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July 7, 2020, 2:37 a.m. EDT

JD Sports pretax profit rises on higher revenue

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By Matteo Castia

JD Sports Fashion PLC reported Tuesday a rise in pretax profit for fiscal 2020 on higher revenue, but said it expects results for fiscal 2021 to be materially hurt by the pandemic.

The sport-goods retailer made a pretax profit of 348.5 million pounds ($435.3 million) for the year ended Feb. 1 compared with GBP339.9 million in fiscal 2019. Revenue increased 30% on year to GBP6.11 billion.

The board decided not to declare a final dividend in an effort to preserve cash resources to better navigate the crisis.

The pandemic continues to negatively affect its commercial operations, with weak footfall partly offset by a higher rate of conversion as consumers are less inclined to browse, the company said.

It added that it expects the pandemic to materially hurt results for the year ending Jan. 30, 2021.

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