Source - RNS
RNS Number : 6205J
JD Sports Fashion Plc
13 September 2016
 

13 September 2016

 

JD SPORTS FASHION PLC

INTERIM RESULTS

FOR THE TWENTY SIX WEEKS TO 30 JULY 2016

 

JD Sports Fashion Plc (the "Group"), the leading retailer of sports, fashion and outdoor brands, today announces its Interim Results for the 26 weeks ended 30 July 2016 (comparative figures are shown for the 26 week period ended 1 August 2015).

 

 

2016   

2015

% Change

 

£000   

£000

 

 

 

 

 

Revenue

970,565   

809,901

+20%

 

 

 

 

Gross profit %

48.1%

47.4%

 

 

 

 

 

Operating profit (before exceptional items)

77,650   

47,578

+63%

Net interest expense

(239)   

(1,012)

 

 

 

 

 

Profit before tax and exceptional items

77,411   

46,566

+66%

Exceptional items (see note 3)

-    

(1,858)

 

 

 

 

 

Profit before tax

77,411   

44,708

+73%

 

 

 

 

Basic earnings per ordinary share

29.83p

17.62p

+69%

 

 

 

 

Interim dividend payable per ordinary share

1.25p

1.20p

 

 

 

 

 

Net cash at period end (a)

231,848   

100,340

 

 

(a)        Net cash consists of cash and cash equivalents together with other borrowings from bank loans, other loans and finance leases.

 

 

Group Highlights

 

·      Another record result for the half year with Group profit before tax and exceptional items increased by a further 66%

 

·      Further strong like for like sales growth

 

·      International development continues with:

a)   Net increase of 20 stores in existing fascias across Europe

b)   Notable complementary acquisitions in the Netherlands and Portugal in the six month period

 

·      Pleasing progress in Outdoors with continued evolution of the proposition

 

·      Sales, gross margin and operating profit / (loss) before exceptional items of the two business segments are tabulated below:

 

Period to 30 July 2016

 

 

Sports Fashion 

£000 

 

 

Outdoor

£000

 

 

Total    

£000    

 

 

 

 

 

 

Gross revenue

897,478   

 

73,087

 

970,565   

Intersegment revenue

-    

 

-

 

-    

 

 

 

 

 

 

Revenue

897,478   

 

73,087

 

970,565   

 

 

 

 

 

 

Gross margin %

48.4%

 

44.2%

 

48.1%

Operating profit / (loss) before exceptional items

 

79,902   

 

 

(2,252)

 

 

77,650   

 

Period to 1 August 2015

 

 

Sports Fashion

£000

 

 

Outdoor

£000

 

 

Total    

£000    

 

 

 

 

 

 

Gross revenue

741,779  

 

68,260

 

810,039   

Intersegment revenue

(138)  

 

-

 

(138)   

 

 

 

 

 

 

Revenue

741,641  

 

68,260

 

809,901   

 

 

 

 

 

 

Gross margin %

47.7%

 

43.9%

 

47.4%

Operating profit / (loss) before exceptional items

 

52,068   

 

 

(4,490)

 

 

47,578   

 

·      Interim dividend increased by 4.2% from 1.20p to 1.25p with cash retained in the Group to maximise the available funding for our ongoing growth opportunities

 

 

Peter Cowgill, Executive Chairman, said:

 

"I am delighted to report that this has been another period of excellent progress for the Group with a record profit before tax and exceptional items of £77.4 million. Given that last year's result was in itself a record for our Group then to increase this by a further 66% has exceeded reasonable expectations.

 

"The favourable trends for athletic inspired footwear and apparel in Europe have continued into this year. We are very much at the centre of this market with our success being a positive consequence of the investments we have made over a number of years to develop the JD retail concept.

 

"Notwithstanding the demanding comparatives going forward following the strong revenue growth in the previous three years, the positive nature of trading in the second half to date is encouraging."

