JD Sports Fashion Plc (LON:JD), 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.
JD Sports Fashion 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.
