JD Sports Regulatory News (JD.)

26 Jul 2007 07:00

John David Group (The) PLC26 July 2007 26 July 2007 THE JOHN DAVID GROUP Plc AGM TRADING UPDATE At the AGM of The John David Group Plc (the "Group"), a leading retailer ofsport and athletic inspired fashion apparel and footwear, the following tradingupdate will be provided to shareholders at 1pm today: On 26 April 2007 in the Preliminary Announcement of the Group's results for the52 week period ended 27 January 2007, we reported Group like for like salesgrowth of 7.5% (Sports Fascias +8.1%; Fashion Fascias -2.1%) for the 12 weeksended 21 April 2007. After a further 13 weeks of trading, Group like for like sales growth for the 25weeks ended 21 July 2007 has improved to 9.4%. The Sports Fascia stores are nowup by 9.9% cumulatively, having benefited from an earlier sale clearance period,the sale having started only on the weekend of 22/23 July last year. The FashionFascia stores are now also up by 1.7% cumulatively. Overall gross marginscontinue to reflect our recent improving trend, aided by dollar weakness andfurther gradual growth in own brand merchandise sales. Overheads are broadly inline with expectations although we are continuing to spend more heavily on ITsystems and merchandising support. We believe these costs will bring futurebottom line benefit. The Board therefore remains confident of at least achieving current marketexpectations, whilst continuing to anticipate more challenging second halftrading conditions, given rising interest rates, strong prior year comparativesand the continuing extension of distribution channels by core sports brands. Progress also continues to be made with the rationalisation of the legacy storeportfolio from which a further 18 stores (14 Sport; 4 Fashion) have been closedsince the year end and 3 stores have been opened in the Sports Fascias. The Board expects to announce its interim results on 26 September 2007. Enquiries: Tel: 0161 767 1000 The John David Group Plc Peter Cowgill, Executive ChairmanBarry Bown, Chief ExecutiveBrian Small, Finance Director Hogarth Partnership Limited Tel: 020 7357 9477Andrew JaquesBarnaby FrySarah Richardson This information is provided by RNS The company news service from the London Stock Exchange