 

Enquiries:

 

JD Sports Fashion Plc                                                                                        Tel:  0161 767 1000

Peter Cowgill, Executive Chairman

Brian Small, Chief Financial Officer

 

MHP Communications                                                                                        Tel:  0203 128 8100

Andrew Jaques

Barnaby Fry

Gina Bell

 

 

Executive Chairman's Statement

 

Introduction

 

I am delighted to report that this has been another period of excellent progress for the Group with a record profit before tax and exceptional items of £77.4 million (2015: £46.6 million). Given that last year's result was in itself a record for our Group then to increase this by a further 66% has exceeded reasonable expectations.

 

The favourable trends for athletic inspired footwear and apparel in Europe have continued into this year. We are very much at the centre of this market with our success being a positive consequence of the investments we have made over a number of years to develop the JD retail concept. However, we are very conscious that the market for sports and fashion brands can change quickly and so we continue to invest in visual merchandising, retail theatre and creative marketing as we believe that it is JD's market leading standards in these areas that make it an attractive outlet to many brands. Our international expansion is also viewed positively by our key suppliers and garners their support for us in many ways. Although the UK's vote to leave the European Union means that there will be some uncertainties over the next two or three years, we have no doubt that we have the support of our brand partners to continue our expansion in Europe and beyond.

 

Our Outdoor businesses have made encouraging progress in the first half as we see the positive benefits from actions previously taken to simplify the operational leadership, evolve the offer and drive higher merchandising standards. We are confident that we are creating an Outdoor business that has a proposition which is capable of trading more effectively all year round.

 

Sports Fashion

 

Sports Fashion has had an exceptional first half with operating profits (before exceptional items) increasing by a further 53% to £79.9 million (2015: £52.1 million). Given the tough comparatives provided by the strong performance in the three previous years then we are particularly pleased with a further increase in the like for like store sales in these fascias of approximately 10%. Whilst it would be unreasonable to expect organic growth to continue at these levels, JD does have a very strong base from which to exploit ongoing opportunities both in its core UK market and, increasingly, internationally.

 

Chausport and Sprinter have also both benefitted from the favourable market trends and have traded positively in the period. Elsewhere, we continue to be pleased with the progress in the premium brand multichannel fashion businesses of Tessuti and Scotts.

 

There has been further progression in Europe during the period with new stores in several of our existing territories complemented by two multi-store acquisitions.  In March, we acquired the trade and store assets of the Aktiesport and Perry Sport retail fascias in the Netherlands from the trustee in bankruptcy of Unlimited Sports Group BV. As is usual in distressed situations, our initial focus has been to stabilise the business with particular emphasis on dealing with a fragmented acquisition stock position, reversing any discontinuity in supply and determining the optimal future store portfolio. Given the acquired stock position and the lead times on ordering product, we would not expect the Perry and Aktie stores to make a positive contribution in the current year. In July, we acquired 12 stores in Portugal which previously traded as The Athlete's Foot. These stores will be converted to JD in the second half.

 

We anticipate the opening of additional JD stores across Europe in the remainder of the year, including the opening of flagship style stores on Rue Neuve in Brussels and Hohe Strasse in Cologne. Elsewhere, we are also currently refurbishing the flagship Perry Sport store on Kalverstraat in Amsterdam.

 

Further afield, we have expanded our presence in Malaysia with the acquisition from our JD joint venture partner (Stream Enterprises) of 20 small multi-brand stores trading as Sports Empire, Revolution and The Marathon Shop. Since the period end we have also acquired Next Athleisure in Australia which has 32 stores trading as Glue. This business and its management will provide the platform to open JD in Australia.

 

The overall gross margin in Sports Fashion is slightly higher than the previous year reflecting the impact of the stronger euro on JD's euro denominated businesses and continuing low markdown levels. The weakening of sterling against the US dollar after the Brexit vote may cause some headwinds on margin in 2017 but we are reasonably well placed to mitigate these.

 

Outdoor

 

We have continued to make encouraging progress in Outdoor in the first half, with total operating losses (before exceptional items) reduced to £2.3 million (2015: £4.5 million). The first half has traditionally been the weaker period for these fascias and so we are pleased that our team's efforts to improve the Spring/Summer proposition have had positive results. We will look to build on this next year.

