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Response to CMA Announcement

14 Feb 2022 08:20

RNS Number : 5719B
JD Sports Fashion Plc
14 February 2022
 

14 February 2022

JD Sports Fashion Plc

Response to CMA Announcement

The Competition and Markets Authority ('CMA') has today imposed a penalty of £4.3 million on JD Sports Fashion PLC ('JD' or 'Group') for failure to comply in certain respects with an Interim Order issued by the CMA on 19 May 2021 (the 'Order') as part of the CMA's review of the Footasylum acquisition.

JD has been subject to hold separate measures in relation to Footasylum since May 2019 and balancing the obligations of separation and business stability over such a long period, which has also coincided with the COVID-19 pandemic, has been complex and not without challenge. At no point has there been any intention to breach the rules although JD does accept that, inadvertently, it was in receipt of limited commercially sensitive information and that this was not reported to the CMA immediately.

However, JD believes that a number of the further conclusions which the CMA have drawn are either incorrect or have been presented in a misleading manner through the use of inflammatory language. In particular, JD notes that the CMA are suggesting, for the first time, that phone records have been deleted and, whilst JD accepts that some phone records were not available, it absolutely refutes any allegation that this was due to records being deliberately deleted. In this regard, JD can also confirm that it voluntarily submitted all of its relevant devices to a third party for expert forensic analysis.

JD would also point out the following:

JD has always acted honestly and in good faith in its efforts to comply with the Order and in responding to enquiries from the CMA, some of which related to events which took place eight months priorJD has had market standard guidance in place which has been continually reviewed and updated There was no prohibition on the CEOs meeting and, indeed, JD was actively required to retain the employment of Footasylum's key employees during the period of the OrderThere was no legal requirement in the Order for JD to either notify the CMA that a meeting had taken place or take notes of these meetings

 

Ultimately, JD does not believe that the description of events or the penalty that has been levied is a fair reflection of the Group's efforts to ensure compliance with the Order.

JD will now review the detail of the CMA's decision although the Group has already taken swift action to implement additional measures to strengthen its processes in this area which now go well beyond what is legally required by the CMA.

Separately, JD will continue to work constructively with the CMA on the process to divest Footasylum in line with the CMA's decision in November 2021.

 

Enquiries:

 

JD Sports Fashion Plc Tel: 0161 767 1000

Peter Cowgill, Executive Chairman

Neil Greenhalgh, Chief Financial Officer

Jennifer Iveson, Investor Relations

 

MHP Communications Tel: 0203 128 8193

Andrew Jaques

Peter Hewer

Charles Hirst

Catherine Chapman

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RSPGIGDDRBBDGDS
Date   Source Headline
17th Aug 20187:00 amRNSHolding(s) in Company
4th Jul 20189:00 amRNSInvestor Day
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30th May 201812:55 pmRNSCircular and Notice of General Meeting
25th May 20183:15 pmRNSAnnual Report and Accounts and Notice of AGM
17th Apr 20187:00 amRNSFinal Results
26th Mar 20187:00 amRNSProposed Acquisition of The Finish Line, Inc.
1st Feb 20187:00 amRNSFormal completion of JD's Sport Zone acquisition
16th Jan 20187:00 amRNSTrading Update
5th Oct 201712:27 pmRNSResult of General Meeting
15th Sep 20177:00 amRNSInvestment in Joint Venture in South Korea
14th Sep 20175:55 pmRNSPublication of Circular and Notice of GM
14th Sep 20177:00 amRNSConditional combination with Sport Zone
12th Sep 20177:00 amRNSHalf-year Report
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6th Jul 20178:41 amRNSDirector/PDMR Shareholding
30th Jun 20172:29 pmRNSDirector/PDMR Shareholding
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29th Jun 20177:00 amRNSAGM Trading Statement
12th Jun 201712:30 pmRNSInformation for shareholders re. incentive plan
26th May 20175:14 pmRNSNotice of AGM
18th May 20177:12 amRNSCMA approves JD Group's acquisition of Go Outdoors
10th May 20177:00 amRNSAppointment of Joint Broker
11th Apr 20177:00 amRNSFinal Results
9th Mar 20177:15 amRNSCombination with Sport Zone in Spain & Portugal
20th Feb 20173:16 pmRNSHolding(s) in Company
12th Jan 20177:00 amRNSTrading Statement
9th Jan 20172:44 pmRNSHolding(s) in Company
15th Dec 20167:00 amRNSResponse to Media Reports
28th Nov 20167:00 amRNSAcquisition of Go Outdoors Topco Limited
24th Nov 20163:15 pmRNSResult of General Meeting
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25th Jul 20163:18 pmRNSHolding(s) in Company
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24th Jun 20164:46 pmRNSDirector/PDMR Shareholding
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3rd May 20164:49 pmRNSHolding(s) in Company
21st Apr 20165:31 pmRNSHolding(s) in Company
14th Apr 20167:00 amRNSFinal Results

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