John David Sports PLC
18 September 2000
JOHN DAVID SPORTS PLC
CHAIRMAN'S AGM STATEMENT
At today's Annual General meeting of the company, John Wardle, Chairman made
the following comments:-
I reported in the Preliminary Announcement on 14 June 2000 that JD Sports was
continuing to enhance its recognised position as the leading design led sports
and leisurewear retailer in the UK, and a like for like sales increase of 8%
had been achieved in the first 10 weeks of the new financial year.
I am pleased to confirm that the company has continued to record a strong like
for like uplift in sales resulting in a maintained cumulative increase of 8%
for the 24 weeks ended 16 September. I am also pleased to report that despite
the high levels of discounting by other sportswear retailers, we have
maintained our gross profit margins for the period.
JD has continued the successful merchandising development of own brand and
exclusive product from the major brand suppliers by further investment in our
in-house design capabilities. The extended offering of such ranges together
with the expansion of categories such as JD Woman allows the company the
opportunity to retail far more effectively from larger sites, as well as our
core high street locations.
Three additional stores have been opened during the year to date together with
one relocation to larger space. This has led to an increase of 13,000 retail
sq ft and the company presently trades from 429,000 retail sq ft. A further
six store openings and four relocations into larger stores are anticipated
before the year end, together with the closure of two clearance stores. The
schedule of new store openings for the remainder of the year includes four out
of town sites.
The strategy of focusing on fashion and style has further differentiated the
JD brand from mainstream sportswear retailers and has continued to improve the
financial performance of the company. The Board views the future prospects of
JD Sports with confidence.
Peter Cowgill (Finance Director) Tel: 01706 626433
Andrew Hayes/Penny Davis Tel: 0207 796 4133