 

There has been a small improvement in margin as we start to see the benefits of aligning the merchandising and commercial disciplines of the Outdoor team with the core JD team. More material improvement in margin will be a core deliverable over the longer term and will require brand support, particularly in terms of enhanced levels of product differentiation.

 

 

Group Performance

 

Revenue and Gross Margin

 

Total Group revenue increased by 20% in the period to £970.6 million (2015: £809.9 million). Like for like sales for the 26 week period across all Group fascias, including those in Europe, increased by approximately 10% which was another exceptional performance given the growth seen in previous years.

 

Total gross margin of 48.1% was 0.7% higher than the prior year (2015: 47.4%) with an ongoing focus across all fascias on minimising markdown combined with a positive impact from exchange rate movements in JD's euro denominated business. The overall margin has improved again in Outdoor but progress on this is limited at this stage.

 

Operating Profit

 

Operating profit (before exceptional items) for the period has increased by 63% to £77.6 million (2015: £47.6 million) following an exceptional performance in our Sports Fashion fascias and an encouraging reduction in losses in Outdoor.

 

There were no exceptional charges in the period (2015: £1.9 million).

 

Cash

 

Strong cash generation from the ongoing trading in our core retail fascias together has meant that we ended the first half with a net cash balance in excess of £200 million providing the Group with a very strong base from which to fund future expansion investment. The period end net cash balance also benefitted from timing related savings on gross capital expenditure (excluding disposals) which has decreased by £20.3 million to £27.4 million (2015: £47.7 million). Our continuing commitment to enhancing our retail proposition, developing our overseas businesses and improving our operational infrastructure means that we expect the gross capital expenditure for the full financial year to be approximately £100 million (2016: £83.5 million).

 

Prior to the end of the financial year we anticipate commencing a further major project to increase the operational capacity and flexibility of our existing Kingsway warehouse by extending the mezzanine floors and installing additional automation equipment. We anticipate that this project will cost approximately £18 million although the majority of this will be incurred in the financial year to January 2018.

 

In addition, we will continue to use our cash resources to make selected acquisitions and investments where they benefit our strategic development.

 

 

Store Portfolio

 

During the period, store numbers have moved as follows:

 

Sports Fashion Fascias                                                                               

 

(No. Stores)

JD

UK & ROI

JD Europe

JD Asia

 

Size

Sub-Total

JD & Size

 

Chausport

 

Sprinter

 

SUR

 

Other

 

Total

 

 

 

 

(a)

 

 

 

(b)

(c)

 

 

 

 

 

 

 

 

 

 

 

 

Period start

361

103

1

36

501

72

104

-

59

736

New stores

6

15

-

1

22

-

5

-

2

29

Acquired

-

-

-

-

-

-

-

187

37

224

Closures

(4)

(1)

-

(1)

(6)

-

-

(22)

(8)

(36)

 

 

 

 

 

 

 

 

 

 

 

Period end

363

117

1

36

517

72

109

165

90

953

 

 

 

 

 

 

 

 

 

 

 

(000 Sq Ft)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period start

1,371

222

4

63

1,660

81

973

-

144

2,858

New stores

20

40

-

2

62

-

29

-

6

97

Acquired

-

-

-

-

-

-

-

949

114

1,063

Closures

(17)

(1)

-

(1)

(19)

-

-

(112)

(24)

(155)

 

 

 

 

 

 

 

 

 

 

 

Period end

1,374

261

4

64

1,703

81

1,002

837

240

3,863

 

(a)     Being all stores in all territories with nine stores open in mainland Europe at the period end including Madrid which opened in March 2016

(b)     Being the Perry Sport and Aktiesport stores in Sports Unlimited Retail BV

(c)    The acquired stores include 12 stores in Portugal currently trading as The Athlete's Foot which are due to be converted to JD in the second half and the 20 multi-brand stores acquired from our joint venture partner in Malaysia

 

In addition, there were six JD branded Gyms at the period end with new gyms in the period at Rochdale and Washington complementing the existing gyms in Coventry, Hull, Liverpool and Preston. Gyms in Leeds and Wigan are scheduled to open in September.

