JD Sports Fashion Plc Trading Statement (9314M)
January 14 2019 - 2:00AM
UK Regulatory
TIDMJD.
RNS Number : 9314M
JD Sports Fashion Plc
14 January 2019
14 January 2019
JD Sports Fashion Plc
Trading Update
JD Sports Fashion Plc (the 'Group'), the leading retailer of
sports, fashion and outdoor brands, today announces an update on
performance following the Christmas trading period.
We are pleased to report further significant progress in our
international development with total sales growth for the
cumulative 48-week period to 5 January 2019 of 15% across our
global Sports Fashion fascias (excluding the recent acquisitions of
Finish Line in the United States and Sport Zone in Iberia). The
total like for like sales growth in these fascias for the same
48-week period is now more than 5% including a consistently
positive like for like performance across Black Friday and the
Christmas period.
Gross profit margins have been maintained at prior year levels
as we continue with our policy not to enter into short-term
reactive discounting unnecessarily. Given the well-publicised
challenges within the wider UK retail market, we are pleased with
this trading result which further demonstrates the robust
foundations of our dynamic multibrand multichannel proposition
across our core market and our capacity for further growth across
an expanding geographical reach.
During the second half we opened our first two stores in
Thailand and shortly before the key holiday period we also opened
our first five JD stores in the United States which includes the
conversion of three existing Finish Line stores. It is too early to
draw any conclusions from the early performance of JD in the United
States although we are encouraged by the developments to date. This
initial performance has given us the confidence to extend our
initial trial of the JD fascia with the conversion of up to 15
further Finish Line stores planned for the first half of 2019.
We are also encouraged by the ongoing performance of the wider
Finish Line business which has delivered improvements in both sales
and margin relative to the prior year. We remain confident that we
are well placed to exploit the ongoing opportunities that exist to
improve the future profitability of this business.
The first phase of works to fit out the 352,000 sqft extension
at our primary Kingsway warehouse has now been completed enabling a
partial use of the additional space. Works to install the
additional automation equipment are ongoing with completion
scheduled for late Spring 2019. The transition to the enlarged site
has inevitably caused some labour cost inefficiencies in our
operations but, notwithstanding this, we are confident that our
headline Group profit before tax for the year ended 2 February 2019
will be at the upper end of published market expectations, which
currently range from GBP325m to GBP352m.
The preliminary results for the year ended 2 February 2019 will
be published on 16 April 2019.
Peter Cowgill, Executive Chairman, commented:
"I am pleased with the continued progress of the Group both in
terms of our performance in existing markets and the recent
positive developments in the United States. We are confident that
domestically and internationally, in stores and online, our unique
and often exclusive sports fashion premium brand offer provides a
solid foundation for future development.
"On behalf of the Board, I would like to thank all our
colleagues for their significant contribution in delivering another
excellent performance."
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Neil Greenhalgh, Chief Financial Officer
MHP Communications Tel: 0203 128 8193
Andrew Jaques
Giles Robinson
Nessyah Hart
Charles Hirst
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END
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