JD Sports' growth in line with expectations
Sportswear retailer JD Sports will tell its shareholders that like-for-like sales growth has been in line with expectations when it holds its AGM later today.
In a statement released this morning, the company said its 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.”
The company is continuing to expand its store estate both in the UK and overseas with a net increase of 28 stores in the period to 24 June 2017. Notable new openings have included JD's first two stores in Australia and a further two stores in Malaysia.
Cowgill will add: "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 multi-brand offer, combined with an attractive and dynamic presentation instore and online, gives the group continuing competitive advantage."
JD Sports will announce its interim results for the period to 29 July on 12 September.
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