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John David Sports (JD.)

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Tuesday 27 November, 2001

John David Sports

Interim Results

John David Sports PLC
27 November 2001



27 November 2001

                     JOHN DAVID SPORTS PLC ('JD Sports')
           INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2001


JD Sports , the UK's leading specialist retailer of fashionable branded sports
and leisure wear, today announces its 2001 Interim Results.


Highlights:-



*   Turnover increased by 18% to £118.35 million (2000: £100.43 million)

*   Like for like sales increased by 3%

*   Gross margin improved to 47.3% from 46.5%

*   Operating profit increased by 15% to £11.05 million (2000: £9.58
    million)

*   Pre tax profit increased by 16% to £10.86 million (2000: £9.32
    million)

*   Basic earnings per ordinary share increased by 18% to 16.16p (2000:
    13.65p)

*   Interim dividend increased by 13% from 2.3p to 2.6p per ordinary share

*   Additional 15 net store openings increasing the total number to 155
    stores

*   Like for like sales growth of 2% during the 8 weeks since 30 September
    2001


John Wardle, Chairman, said: 'I am pleased with our performance in the first
half of the year and consider that the company is well placed to deliver
continued long-term growth. Our differentiation remains strong as does
consumer demand for fashionable, branded merchandise. The opportunity for
further growth, via our distinctive retail formats, continues to remain
significant.'



Enquiries:


John David Sports Plc                                     01706 628000
Barry Bown (Chief Executive)
Malcolm Blackhurst (Finance Director)


Hogarth Partnership Limited                               0207 357 9477
Andrew Jaques
Tom Leatherbarrow



CHAIRMAN'S STATEMENT


I am pleased to report continued good progress in the half year to 30
September 2001, having met all our strategic objectives and financial targets.
This improvement has been achieved despite particularly demanding sales
comparatives in the interim period last year.

JD Sports has remained focused on its differentiated branded products and
unique store ambience and has continued to nurture the relationship with our
design led and brand conscious consumer.

We have also continued to develop and expand the business and strive to
further enhance our distinct market position in the retail sector. Our proven
retail capabilities and innovative partnerships with leading brands and own
brand development, continue to contribute to our successful progression and
profitability.



RESULTS


Total sales increased by 18% to £118.35 million during the period, including
like for like sales increases of 3%, meeting our targeted requirements. In
addition, gross margin was again improved from 46.5% to 47.3% during the half
year.

Operating profit increased by 15% to £11.05 million compared with £9.58
million in the half year to 30 September 2000.

Net profit before taxation increased by 16% to £10.86 million compared with £
9.32 million in the previous period. Net interest charges fell from £0.17
million to £0.09 million as a result of reduced average net debt during the
period.

Basic earnings per ordinary share improved to 16.16p per share - an increase
of 18% - over the previous half year's performance of 13.65p per ordinary
share.



DIVIDEND


The Board proposes to pay an increased interim dividend of 2.6p per ordinary
share (2000: 2.3p). This uplift represents a 13% increase on the previous
period and will be paid on 18 February 2002 to shareholders on the register as
at 18 January 2002.



OPERATING REVIEW


As referred to above, we are pleased to have met our financial targets and
strategic objectives for the period under review. Our sales improvements have
been achieved against strong 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.

Our expansion has continued during the period, opening 18 new stores and
closing three smaller stores, adding a net 109,000 sq.ft. of retail space in
the interim period. At the end of September 2001, therefore, the company
traded from 155 stores occupying a total of 589,000 retail sq.ft. This total
includes 21 out of town/edge of town stores which occupy 146,000 retail sq.ft.

The company provides main brand, fashionable product, supplying a great number
of lines exclusive to JD Sports, supported by elements of own brand
merchandise. Both main brand and own brand merchandise continue to be enhanced
by our in house design capabilities.

Our product mix is very similar to the previous period and anticipated to be
broadly 50% footwear, 46% clothing and 4% accessories for the year as a whole;
this mix is consistent with the previous year.

We have remained focused on our in-store formats of JD Casual, JD Woman, JD
Junior, JD Exclusives and King of Trainers and marketing campaigns have also
remained consistent with these formats. Our larger space formats - in
particular - provide a varied and pleasurable shopping experience, in a unique
store ambience, displaying lifestyle and desirable sports and leisure fashion
wear to our brand conscious consumers.



