Pentland Group powers ahead as revenue soars to £3.6bn
During the 12-month period to 31 December 2017, the company reorganised and streamlined its operations, created a joint-venture with the Lacoste Group and acquired the US footwear brand SeaVees.
The group has revealed revenues surged by 25% to £3.6 billion during the period, although this was driven by JD Sports, a brand where it has invested as majority shareholder.
JD Sports Fashion plc enjoyed a stellar 33% increase in sales during the period, and has continued its efforts to grow its physical and digital retail on an increasingly global scale. Since year end, it acquired Finish Line, a US retailer of sports shoes and clothing.
There was less information about fully owned Pentland Brands in the group’s latest financial report. The company said its sports apparel label Ellesse performed well during the period, delivering 21% revenue growth, while its swimwear specialist Speedo achieved 8% sales growth underpinned by a move to a direct-to-consumer model in China.
Canterbury, a brand dedicated to rugby-inspired apparel, “achieved considerable success” after sponsoring the 2017 British and Irish Lions tour to New Zealand, the group said.
However, Pentland made no mention of Berghaus, Metre, Red or Dead or Boxfresh’s performance. The group also is the global licensee for Ted Baker footwear, Karen Millen footwear and Kickers in the UK.
All in all, it was a strong year for the company, with operating profit before amortisation of intangibles and exceptional items up by 14% to £376 million.
Stephen Rubin, chairman, commented: “I am delighted that Pentland Group’s 85th set of annual results, once again, demonstrate our commitment to nurturing our brands and evolving our business to ensure that we continue to meet the changing needs of our retail customers, brand partners and consumers.
“We are very grateful to all our people for their passion and dedication to ensuring that we build our business, doing business the right way.”
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