REG - JD Sports Fashion - AGM Update

JD Sports FashionAnnouncement

27/06/2023 07:15

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RNS Number : 9574D  JD Sports Fashion Plc  27 June 2023

27 June 2023

JD Sports Fashion Plc

AGM Update

Further Positive Trading With Guidance Reiterated

JD Sports Fashion Plc (the "Group"), the leading global Sports Fashion
retailer, will make the following statement to shareholders attending its AGM
today.

In the announcement of the Final Results for the 52 weeks ended 28 January
2023, released on 17 May 2023,  the Group advised that it was reassured with
trading in the first three months of the year with growth in organic sales at
constant exchange rates of more than 15%.

The Group is pleased to advise that there was further positive trading in all
regions through May with overall growth in organic sales at constant exchange
rates in the month of around 8%. This moderation in the growth was in line
with management expectations and reflects tougher comparatives in the prior
year as the supply chain normalised and the availability of product improved.

The positive trends have continued through June in the Group's businesses in
the UK, Europe and Asia Pacific although the growth from these regions is
partially offset by the businesses in North America which are experiencing
some softening in trade consistent with other businesses in the sector.
Inventories in our businesses in North America are at normal levels and we
will be no more promotional than we need to be to remain competitive.

The Board maintains its view that the headline profit before tax and adjusted
items for the year end 3 February 2024 will be in line with the current
average consensus expectations of £1.04 billion. The Board also expects that
the phasing of the profit in the current year will reflect a normalised
trading pattern with approximately 35% of profits generated in the first half.

Consistent with its 'JD First' and global growth strategy, the Group opened a
net additional 32 JD stores in the first four months of the year and is on
track to open more than 150 stores for the JD fascia over the course of the
year in line with the targets set out in the Group's Capital Market Event in
February. Elsewhere, the Group still anticipates that the proposed acquisition
of the complementary Courir business in Europe, which represents the Group's
first acquisitive steps in fulfilling the growth ambitions of the business in
underpenetrated markets, will formally close later in the year. The mandatory
consultation process with the Courir works council has now completed with good
progress being made on the preparation of the mandatory anti-trust submission.

The Group will announce a date for the publication of its Interim Results for
the period to 29 July 2023 in due course.

 

Enquiries:

 

JD Sports Fashion Plc
                    Tel: 0161 767 1000

Andrew Higginson, Chair

Régis Schultz, Chief Executive Officer

Neil Greenhalgh, Chief Financial Officer

Alison Lees, Director of Investor Relations & Treasury

 

FGS Global
 
Tel: 0207 251 3801

Rollo Head

Jenny Davey

James Thompson

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