JD Sports Fashion on track, AGM will hear
Ahead of its annual general meeting later today, Bury-based sports and fashion retailer JD Sports Fashion said it is continuing to perform in line with the board’s expectations.
Executive chairman Peter Cowgill will tell shareholders later today that, on April 17, the group announced record results for the year ended February 3, 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,” he said.
He added: “There has been a further expansion in the JD store estate with a net increase of 36 stores (109,000 sq ft) in the period to June 23, 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.
Mr Cowgill said: “The 16 new JD stores in the Asia Pacific region include 12 conversions (41,000 sq ft) from other fascias operated by our partners in these territories.”
He will tell shareholders: “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 its interim results for the period to August 4, 2018, on September 11.
