JD Sports says sales falls are in line with expectations
JD Sports Fashion has announced that sales have continued to fall but that the declines were in line with expectations.
In its trading statement issued today, the group said that sales falls seen in its full-year results had continued over the past three months, with like-for-like sales falling by 2.8%. This compares with a 1.2% decline in the year to 29 January 2011.
It also said that the period was more difficult to interpret in terms of underlying trading trends as it coincided with the run up to the World Cup 2010.
JD said: “Our cautious outlook at the time of that announcement remains unchanged and continues to be based on the very clear downward pressures on levels of gross consumer expenditure in our market and the increased VAT take from such expenditure."
It continued: “Overall group trading remains in line with management's expectations at that time.”
JD said elsewhere the group was making “satisfactory progress” and was “well positioned to exploit its financial strength to take advantage of any strategic opportunities which may arise.”
The group is expected to issue its Interim Results Announcement on 21 September 2011.
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