Interim Management Statement (5867S)
November 23 2011 - 1:00AM
UK Regulatory
TIDMJD.
RNS Number : 5867S
JD Sports Fashion Plc
23 November 2011
23 November 2011
JD Sports Fashion Plc
INTERIM MANAGEMENT STATEMENT
JD Sports Fashion Plc (the "Group"), the leading retailer and
distributor of sport and athletic inspired fashion apparel,
footwear and young fashion, today releases the following Interim
Management Statement for the period to 19 November2011.
In the announcement of the Group's interim results for the 26
week period to 30 July 2011 the Group reported an improvement in
trading in the seven weeks to 17 September 2011 with gross like for
like sales growth of 3.3% (Sports Fascias +2.5%; Fashion Fascias
+7.4%) and net growth of 1.6% (Sports Fascias +1.0%; Fashion
Fascias +5.0%). Since then, gross like for like sales growth for
the second half has declined to a cumulative level of +0.2% (Sports
Fascias -0.1%; Fashion Fascias +1.3%) for the sixteen weeks ended
19 November 2011, with a net decline of 1.5% after taking into
account the impact of the increase in VAT to 20% (Sports Fascias
-1.6%; Fashion Fascias -0.9%).
Performance since 17 September has been impacted by the
continuing downward pressures on all elements of discretionary
consumer spending and the recent marked decline in consumer
confidence. Despite experiencing adverse pressure on margins
because of the trading environment, we continue to work hard to
maintain them. Although we anticipate a tough Christmas trading
period, our management and staff have a good track record for
mobilising effectively through this key time of the year.
In our non-UK retail businesses, we have now successfully opened
a further two JD stores in France (being the conversion of an
existing Chausport store in Amiens and, more recently, a new store
in Marseille). We are encouraged by the potential for the Sprinter
business in Spain since acquisition and we expect to open our first
JD stores in Spain in the first half of 2012. The performance of
Champion is still being affected by the particularly difficult
economic environment in the Republic of Ireland but opportunities
for future improvement exist with the right execution.
Elsewhere in the Group, Canterbury has performed well in New
Zealand and Australia assisted by the Rugby World Cup. However, the
performance of the rest of the global Canterbury business has been
mixed, and we continue to appraise the best means of realizing the
full potential of this leading global brand.
The result for the full year remains, as usual, substantially
dependant on the performance through the Christmas period. However,
at this stage the Board believes the Group remains on course to
deliver earnings in line with current expectations.
The Group will issue its post Christmas trading update on 12
January 2012.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSDLLFLFFFLFBX
Jd Sports Fashion (LSE:JD.)
Historical Stock Chart
From Jun 2024 to Jul 2024
Jd Sports Fashion (LSE:JD.)
Historical Stock Chart
From Jul 2023 to Jul 2024