Last checked at 7 Jun 2022 07:47
7 June 2022
JD Sports Fashion Plc
Response to CMA Announcement
JD Sports Fashion Plc ("JD" or "Group") notes the press release issued by the Competition and Markets Authority ("CMA") earlier today with regards to its ongoing investigation into the suspected breaches of competition law by the following entities and their affiliates: The Rangers Football Club Limited, LBJ Sports Apparel Limited (trading as Elite Sports) and JD Sports Fashion Plc.
JD can confirm that it has, today, also received a Provisional Statement of Objections and a Draft Penalty Notice from the CMA. The CMA's findings are, at this stage, only provisional and the Group will now review them with its advisers. The CMA will consider any representations that are made before issuing its final findings. As the CMA has noted, JD has co-operated fully with the CMA and, provided this continues, JD will receive a reduction on any financial penalties that the CMA may decide to impose.
Based on the information available to it at this time, the Group intends to recognise a provision of approximately £2 million in its financial statements for the 52 weeks to 29 January 2022 representing the Group's best estimate of the liability payable in respect of this matter, including associated legal costs. The Group expects to release its final results for this period, incorporating this provision, shortly.
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Neil Greenhalgh
Finsbury Glover Hering Tel: 020 7251 3801
Rollo Head
Jenny Davey
James Thompson