JD Sports closes stores and delays results release
JD Sports has confirmed that all of its stores in the UK, US and Europe are now closed due to the coronavirus crisis.
Although its online businesses in the countries have performed well, the company said this represents a comparatively small mitigation in terms of overall profit contribution.
JD Sports is now working to preserve capital and limit the level of cash burn.
It is also delaying the publication of its results for the period to 1 February 2020, possibly to the second half of May. At that point, the company said it might also be able to offer more clarity on how the coronavirus crisis has impacted its performance in the curent financial year which ends on 30 January 2021.
Peter Cowgill, chairman of JD Sports, said: “Along with everyone else, the Group is experiencing major disruption to our business operations as we seek to protect our colleagues and customers from the effects of COVID-19. Their safety remains our number one priority and we continue to take all appropriate action in line with government advice in our various territories.
“JD continues to offer a market leading, multichannel proposition in sports fashion retail and we are confident that we will emerge from the current challenges in a strong position to resume our previous positive momentum.”
