Last checked at 29 Jun 2017 07:00
29 June 2017
JD Sports Fashion Plc
AGM Trading Update
Peter Cowgill, the Executive Chairman of JD Sports Fashion Plc (the "Group"), the leading retailer of sports, fashion and outdoor brands, will make the following trading statement to shareholders attending its AGM today:
"Since we reported our results for the last financial year, we have moved into a further period of year on year calendar differences, notably Eid, which has also led us to adjust the timing of our clearance period. Therefore, we do not believe our like for like store sales comparatives will be truly meaningful until the end of the first half, by which point the impact of the aforementioned timing differences and the strong comparatives from the performance through last year's Euros tournament will all have fully unwound. Nevertheless, we are pleased to confirm that growth to date in Group like for like store sales and further significant growth in the Group's online sales have been in line with our expectations.
"We continue to expand the JD store estate across the UK and overseas with a net increase of 28 stores (88,000 sqft) in the period to 24 June 2017. Notable new openings have included our first two JD stores in Australia and a further two stores in Malaysia.
"Whilst we have faced some anticipated margin pressure in achieving the sales growth, the Board considers that the Group is currently on track to deliver a result for the full year in line with market expectations. We also believe that our highly differentiated multibrand offer, combined with an attractive and dynamic presentation instore and online, gives the Group continuing competitive advantage."
The Group will announce Interim Results for the period to 29 July 2017 on 12 September 2017.
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Brian Small, Chief Financial Officer
MHP Communications Tel: 0203 128 8100
Andrew Jaques
Barnaby Fry
Gina Bell