JD Sports Fashion Plc AGM Update (3612T)
July 22 2022 - 1:00AM
UK Regulatory
TIDMJD.
RNS Number : 3612T
JD Sports Fashion Plc
22 July 2022
22 July 2022
JD Sports Fashion Plc
AGM Update
JD Sports Fashion Plc (the "Group"), the leading retailer of
sports, fashion and outdoor brands, will make the following
statement to shareholders attending its AGM today.
Trading Update
In the announcement of the Final Results for the 52 weeks ended
29 January 2022, released on 22 June 2022, the Group advised that
it was reassured with trading in the first four months of the year
with total sales in the Group's like-for-like businesses 5% ahead
of the prior year. The Group can advise that this positive
performance has continued through June and that, after five months,
the total sales in the Group's like-for-like businesses remain 5%
ahead of the prior year.
Therefore, at this stage, the Board maintains its view that the
headline profit before tax and exceptional items for the year end
28 January 2023 will be in line with the record performance for the
year ended 29 January 2022. The Board also expects that the phasing
of the profit in the current year will reflect a more normalised
trading pattern with approximately 35% to 40% of profits generated
in the first half.
Update on Governance Matters
The Board can confirm that the three-month intensive programme
of works to address priority issues on governance and regulatory
compliance matters is progressing as anticipated. Further, working
with external advisors, the Group has now commenced a Control, Risk
and Compliance Target Operating Model review. The output from this
will be a detailed plan and resource requirements assessment for a
programme of works which will ensure compliance with the various
regulatory obligations and greater conformity with the Corporate
Governance Code.
Board Composition
Andy Higginson joined the Board as Chair on 11 July 2022 and is
fully involved in the process to recruit a new Group CEO. This
process is ongoing and the Group will update the market further
when appropriate. In the meantime, Kath Smith continues in the role
of Interim CEO and is working well with the Group's Senior
Leadership Team to execute the Group's strategic objectives and
progress the ongoing global development opportunities.
The Group anticipates releasing its Interim Results for the
period to 30 July 2022 in the second half of September and will
announce a date for this in due course.
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Andy Higginson, Chair
Helen Ashton, Non-Executive Director and Chair of Audit and Risk
Committee
Kath Smith, Interim CEO
Neil Greenhalgh, Chief Financial Officer
FGS Global Tel: 0207 251 3801
Rollo Head
Jenny Davey
James Thompson
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END
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