REG - JD Sports Fashion - AGM Update

JD Sports FashionAnnouncement

22/07/2022 07:00

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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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