BALANCE SHEET & FINANCIAL RESOURCES


Shareholders' funds at the balance sheet date have increased by 23% from £
41.71 million (30 September 2000) to £51.18 million at the end of September
2001.

Total expenditure on fixed assets during the period amounted to £8.34 million
(30 September 2000: £3.51 million) of which £7.75 million relates to stores.
Net borrowings as at 30 September 2001 were £2.45 million resulting in a
modest gearing level of 5% (30 September 2000: nil).



BOARD CHANGES


We announced at the AGM in early September 2001 that Roger Best and Colin
Archer would be joining the Board as non-executive directors and that Michael
Adams and Alan White would retire as non-executive directors in the near
future. Colin Archer joined the Board with effect from 6 November 2001 and
Michael Adams and Alan White retired on the same date. Roger Best will join
the Board in January 2002. The Board would like to thank both Michael and Alan
for their contribution and support during the past five years and wish them
well for the future.

Roger Best (age 49) 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.

Colin Archer (age 59) spent the majority of his career with Barclays Bank Plc,
rising to a 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 and has over forty years experience in the
banking and financial arenas.



CURRENT TRADING


Trading in the eight weeks since 30 September 2001 has produced a total like
for like sales performance of 2% despite a weaker performance during October
due to the unseasonally warm weather, prevalent during this period.

Gross margins have been maintained in line with the previous year's
performance, since the period end.

Since 30 September 2001, a further seven stores have been opened and one
smaller store closed, increasing current retail space to 628,000 sq.ft. and
total number of stores to 161. Total out of town/edge of town stores now
number 24, occupying 168,000 sq.ft.  One further store will be opened by the
year end and one smaller store is earmarked for closure after Christmas as a
result of relocation.



OUTLOOK


In common with many retailers, Christmas trading has a significant influence
on overall results for the year.  It is therefore always difficult to comment
on overall prospects for the year at this time. The events of 11 September in
the United States undoubtedly add a greater degree of uncertainty.

The Board remains confident, however, that our differentiated and branded
merchandise, together with our continued strategic focus, will ensure that the
long term prospects of the company remain strong.

The fundamental strategy of the company remains heavily focused on the
progression and expansion of JD Sports.  We continue to believe that the
format could be extended to 300 sites or more in the future.

I am pleased with our performance in the first half of the year and consider
that the company is well placed to deliver continued long-term growth.


John Wardle
Chairman
27 November 2001



  PROFIT AND LOSS ACCOUNT
  for the half year ended 30 September 2001


                             Note      Unaudited      Unaudited        Audited
                                      first half     first half     year ended
                                            2001           2000  31 March 2001
                                            £000           £000           £000

  Turnover                               118,347        100,426        204,465
  Cost of sales                         (62,347)       (53,754)      (109,469)
                                         _______        _______        _______
  Gross profit                            56,000         46,672         94,996
  Operating expenses (net)              (44,950)       (37,092)       (78,144)
                                         _______        _______        _______
  Operating profit                        11,050          9,580         16,852
  Loss on sale of                          (105)           (83)           (95)
  tangible fixed assets                                                       
                                         _______        _______        _______
  Profits on ordinary                     10,945          9,497         16,757
  activities before                                                           
  interest                                                                    
  Interest receivable and                     48             55            154
  similar income                                                              
  Interest payable and                     (134)          (228)          (443)
  similar charges                                                             
                                         _______        _______        _______
  Profit on ordinary                      10,859          9,324         16,468
  activities before                                                           
  taxation                                                                    
  Taxation on profit on         2        (3,304)        (2,977)        (5,120)
  ordinary activities                                                         
                                         _______        _______        _______
  Profit on ordinary                       7,555          6,347         11,348
  activities after                                                            
  taxation                                                                    
  Dividends paid and            3        (1,215)        (1,070)        (3,220)
  proposed                                                                    
                                         _______        _______        _______
  Retained profit                          6,340          5,277          8,128
                                         _______        _______        _______
  Basic earnings per            4         16.16p         13.65p         24.38p
  ordinary share                                                              
  Diluted earnings per                    16.16p         13.63p         24.38p
  ordinary share                                                              
                                         _______        _______        _______

  All amounts shown relate to continuing operations                             
                                    
                                                                              
                                                                              