 

Outdoor Fascias

     

(No. Stores)

Blacks

Millets

Tiso

Other

Total

 

 

 

 

 

 

Period start

60

99

16

7

182

New stores

1

2

-

-

3

Transfers

(1)

1

-

-

-

Closures

(1)

(3)

(1)

-

(5)

 

 

 

 

 

 

Period end

59

99

15

7

180

 

 

 

 

 

 

(000 Sq Ft)

 

 

 

 

 

 

 

 

 

 

 

Period start

207

205

97

163

672

New stores

4

4

-

-

8

Transfers

(3)

3

-

-

-

Closures

(5)

(11)

(3)

-

(19)

 

 

 

 

 

 

Period end

203

201

94

163

661

 

 

Dividends and Earnings per Ordinary Share

 

The Board proposes paying an interim dividend of 1.25p (2015: 1.20p) per ordinary share, an increase of 4.2%. Given the positive return that we are seeing from our investments in the core JD fascia, we believe it continues to be in the longer term interests of all shareholders to keep dividend growth restrained so as to maximise the available funding for our ongoing growth opportunities. This dividend will be paid on 6 January 2017 to shareholders on the register as at close of business on 2 December 2016.

 

The adjusted earnings per ordinary share before exceptional items have increased by 60% to 29.83p (2015: 18.62p).

 

The basic earnings per ordinary share have increased by 69% to 29.83p (2015: 17.62p).

 

 

People

 

We could not have delivered these excellent results without the expertise, energy and passion of everyone connected with our businesses. On behalf of the whole Board, I thank everybody involved.

 

Given the growth opportunities available to the Group, we will continue to look to strengthen our senior management team where appropriate.

 

 

Current Trading and Outlook

 

Given the importance of Christmas in the context of the overall result, we do not believe that it is appropriate to issue an update on trading since the period end. However, notwithstanding the demanding comparatives going forward following the strong revenue growth in the previous three years, the positive nature of trading in the second half to date is encouraging.

 

We will provide an update on trading in early January after our key Christmas trading period.

 

 

Peter Cowgill

Executive Chairman

13 September 2016

 


Condensed Consolidated Income Statement

For the 26 weeks to 30 July 2016

 

 

 

 

 

Note

 

 

26 weeks to     30 July

2016

£000

 

 

26 weeks to

   1 August

2015

£000

 

 

52 weeks to

30 January 2016

£000

 

 

 

 

 

Revenue

 

970,565

809,901

1,821,652

Cost of sales

 

(503,751)

(425,896)

(937,431)

 

 

 

 

 

Gross profit

 

466,814

384,005

884,221

Selling and distribution expenses - normal

 

(348,281)

(300,599)

(648,333)

Selling and distribution expenses - exceptional

3

-

(1,858)

-

Administrative expenses - normal

 

(41,827)

(36,690)

(78,228)

Administrative expenses - exceptional

3

-

-

(25,496)

Other operating income

 

944

862

1,242

 

 

 

 

 

Operating profit

 

77,650

45,720

133,406

 

 

 

 

 

Before exceptional items

 

77,650

47,578

158,902

Exceptional items

3

-

(1,858)

(25,496)

 

 

 

 

 

Operating profit

 

77,650

45,720

133,406

Financial income

 

391

206

388

Financial expenses

 

(630)

(1,218)

(2,163)

 

 

 

 

 

Profit before tax

 

77,411

44,708

131,631

Income tax expense

 

(17,392)

(10,294)

(31,001)

 

 

 

 

 

Profit for the period

 

60,019

34,414

100,630

 

 

 

 

 

Attributable to equity holders of the parent

 

58,058

34,293

97,634

Attributable to non-controlling interest

 

1,961

121

2,996

 

 

 

 

 

 

Basic earnings per ordinary share

 

4

 

29.83p

 

17.62p

 

50.16p

 

Diluted earnings per ordinary share

 

4

 

29.83p

 

17.62p

 

50.16p

 

