Last checked at 9 Jun 2011 07:00
9 June 2011
JD Sports Fashion Plc
INTERIM MANAGEMENT STATEMENT
JD Sports Fashion Plc (the "Group"), the leading retailer and distributor of sport inspired fashion apparel, footwear and young fashion, today releases the following Interim Management Statement for the period from 30 January to 4 June 2011.
In the Preliminary Announcement of the Group's results for the 52 week period ended 29 January 2011, issued on 13 April 2011, the Group reported UK and Ireland like for like gross retail sales growth of 0.4% and like for like net sales declines of 1.2% (Sports Fascias -1.4%; Fashion Fascias 0.0%) for the 8 weeks ended 26 March 2011. Our cautious outlook at the time of that announcement remains unchanged and continues to be based on the very clear downward pressures on levels of gross consumer expenditure in our market and the increased VAT take from such expenditure. Overall group trading remains in line with management's expectations at that time.
Recent comparatives are made harder to interpret in terms of underlying trading trends as the period coincides with the run up to the World Cup 2010. Cumulative like for like net sales of the UK and Ireland Fascias now stand at -2.8% (Sports Fascias -3.0%, Fashion Fascias -1.6%), with margin deterioration within the range of our expectations.
Elsewhere in the Group satisfactory progress is being made and we continue to be well positioned to exploit our financial strength to take advantage of any strategic opportunities which may arise.
The Group expects to provide its next trading update with the Interim Results Announcement on Wednesday 21 September 2011.
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