(Reuters) – On Wednesday, Britain’s JD (NASDAQ: JD) Sports Fashion announced that its annual profit had more than doubled. It also said that independent investigations and a governance review of its regulatory issues had shown that the board needed to be strengthened and that internal controls should be improved.
Britain’s antitrust watchdog has looked into the sportswear store listed in London more than once. The UK’s Competition and Markets Authority (CMA) recently made a preliminary decision that the company and a rival broke competition law by setting prices for Rangers FC merchandise.
JD said that it was in the process of filling both the position of chair and the position of chief executive officer, since the two jobs are being split.
Before taxes, the company made 654.7 million pounds ($800.2 million) in the year that ended on January 29. This was up from 324 million pounds the year before.
“We remain aware of the headwinds that exist at this time, including the general global macroeconomic and geopolitical situation,” interim Chair Helen Ashton said, as the group forecasted 2023 headline profit before tax and exceptional items in line with its expectations.
(1 dollar = 0.8181 pounds)