 

Condensed Consolidated Statement of Comprehensive Income

For the 26 weeks to 30 July 2016

 

 

26 weeks to   30 July

2016

£000

 

26 weeks to  1 August

2015

£000

 

52 weeks to

30 January 2016

£000

 

Profit for the period

 

60,019

 

34,414

 

100,630

 

 

 

 

Other comprehensive income:

 

 

 

Items that may be classified subsequently to the

Consolidated Income Statement:

 

 

 

Exchange differences on translation of foreign operations

10,196

(3,520)

4,144

 

 

 

 

Total other comprehensive income for the period

10,196

(3,520)

4,144

 

 

 

 

Total comprehensive income and expense for the period (net of income tax)

 

70,215

 

30,894

 

104,774

 

 

 

 

Attributable to equity holders of the parent

65,115

32,123

101,828

Attributable to non-controlling interest

5,100

(1,229)

2,946

 

 

Condensed Consolidated Statement of Financial Position

As at 30 July 2016

 

 

 

 

 

 

 

As at

30 July

2016

£000

 

 

As at

1 August

2015

£000

 

 

As at

30 January 2016

£000

Assets

 

 

 

 

 

 

Intangible assets

 

72,911

 

101,130

 

73,611

Property, plant and equipment

 

173,788

 

170,770

 

173,317

Other assets

 

35,212

 

33,723

 

33,191

Deferred tax assets

 

159

 

-

 

482

Total non-current assets

 

282,070

 

305,623

 

280,601

 

 

 

 

 

 

 

Inventories

 

295,954

 

250,617

 

238,324

Trade and other receivables

 

95,343

 

51,392

 

56,375

Cash and cash equivalents

 

245,593

 

160,322

 

215,996

Total current assets

 

636,890

 

462,331

 

510,695

 

 

 

 

 

 

Total assets

 

918,960

 

767,954

 

791,296

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Interest-bearing loans and borrowings

 

(12,812)

 

(59,701)

 

(6,301)

Trade and other payables

 

(388,346)

 

(322,212)

 

(324,964)

Provisions

 

(1,255)

 

(1,096)

 

(1,132)

Income tax liabilities

 

(17,824)

 

(12,039)

 

(15,757)

Total current liabilities

 

(420,237)

 

(395,048)

 

(348,154)

 

 

 

 

 

 

 

Interest-bearing loans and borrowings

 

(933)

 

(281)

 

(274)

Other payables

 

(36,651)

 

(40,018)

 

(40,834)

Provisions

 

(1,032)

 

(1,242)

 

(1,209)

Deferred tax liabilities

 

-

 

(1,964)

 

-

Total non-current liabilities

 

(38,616)

 

(43,505)

 

(42,317)

 

 

 

 

 

 

 

Total liabilities

 

(458,853)

 

(438,553)

 

(390,471)

 

Total assets less total liabilities

 

 

460,107

 

 

329,401

 

 

400,825

 

 

 

 

 

 

 

Capital and reserves

 

 

 

 

 

 

Issued ordinary share capital

 

2,433

 

2,433

 

2,433

Share premium

 

11,659

 

11,659

 

11,659

Retained earnings

 

421,094

 

318,939

 

378,898

Other reserves

 

(3,162)

 

(16,934)

 

(10,570)

 

Total equity attributable to equity holders of the parent

 

 

 

432,024

 

 

 

316,097

 

 

 

382,420

 

 

 

 

 

 

 

Non-controlling interest

 

28,083

 

13,304

 

18,405

 

Total equity

 

 

460,107

 

 

329,401

 

 

400,825

 

Condensed Consolidated Statement of Changes in Equity

For the 26 weeks to 30 July 2016

 

 

 

Ordinary

Share Capital

£000

 

 

Share

Premium

£000

 

 

Retained

Earnings

£000

Foreign Currency Translation Reserve

£000

 

 

Other Equity

£000

Total Equity Attributable To Equity Holders

 Of The Parent

£000

 

 

 

 

 

 

 

Balance at 30 January 2016

2,433

11,659

378,898

(7,497)

