Singapore – Sports fashion retailer JD Sports has announced that is eyeing the acceleration of its brand in the Asian markets of Malaysia, Singapore, and Thailand. This is despite the retailer has withdrawn their operations in South Korea and closed eight chains in the region.
According to a recent investors relation update from the company, JD Sports has finalised the acquisition of their non-controlling interests in the aforementioned markets.
The company also added that its revenue in Asia-Pacific grew strongly by 22% in the period to £230.9m, and 26% on a constant currency basis. Moreover, organic sales growth was also 26% with all countries in growth including Australia, their principal market in the region.
Meanwhile, their operating profit was up 4% to £32.4m as the closure of our South Korea business progressed as planned. They added that going forward, their Sydney distribution centre (DC) will relocate in 2024 to a new, expanded site to ensure that they have sufficient capacity for the next stage of growth.
Régis Schultz, chief executive officer of JD Sports Fashion, said, “Looking ahead, our core consumers remain resilient in the face of the ongoing global macro-economic challenges. The JD brand continues to strengthen its global presence, supported by our strategic partnerships with much-loved brands and our strong balance sheet.”
It is worth noting that the parent company has acquired the remaining 20% of the issued share capital in its existing subsidiary in Malaysia, JD Sports Fashion Sdn Bhd, for cash consideration of £35.5m back in August. The group now fully owns the issued share capital of JD Sports Fashion Sdn Bhd and its subsidiaries.
