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19 Jun 2013 07:00
19 June 2013
JD Sports Fashion Plc
INTERIM MANAGEMENT STATEMENT
JD Sports Fashion Plc, the leading retailer and distributor of branded sportswear, fashionwear and outdoor clothing and equipment today releases the following Interim Management Statement for the 18 weeks to 8 June 2013.
We are pleased to report that at this stage of the year, overall group performance is in line with market expectations.
Trading in our main business, the core UK and Ireland Sports Fascias, has remained robust, with like for like sales for the 18 weeks ended 8 June 2013 being +7%. The UK and Ireland figures now include Champion which is now largely serviced from the UK.
The main Fashion Fascias (Bank and Scotts) have seen like for like sales decline by 5% in the same period. This fall is concentrated in Bank where the benefit of the new Head of Ladieswear is not expected to be seen until later in the year. Accordingly, the performance recorded in the year to date will lead to an increased loss being reported for these Fascias in the first half.
Whilst the Outdoor Fascias have recorded positive like for like sales, this has been achieved at a significant margin sacrifice. The development of profitability in these Fascias remains a work in progress. We expect them to benefit from the imminent final rationalization and relocation of their head office functions at Bury and the increasing influence of new management on the propositions. Lee Bagnall has commenced work this month as Managing Director of Millets. We expect the Outdoor Fascias to make a substantial but significantly reduced loss in the current year with the biggest improvement coming in the second half.
The results for the Distribution division in the first half will be impacted by the disposal of Canterbury and the knock on impacts of JJB's disappearance from the market.
Our interim results for the half year ended 3 August 2013 will be published on 18 September 2013.
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Barry Bown, Chief Executive
Brian Small, Finance Director
MHP Communications Tel: 0203 128 8100
Andrew Jaques
Barnaby Fry
Ian Payne
Nick Hayns
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