U.K. retailer JD Sports revealed a boardroom reshuffle as it revealed “disappointing” set of financial figures. Co-founder John Wardle will move from executive chairman to executive deputy chairman, to be replaced by former Reebok executive Roger Best. Best was SVP and GM for Reebok’s North America business in the mid-nineties and held a similar position in Europe.
“The business has grown considerably and it is the right time to bring Roger in as chairman. He is someone with vast experience in the sector and lot so fresh ideas.”
The company’s results for the 10 months to January 31 revealed its first fall in profits since it floated in 1996.
Pre-tax profits fell 25%, from £20.3m (in the 12 months to March 31 2002) to £15.1m, while sales in the same period rose 51% from £245.6m to £370.8m.
Sales in the JD Sports chain rose by 10% over the period, driven by the opening of 21 new stores, but like-for-like sales declined by 0.5% over the ten month period after an increase of 0.6% in the first six months.
The group says the process of integrating First Sport from the end of September has disrupted trade in the acquired chain and to a lesser extent in JD Sports.
It adds selling off stock lines inherited from First Sport has hit margins. Like-for-like sales in First Sport were down by 5.3% during the period.
