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JD Sports remains cautious
Retailer’s outlook ‘unchanged’ after first five months of 2011/12; ‘well positioned to exploit any strategic opportunities which may arise’
JD Sports has said its outlook remains unchanged after the first five months of its 2011/12 year, but that it remains ‘well positioned’ to use its financial strength to capitalise on any strategic opportunities that arise over the course of the year.
In an interim management statement issued for the period January 30 to June 4, JD Sports said: “In the preliminary announcement of the Group's results for the 52 week period ended January 29, issued on April 13, the Group reported UK and Ireland like-for-like gross retail sales growth of 0.4 per cent and like-for-like net sales declines of 1.2 per cent for the eight weeks ended March 26.
“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. Overall group trading remains in line with management's expectations at that time.”
It added: “Recent comparatives are made harder to interpret in terms of underlying trading trends as the period coincides with the run up to the World Cup 2010. Cumulative like-for-like net sales of the UK and Ireland fascias now stand at -2.8 per cent, with margin deterioration within the range of our expectations.
“Elsewhere in the Group satisfactory progress is being made and we continue to be well positioned to exploit our financial strength to take advantage of any strategic opportunities which may arise.”
