REG - JD Sports Fashion - Response to CMA Announcement

JD Sports FashionAnnouncement

27/09/2022 07:45

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RNS Number : 8039A  JD Sports Fashion Plc  27 September 2022

27 September 2022

JD Sports Fashion Plc

Response to CMA Announcement

 

JD Sports Fashion Plc ("JD") notes the press release issued by the Competition
and Markets Authority ("CMA") earlier today regarding the completion of its
investigation into the suspected breaches of competition law by the following
entities and their affiliates: The Rangers Football Club Limited, LBJ Sports
Apparel Limited (trading as Elite Sports) and JD Sports Fashion Plc. This
follows the CMA's announcement of 7 June 2022 setting out its provisional
findings in this investigation.

JD notes the following:

·    JD has co-operated fully with the CMA throughout this investigation,
including taking swift steps to apply for leniency and agreeing to settle the
investigation. As a consequence, the CMA has applied a substantial discount in
determining its final penalty of £1.485 million. In accordance with the CMA's
standard terms of settlement, JD will not be appealing against this penalty.

·    On 7 June 2022, JD announced that it would recognise a provision of
approximately £2 million in its financial statements for the 52 weeks to 29
January 2022 representing the Group's best estimate of the liability payable
in respect of this matter, including associated legal costs.

·    No directors or senior management of JD were involved in the
offending conduct, which took place in 2018-2019. JD has taken a number of
steps to strengthen its competition compliance programme and is committed to
ensuring that this is embedded into its daily operations.

JD is committed to offering great value to its customers with a best-in-class
multichannel retail experience.

Enquiries:

 

JD Sports Fashion
Plc                                                                Tel:
0161 767 1000

Neil Greenhalgh

Nim Cassidy

 

FGS Global
                                      Tel: 020 7251 3801

Rollo
Head

Jenny Davey

James Thompson

 

 

 

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