JD Sports on track for full year
In a statement issued ahead of its AGM today, sportswear retailer JD Sports has said it is on track to meet expectations for the full year.
In April the company reported record results for the year ended 3 February 2018 with the board also saying that it remained confident about the prospects for the current financial year.
Today JD Sports chairman Peter Cowgill said: “The board considers that the group continues to be on track to deliver a result for the full year in line with consensus with market expectations.”
JD Sports said there has been a further expansion in its store estate since April with a net increase of 36 stores. Most of these have been overseas with 18 new stores opened to date across Europe, which is in line with JD’s plan to launch an average of one new store per week in the region.
There has also been an increase of 16 stores in the Asia Pacific region with additional stores in Malaysia and Australia and the first JD stores in South Korea and Singapore. The new stores in the region include 12 conversions from fascias operated by JD’s partners in the territories.
The company has recently completed the acquisition of US sports shoe brand The Finish Line in a deal worth £396 million.
Cowgill added: “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.”
JD Sports will announce its interim results for the period to 4 August on 11 September.
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