JD Sports new CEO Schultz lays out growth plans
LONDON, Feb 2 (Reuters) -British sports fashion retailer JD Sports JD.L laid out its growth plan for the next five years, which includes adding up to 350 new stores annually, under a strategy being presented by new chief executive Régis Schultz to investors on Thursday.
Schultz took over as CEO in September, following a tumultuous period that culminated in the ousting of long-standing executive chairman Peter Cowgill in May.
The group, which sells the Nike and Adidas brands to customers in Britain, the United States and across Europe, set out plans to grow revenues and operating margins by double digits over the next five years, and generate cash from operating activities of 1 billion pounds ($1.23 billion) per year.
It also said it would spend 500 million pounds to 600 million pounds annually, with over half of that allocated to adding between 250 to 250 new stores in underpenetrated markets.
"We see significant growth opportunities ahead by expanding JD internationally, notably in North America and Europe," Schultz said in the statement.
Shares in FTSE-100 listed JD were up 7.4% in late morning trading.
($1 = 0.8121 pounds)
Reporting by Sarah Young; editing by James Davey
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