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JD Sports Fashion sales up during Feb 1 to May 30
08 Jun '09
2 min read
JD Sports Fashion Plc (the "Group"), the leading retailer of sport inspired fashion apparel and footwear and young fashion, releases the following Interim Management Statement for the period from 1 February to 30 May 2009.
On 8 April 2009, in the Preliminary Announcement of the Group's results for the 52 week period ended 31 January 2009, the Group reported like for like sales growth of +0.3% (Sports Fascias -0.2%; Fashion Fascias +3.6%) for the 9 weeks ended 4 April 2009.
We are pleased to report that, after a further 8 weeks of trading to 30 May 2009, cumulative Group like for like sales growth has improved to +1.7% (Sports Fascias +1.2%; Fashion Fascias +4.6%).
Whilst hitherto satisfactory, maintaining the gross margin comparative with the previous year may prove increasingly challenging later in the year, particularly having regard for exchange rate pressures. However, the Board remains encouraged by the progress made so far this year towards achieving results in line with management expectations.
On 19 May 2009, as previously reported, the Group acquired the entire issued share capital of Chausport SA, a retailer of sports footwear in France with 78 small stores, for a total cash consideration of E8.0m, before fees. This strategic acquisition gives JD the opportunity for future growth by entering a new and sizeable European market.
In view of the close proximity of the Annual General Meeting on 25 June 2009, the Group will provide its next trading update with the Interim Results Announcement on 22 September 2009.
On 8 April 2009, in the Preliminary Announcement of the Group's results for the 52 week period ended 31 January 2009, the Group reported like for like sales growth of +0.3% (Sports Fascias -0.2%; Fashion Fascias +3.6%) for the 9 weeks ended 4 April 2009.
We are pleased to report that, after a further 8 weeks of trading to 30 May 2009, cumulative Group like for like sales growth has improved to +1.7% (Sports Fascias +1.2%; Fashion Fascias +4.6%).
Whilst hitherto satisfactory, maintaining the gross margin comparative with the previous year may prove increasingly challenging later in the year, particularly having regard for exchange rate pressures. However, the Board remains encouraged by the progress made so far this year towards achieving results in line with management expectations.
On 19 May 2009, as previously reported, the Group acquired the entire issued share capital of Chausport SA, a retailer of sports footwear in France with 78 small stores, for a total cash consideration of E8.0m, before fees. This strategic acquisition gives JD the opportunity for future growth by entering a new and sizeable European market.
In view of the close proximity of the Annual General Meeting on 25 June 2009, the Group will provide its next trading update with the Interim Results Announcement on 22 September 2009.
JD Sports Fashion Plc
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