(3,073)

382,420

 

 

 

 

 

 

 

Profit for the period

-

-

58,058

-

-

58,058

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

Exchange differences on translation of foreign operations

 

-

 

-

 

-

 

7,057

 

-

 

7,057

 

 

 

 

 

 

 

Total other comprehensive income

 

-

 

-

 

-

 

7,057

 

-

 

7,057

 

 

 

 

 

 

 

Total comprehensive income for the period

 

-

 

-

 

58,058

 

7,057

 

-

 

65,115

Dividends to equity holders

-

-

(12,068)

-

-

(12,068)

Put options held by non-controlling interests

 

-

 

-

 

-

 

-

 

351

 

351

Acquisition of non-controlling interest

 

-

 

-

 

(3,794)

 

-

 

-

 

(3,794)

Non-controlling interest arising on acquisition

 

-

 

-

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

Balance at 30 July 2016

2,433

11,659

421,094

(440)

(2,722)

432,024

 

 

(continued)

 

 

Total Equity

Attributable To

Equity Holders

 Of The Parent

£000

 

 

 

Non-

Controlling

Interest

£000

 

 

 

 

Total

Equity

£000

 

 

 

 

Balance at 30 January 2016

382,420

18,405

400,825

 

 

 

 

Profit for the period

58,058

1,961

60,019

 

 

 

 

Other comprehensive income:

 

 

 

Exchange differences on translation of foreign operations

 

7,057

 

3,139

 

10,196

 

 

 

 

Total other comprehensive income

7,057

3,139

10,196

 

 

 

 

Total comprehensive income for the period

65,115

5,100

70,215

Dividends to equity holders

(12,068)

-

(12,068)

Put options held by non-controlling interests

351

-

351

Acquisition of non-controlling interest

(3,794)

3,794

-

Non-controlling interest arising on acquisition

-

784

784

 

 

 

 

Balance at 30 July 2016

432,024

28,083

460,107

 

Condensed Consolidated Statement of Changes in Equity (continued)

For the 26 weeks to 1 August 2015

 

 

 

Ordinary

Share Capital

£000

 

 

Share

Premium

£000

 

 

Retained

Earnings

£000

Foreign Currency Translation Reserve

£000

 

 

Other Equity

£000

Total Equity Attributable To Equity Holders

 Of The Parent

£000

 

 

 

 

 

 

 

Balance at 31 January 2015

2,433

11,659

297,161

(11,691)

(3,073)

296,489

 

 

 

 

 

 

 

 

 

Profit for the period

-

-

34,293

-

-

34,293

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

Exchange differences on translation of foreign operations

 

-

 

-

 

-

 

(2,170)

 

-

 

(2,170)

 

 

 

 

 

 

 

 

 

Total other comprehensive income

 

-

 

-

 

-

 

(2,170)

 

-

 

(2,170)

 

 

 

 

 

 

 

 

 

Total comprehensive income for the period

 

-

 

-

 

34,293

 

(2,170)

 

-

 

32,123

 

Dividends to equity holders

-

-

(11,484)

-

-

(11,484)

 

Non-controlling interest arising on acquisition

 

-

 

-

 

(1,031)

 

-

 

-

 

(1,031)

 

 

 

 

 

 

 

 

 

Balance at 1 August 2015

2,433

11,659

318,939

(13,861)

(3,073)

316,097

 

 

 

(continued)

 

 

Total Equity

Attributable To

Equity Holders

 Of The Parent

£000

 

 

 

Non-

Controlling

Interest

£000

 

 

 

 

Total

Equity

£000

 

 

 

 

Balance at 31 January 2015

296,489

13,502

309,991

 

 

 

 

Profit for the period

34,293

121

34,414

 

 

 

 

Other comprehensive income:

 

 

 

Exchange differences on translation of foreign operations

 

(2,170)

 

(1,350)

 

(3,520)

 

 

 

 

Total other comprehensive income

(2,170)

(1,350)

(3,520)

 

 

 

 

Total comprehensive income for the period

32,123

(1,229)

