JD Sports Fashion Plc COVID-19 Update (2924H)
24 Marzo 2020 - 1:00AM
UK Regulatory
TIDMJD.
RNS Number : 2924H
JD Sports Fashion Plc
24 March 2020
24 March 2020
JD Sports Fashion Plc
COVID-19 Update
JD Sports Fashion Plc (the 'Group') is providing an update today
on the impact of COVID-19 on its business, along with the measures
it is taking to actively manage the risks to its customers,
colleagues and operations.
As of now, essentially all of our stores are closed in UK,
United States and Europe. In a typical week, at this time of the
year, we would expect the stores which are closed to contribute
substantially all of the Group's physical store sales.
Whilst our trading websites continue to accept and fulfil orders
and, whilst we have seen a resilient performance to date in most
territories, this represents a comparatively small mitigation in
terms of overall profit contribution.
As would be expected, we are pursuing a number of measures to
preserve capital across all aspects of our business and thereby
limit the level of cash burn. In this regard, the Board welcomes
the various public sector initiatives which have been announced to
date in the territories where it operates.
At this stage, given the current uncertainty and the potential
for further government action where our fascias are still able to
trade, the Board does not believe it appropriate to provide
financial guidance for the current financial year ending 30 January
2021. Further, the Board notes the request from the Financial
Conduct Authority over the weekend for all listed companies to
observe a moratorium on the publication of Preliminary Financial
Statements ('Results) for at least two weeks. Given the potential
for this request to be extended beyond this initial period, which
would then cover the Group's previously published reporting date of
15 April 2020, we believe it is prudent to announce a delay now to
the publication of the Group's Results for the period to 1 February
2020. We will announce a revised date for the publication of the
Results in due course but, at this stage, we would anticipate that
this revised date will be in the second half of May. This revised
date would also allow the Group to provide greater clarity of the
impact of COVID-19 on the Group's performance for the current year
to 30 January 2021.
The Board is satisfied that the combination of a strong balance
sheet, net cash resources and the substantial working capital
facilities available to the Group in its various territories are
more than adequate to meet the cash deficiencies which may
reasonably be anticipated during the closure periods in our various
territories.
Peter Cowgill said:
"Along with everyone else, the Group is experiencing major
disruption to our business operations as we seek to protect our
colleagues and customers from the effects of COVID-19. Their safety
remains our number one priority and we continue to take all
appropriate action in line with government advice in our various
territories.
"JD continues to offer a market leading, multichannel
proposition in Sports Fashion Retail and we are confident that we
will emerge from the current challenges in a strong position to
resume our previous positive momentum."
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Neil Greenhalgh, Chief Financial Officer
Jennifer Iveson, Investor Relations
MHP Communications Tel: 0203 128 8193
Andrew Jaques
Giles Robinson
Charles Hirst
Catherine Chapman
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDKKNBBKBKBONB
(END) Dow Jones Newswires
March 24, 2020 03:00 ET (07:00 GMT)
Jd Sports Fashion (LSE:JD.)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Jd Sports Fashion (LSE:JD.)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
