JD Sports”on track” says Cowgill
Company operating in line with forecasts says chairman
Peter Cowgill, executive chairman of JD Sports will make the following trading statement to shareholders attending its AGM today:
“On 17 April 2018, the Group announced record results for the year ended 3rd February 2018 with the Board also stating that it was satisfied with progress and remained confident about the prospects for the current financial year. This continues to be our view.
“There has been a further expansion in the JD store estate with a net increase of 36 stores (109,000 sqft) in the period to 23rd June 2018. As expected, the emphasis has been on international development with 18 new stores to date across Europe which is in line with our expectation of approximately one new store opening per week on average. There has also been an increase of 16 stores in the Asia Pacific region with additional stores in both Malaysia and Australia and the first JD stores in both South Korea and Singapore. The 16 new JD stores in the Asia Pacific region include 12 conversions (41,000 sqft) from other fascias operated by our partners in these territories. Overall, we remain encouraged about the progress that we are making internationally and, following the recent acquisition of the Finish Line business, are excited by the opportunity ahead of us in the United States.
“The Board considers that the Group continues to be on track to deliver a result for the full year in line with consensus market expectations.”
The Group will announce Interim Results for the period to 4th August 2018 on 11th September 2018.