30,894

Dividends to equity holders

(11,484)

-

(11,484)

Non-controlling interest arising on acquisition

(1,031)

1,031

-

 

 

 

 

Balance at 1 August 2015

316,097

13,304

329,401

 

Condensed Consolidated Statement of Cash Flows

For the 26 weeks to 30 July 2016

 

 

 

 

 

 

 

 

 

 

26 weeks to 

30 July

2016

£000

 

 

 

 

26 weeks to 

1 August

2015

£000

 

 

 

 

52 weeks to 

30 January 2016

£000

Cash flows from operating activities

 

 

 

 

 

 

Profit for the period

 

60,019

 

34,414

 

100,630

Income tax expense

 

17,392

 

10,294

 

31,001

Financial expenses

 

630

 

1,218

 

2,163

Financial income

 

(391)

 

(206)

 

(388)

Depreciation and amortisation of non-current assets

 

30,326

 

22,104

 

48,778

Forex losses on monetary assets and liabilities

 

4,570

 

12,125

 

7,997

Loss on disposal of non-current assets

 

16

 

225

 

-

Termination of IT project

 

-

 

-

 

14,896

Impairment of fixed assets

 

714

 

-

 

10,600

Other exceptional items

 

-

 

682

 

-

Increase in inventories

 

(27,854)

 

(25,667)

 

(13,304)

(Increase) / decrease in trade and other receivables

 

(33,863)

 

80

 

47

Increase in trade and other payables

 

36,742

 

29,027

 

55,738

Interest paid

 

(630)

 

(1,218)

 

(2,163)

Income taxes paid

 

(15,025)

 

(11,049)

 

(29,981)

 

Net cash from operating activities

 

 

72,646

 

 

72,029

 

 

226,014

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Interest received

 

391

 

 206

 

388

Proceeds from sale of non-current assets

 

1,513

 

 138

 

1,145

Investment in software development

 

(1,330)

 

 (2,031)

 

(4,401)

Acquisition of property, plant and equipment

 

(23,058)

 

(43,668)

 

(72,765)

Acquisition of non-current other assets

 

(3,039)

 

(1,991)

 

(6,343)

Acquisition of non-controlling interests

 

(1,045)

 

-

 

-

Cash consideration of acquisitions

 

(25,370)

 

-

 

-

Cash acquired with acquisitions

 

737

 

 -

 

-

 

Net cash used in investing activities

 

 

(51,201)

 

 

(47,346)

 

 

(81,976)

 

 

Condensed Consolidated Statement of Cash Flows (continued)

 

For the 26 weeks to 30 July 2016

 

 

 

 

 

 

 

 

 

26 weeks to 

30 July

2016

£000

 

 

 

26 weeks to 

1 August

2015

£000

 

 

 

52 weeks to 

30 January 2016

£000

Cash flows from financing activities

 

 

 

 

 

 

Repayment of interest-bearing loans and borrowings

 

(78)

 

(91)

 

(191)

Repayment of finance lease liabilities

 

(12)

 

(14)

 

(30)

Drawdown of finance lease liabilities

 

-

 

-

 

75

Drawdown / (repayment) of syndicated bank facility

 

7,143

 

23,000

 

(31,000)

Equity dividends paid

 

-

 

-

 

(13,820)

Dividends paid to non-controlling interest in subsidiaries

 

-

 

-

 

(120)

 

Net cash provided by / (used in) financing activities

 

 

7,053

 

 

22,895

 

 

(45,086)

 

 

Net increase in cash and cash equivalents

 

 

 

28,498

 

 

 

47,578

 

 

 

98,952

 

Cash and cash equivalents at the beginning of the period

 

 

 

209,859

 

 

 

115,697

 

 

 

115,697

 

Foreign exchange gains / (losses) on cash and cash equivalents

 

 

 

1,687

 

 

 

(8,457)

 

 

 

(4,790)

 

Cash and cash equivalents at the end of

the period

 

 

 

240,044

 

 

 

154,818

 

 

 

209,859

               

 

Analysis of Net Cash

 

 

