JD Sports Fashion Plc Response to CMA Announcement (8039A)
27 Septiembre 2022 - 01:34AM
UK Regulatory
TIDMJD.
RNS Number : 8039A
JD Sports Fashion Plc
27 September 2022
27 September 2022
JD Sports Fashion Plc
Response to CMA Announcement
JD Sports Fashion Plc ("JD") notes the press release issued by
the Competition and Markets Authority ("CMA") earlier today
regarding the completion of its investigation into the suspected
breaches of competition law by the following entities and their
affiliates: The Rangers Football Club Limited, LBJ Sports Apparel
Limited (trading as Elite Sports) and JD Sports Fashion Plc. This
follows the CMA's announcement of 7 June 2022 setting out its
provisional findings in this investigation.
JD notes the following:
-- JD has co-operated fully with the CMA throughout this
investigation, including taking swift steps to apply for leniency
and agreeing to settle the investigation. As a consequence, the CMA
has applied a substantial discount in determining its final penalty
of GBP1.485 million. In accordance with the CMA's standard terms of
settlement, JD will not be appealing against this penalty.
-- On 7 June 2022, JD announced that it would recognise a
provision of approximately GBP2 million in its financial statements
for the 52 weeks to 29 January 2022 representing the Group's best
estimate of the liability payable in respect of this matter,
including associated legal costs.
-- No directors or senior management of JD were involved in the
offending conduct, which took place in 2018-2019. JD has taken a
number of steps to strengthen its competition compliance programme
and is committed to ensuring that this is embedded into its daily
operations.
JD is committed to offering great value to its customers with a
best-in-class multichannel retail experience.
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Neil Greenhalgh
Nim Cassidy
FGS Global Tel: 020 7251 3801
Rollo Head
Jenny Davey
James Thompson
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END
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