Eid and European football set to distort JD Sports’ figures
The boss of Bury-based JD Sports Fashion says its half-year performance will be affected by stock clearance period adjustments prompted by the Muslim religious period of Eid.
Chief executive Peter Cowgill said like-for-like sales comparatives would not be “truly meaningful” until the end of the first half because of the calendar differences.
Eid is an important religious holiday celebrated worldwide which marks the end of Ramadan, the Islamic holy month of fasting.
The figures will further distorted because of strong comparatives from the company’s performance through last year’s Euros football tournament.
However, Cowgill said growth in group like-for-like store sales and online sales was in line with the listed company’s expectations.
“We continue to expand the JD store estate across the UK and overseas with a net increase of 28 stores in the period to June 24, 2017,” he said. “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.”
The group will announce interim results for the period to July 29, 2017 on September 12.
