John David Sports PLC
5 September 2001
5th September 2001
JOHN DAVID SPORTS PLC
CHAIRMAN'S AGM STATEMENT
At today's Annual General Meeting of the company, John Wardle made the
I reported in the preliminary announcement of 1st June 2001 that JD Sports was
continuing to make good progress against particularly strong like for like
The company has continued to make good progress and I am pleased to report
that like for like sales for the 22 weeks ended 1st September 2001 have
increased by 3% and that total sales have increased by 16% over the same
period last year. This sales uplift has been achieved against demanding
comparatives in the same period last year, and particularly in June 2000,
which benefited directly from the England football team's participation in the
Euro 2000 competition.
I am also pleased to report that we have again modestly improved our gross
margin position as a result of our differentiated offer and continuing
JD Sports now trades from 153 stores totalling 572,000 retail sq.ft.. During
the period 14 new stores were opened and one small store closed, adding a net
92,000 sq.ft. of retail space.
A further eight new stores are presently expected to open during the remainder
of the financial year and five smaller stores are earmarked for closure. This
should add a further 39,000 sq.ft. of selling space given that four are
relocations to larger units.
In common with the majority of retailers, the Board acknowledges the
importance of the key Christmas trading period on the overall result for the
year. However, the Board remains optimistic that our differentiated offer and
formats, together with our in-house design capabilities focusing on fashion
and style, will continue to contribute to the future success of JD Sports.
Our two current non-executive directors, Michael Adams and Alan White, joined
the company prior to its Stock Market flotation in 1996 and have provided
invaluable advice and guidance over the last five years. Michael and Alan plan
to retire from the Board in the near future and we have identified two suitable
replacements. The Board would like to thank both Michael and Alan for their
contribution and support during their tenure and wish them well for the future.
I am pleased to announce the appointment of Roger Clive Best (age 49) as
non-executive deputy chairman and Colin Archer (age 59) as a non-executive
director of the company.
Roger Best has a great deal of experience in the sports sector, spending the
last nine years with Reebok International. His current position at Reebok is
Senior Vice President of Europe, Africa and the Middle East, prior to which he
held the positions of Senior Vice President - North America and also Managing
Director of Reebok U.K.. As such, he brings a vast amount of experience to the
Board of JD Sports. Roger will join JD Sports in January 2002 following his
retirement from Reebok International.
Colin Archer spent the majority of his career with Barclays Bank Plc, rising
to position of Assistant Corporate Director. As such he will provide a wealth
of financial advisory experience to the Board. Colin is a member of the
Chartered Institute of Bankers (A.C.I.B.) and has over forty years experience
in the banking and financial arenas. Colin will join the Board in October
Hudson Sandler - Lesley Allan / Penny Davis - 020 7796 4133
JD Sports - Barry Bown (Chief Executive)/
Malcolm Blackhurst (Finance Director) - 01706 628000.