  BALANCE SHEET                                                               
  as at 30 September 2001                                                     
                                       Unaudited      Unaudited        Audited
                                           as at          as at          as at
                                    30 September   30 September       31 March
                                            2001           2000           2001
                                            £000           £000           £000
  Fixed assets                                                                
  Tangible assets                         39,815         29,282         34,404
                                         _______        _______        _______
  Current assets                                                              
  Stocks                                  35,783         29,839         30,103
  Debtors and prepayments                  6,052          5,537          5,543
  Cash at bank and in hand                   197          4,236            869
                                         _______        _______        _______
                                          42,032         39,612         36,515
  Creditors: amounts                    (25,938)       (23,890)       (21,572)
  falling due within one                                                      
  year                                                                        
                                         _______        _______        _______
  Net current assets                      16,094         15,722         14,943
                                         _______        _______        _______
  Total assets less                       55,909         45,004         49,347
  current liabilities                                                         
  Creditors: amounts                     (2,041)        (1,534)        (2,331)
  falling due after more                                                      
  than one year                                                               
  Provisions for                         (2,685)        (1,764)        (2,173)
  liabilities and charges                                                     
                                         _______        _______        _______
  Net assets                              51,183         41,706         44,843
                                         _______        _______        _______
  Capital and reserves                                                        
  Called up share capital                  2,337          2,325          2,337
  Share premium account                    8,908          8,634          8,908
  Profit and loss account                 39,938         30,747         33,598
                                         _______        _______        _______
                                          51,183         41,706         44,843
  Equity shareholders'                   _______        _______        _______
  funds                                                                       


  RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS                   
  as at 30 September 2001                                                     

                                       Unaudited      Unaudited        Audited
                                           as at          as at          as at
                                    30 September   30 September       31 March
                                            2001           2000           2001
                                            £000           £000           £000

  Retained profit                          6,340          5,277          8,128
  Proceeds from issue of                       -              -            286
  shares                                                                      
                                         _______        _______        _______
                                           6,340          5,277          8,414
  Opening equity                          44,843         36,429         36,429
  shareholders' funds                                                         
                                         _______        _______        _______
  Closing equity                          51,183         41,706         44,843
  shareholders' funds                                                         
                                         _______        _______        _______


  CASH FLOW STATEMENT                                                         
  for the half year ended 30 September 2001                                     
                     
                                       Unaudited      Unaudited        Audited
                                      first half     first half     year ended
                                            2001           2000  31 March 2001
                                            £000           £000           £000

  Net cash inflow from                    10,366         12,619         23,210
  operating activities                                                        
  Returns on investments and                (86)          (173)          (289)
  servicing of finance                                                        
  Taxation                               (1,346)        (1,184)        (4,462)
  Capital expenditure                    (8,256)        (2,988)       (10,765)
  Equity dividends paid                        -              -        (2,930)
                                         _______        _______        _______
  Net cash inflow before                     678          8,274          4,764
  financing                                                                   
  Financing                              (1,656)        (2,396)        (2,253)
                                         _______        _______        _______
  (Decrease)/increase in                   (978)          5,878          2,511
  cash                                                                        
                                         _______        _______        _______
 
 


NOTES TO THE INTERIM FINANCIAL STATEMENTS


1.     The unaudited results have been prepared using the same accounting
       policies as those used for the financial statements for the year ended 31
       March 2001.

2.     Taxation has been estimated at the rate expected to be incurred in the
       full year.

3.     The Directors have declared an interim dividend of 2.60p per ordinary
       share, to be paid on 18 February 2002 to shareholders on the register as 
       at 18 January 2002.

4.     Basic earnings per ordinary share represent the profit for the period
       of £7,555,000 (2000: £6,347,000) divided by the weighted average number 
       of ordinary shares in issue of 46,740,477 (2000:46,508,772).

5.     The financial information set out above does not constitute full
       statutory accounts within the meaning of Section 240 of the Companies Act
       1985.  The amounts shown in respect of the year ended 31 March 2001 have 
       been extracted from the full statutory accounts, on which the auditors   
       have made an unqualified report.  The statutory accounts have been filed 
       with the Registrar of Companies.

6.     Copies of the interim financial statements will be posted to
       shareholders and are available to members of the general public from the
       company's registered office: Unit P14 Parklands, Heywood Distribution 
       Park, Heywood, Lancs OL10 2TT.