JD Sports Regulatory News (JD.)

20 Jul 2006 07:00

John David Group (The) PLC20 July 2006 20 July 2006 THE JOHN DAVID GROUP Plc AGM TRADING UPDATE At the AGM of The John David Group Plc (the "Group"), a leading retailer offashionable branded sportswear and fashion apparel, the following trading updatewill be provided to shareholders at 1pm today: On 4 May 2006 in the Preliminary Announcement of the Group's results for theyear ended 31 January 2006, we reported like for like sales growth of 2.1% inour Sports Fascias (excluding the newly acquired Allsports stores) for the 13weeks ended 29 April 2006. In the same period, like for like sales in ourFashion Fascias declined by -5.2%. After a further 11 weeks of trading, like for like sales for the 24 weeks ended15 July 2006 have improved in both Fascia groups. The non-Allsports SportsFascia stores are now up by 4.0%, having benefited to some extent from the WorldCup. The Fashion Fascias are now down by only -0.6%. The overall performance ofthe acquired Allsports property portfolio, which continues to be refocussed,remains satisfactory and the acquisition is proving useful in demonstratingvarying product preferences in different localities. Overall gross marginscontinue to improve gradually in both Fascias and operating costs are in linewith expectations. The Board remains confident that current trading remains in line with itsexpectations. The main development in the business since we last reported has been theacquisition on 23 June 2006 of 14 airport stores in various terminals atHeathrow, Gatwick and Stansted from Hargreaves (Sports) Limited. The Hargreavesbusiness was acquired earlier in the year by Sportsworld International Limitedwhich has a holding of approximately 10% in the Group. The consideration forthis transaction was £5 million. The Board believes that airport retailing isparticularly relevant to the Group's product offer and that these storescomplement the Manchester Airport store acquired last year with Allsports. Progress also continues to be made with the rationalisation of the legacy storeportfolio from which a further 11 stores (8 Sport; 3 Fashion) have been closedsince the year end and two small stores have been opened in the Sports Fascias. The Board expects to announce its interim results on 28 September 2006. Enquiries: The John David Group Plc Tel: 0161 767 1000 Peter Cowgill, Executive Chairman Barry Bown, Chief Executive Brian Small, Finance Director Hogarth Partnership Limited Tel: 020 7357 9477 Andrew Jaques Barnaby Fry Charlie Field This information is provided by RNS The company news service from the London Stock Exchange