalued. One of the reasons they are not higher is the miss of liquidity. In an ironic way, he could compromise that.