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Trading statements

JD Sports growth in line with forecasts

29 June 2017 07:25

JD Sports Fashion's growth in like for like store sales and significant growth in its online sales have been in line with expectations, shareholders at the annual general meeting today will be told.

Chairman Peter Cowgill will say: ""Since we reported our results for the last financial year, we have moved into a further period of year on year calendar differences, notably Eid, which has also led us to adjust the timing of our clearance period.

"Therefore, we do not believe our like for like store sales comparatives will be truly meaningful until the end of the first half, by which point the impact of the aforementioned timing differences and the strong comparatives from the performance through last year's Euros tournament will all have fully unwound.

"Nevertheless, we are pleased to confirm that growth to date in Group like for like store sales and further significant growth in the Group's online sales have been in line with our expectations. "We continue to expand the JD store estate across the UK and overseas with a net increase of 28 stores (88,000 sqft) in the period to 24 June 2017. Notable new openings have included our first two JD stores in Australia and a further two stores in Malaysia. "Whilst we have faced some anticipated margin pressure in achieving the sales growth, the Board considers that the Group is currently on track to deliver a result for the full year in line with market expectations.

"We also believe that our highly differentiated multibrand offer, combined with an attractive and dynamic presentation instore and online, gives the Group continuing competitive advantage."

Story provided by StockMarketWire.com

Related Company: JD.

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