JD Sports Fashion Plc AGM Update (9574D)
27 Junio 2023 - 1:00AM
UK Regulatory
TIDMJD.
RNS Number : 9574D
JD Sports Fashion Plc
27 June 2023
27 June 2023
JD Sports Fashion Plc
AGM Update
Further Positive Trading With Guidance Reiterated
JD Sports Fashion Plc (the "Group"), the leading global Sports
Fashion retailer, will make the following statement to shareholders
attending its AGM today.
In the announcement of the Final Results for the 52 weeks ended
28 January 2023, released on 17 May 2023, the Group advised that it
was reassured with trading in the first three months of the year
with growth in organic sales at constant exchange rates of more
than 15%.
The Group is pleased to advise that there was further positive
trading in all regions through May with overall growth in organic
sales at constant exchange rates in the month of around 8%. This
moderation in the growth was in line with management expectations
and reflects tougher comparatives in the prior year as the supply
chain normalised and the availability of product improved.
The positive trends have continued through June in the Group's
businesses in the UK, Europe and Asia Pacific although the growth
from these regions is partially offset by the businesses in North
America which are experiencing some softening in trade consistent
with other businesses in the sector. Inventories in our businesses
in North America are at normal levels and we will be no more
promotional than we need to be to remain competitive.
The Board maintains its view that the headline profit before tax
and adjusted items for the year end 3 February 2024 will be in line
with the current average consensus expectations of GBP1.04 billion.
The Board also expects that the phasing of the profit in the
current year will reflect a normalised trading pattern with
approximately 35% of profits generated in the first half.
Consistent with its 'JD First' and global growth strategy, the
Group opened a net additional 32 JD stores in the first four months
of the year and is on track to open more than 150 stores for the JD
fascia over the course of the year in line with the targets set out
in the Group's Capital Market Event in February. Elsewhere, the
Group still anticipates that the proposed acquisition of the
complementary Courir business in Europe, which represents the
Group's first acquisitive steps in fulfilling the growth ambitions
of the business in underpenetrated markets, will formally close
later in the year. The mandatory consultation process with the
Courir works council has now completed with good progress being
made on the preparation of the mandatory anti-trust submission.
The Group will announce a date for the publication of its
Interim Results for the period to 29 July 2023 in due course.
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Andrew Higginson, Chair
Régis Schultz, Chief Executive Officer
Neil Greenhalgh, Chief Financial Officer
Alison Lees, Director of Investor Relations & Treasury
FGS Global Tel: 0207 251 3801
Rollo Head
Jenny Davey
James Thompson
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END
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June 27, 2023 02:00 ET (06:00 GMT)
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