At

30 January

2016

£000

 

On acquisition of subsidiaries £000

 

Cash flow

£000

 

Non-cash movements £000

 At

30 July

2016

£000

 

 

 

 

 

 

Cash at bank and in hand

215,996

737

27,173

1,687

245,593

Overdrafts

(6,137)

-

588

-

(5,549)

 

Cash and cash equivalents

 

209,859

 

737

 

27,761

 

1,687

 

240,044

 

 

 

 

 

 

Interest bearing loans and borrowings:

 

 

 

 

 

Bank loans

(54)

(705)

44

-

(715)

Syndicated bank facility

-

-

(7,143)

-

(7,143)

Finance lease liabilities

(108)

-

12

-

(96)

Other loans

(276)

-

34

-

(242)

 

 

 

 

 

 

 

(438)

 

(705)

 

(7,053)

 

-

 

(8,196)

 

 

 

 

 

 

 

 

209,421

 

32

 

20,708

 

1,687

 

231,848

 

 

1.    Basis of Preparation

 

JD Sports Fashion Plc (the 'Company') is a company incorporated and domiciled in the United Kingdom. The half year financial report for the 26 week period to 30 July 2016 represents that of the Company and its subsidiaries (together referred to as the 'Group').

 

This half year financial report is an interim management report as required by DTR 4.2.3 of the Disclosure and Transparency Rules of the UK's Financial Conduct Authority and was authorised for issue by the Board of Directors on 13 September 2016.

 

The condensed set of financial statements included in this half yearly financial report has been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU. The annual financial statements of the Group are prepared in accordance with IFRS's as adopted by the EU. The comparative figures for the 52 week period to 30 January 2016 are not the Group's statutory accounts for that financial year. Those accounts have been reported on by the Group's Auditor and delivered to the Registrar of Companies. The Report of the Auditor was (i) unqualified, (ii) did not include a reference to any matters to which the Auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 of the Companies Act 2006.

 

The information contained in the half year financial report for the 26 week period to 30 July 2016 and 1 August 2015 has been reviewed and the independent review report for the 26 week period to 30 July 2016 is set out in the half yearly financial report.

 

As required by the Disclosure and Transparency Rules of the UK's Financial Conduct Authority, the half year financial report has been prepared by applying the same accounting policies and presentation that were applied in the preparation of the Company's published consolidated financial statements for the 52 week period to 30 January 2016.

The following amendments to accounting standards and interpretations, issued by the International Accounting Standards Board (IASB), have been adopted for the first time by the Group in the period with no significant impact on its consolidated results or financial position:

 

·      Annual Improvements to IFRSs - 2012 - 2014 Cycle

·      Amendments to IAS 1 'Disclosure initiative'

·      Amendments to IAS 16 and IAS 38 'Clarification of acceptable methods of depreciation and amortisation'

·      Amendments to IAS 27 'Equity method in separate financial statements'

 

IFRS 9 'Financial Instruments' is expected to be applicable after 1 January 2018. If endorsed, this standard will simplify the classification of financial assets for measurement purposes, but it is not anticipated to have a significant impact on financial statements.

 

IFRS 16 'Leases' is expected to be applicable after 1 January 2019. If endorsed, this standard will significantly affect the presentation of the Group financial statements with all leases apart from short term leases being recognised as on-balance sheet finance leases with a corresponding liability being the present value of lease payments. The Group is currently considering the implications of IFRS 16 on the Group's consolidated results and financial position.

 

The Group does not consider that any other standards, amendments or interpretations issued by the IASB, but not yet applicable, will have a significant impact on the financial statements.

 

Use of estimates and judgements

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

 

In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the 52 week period to 30 January 2016.

  

Risks and uncertainties

The Board has considered the risks and uncertainties for the remaining 26 week period to 28 January 2017 and determined that the risks presented in the Annual Report and Accounts 2016, noted below, remain relevant:

Omnichannel

·      Key suppliers and brands

·      Protection of intellectual property

·      Retail property factors

·      Seasonality of sales

·      Economic factors

·      Reliance on non-UK manufacturers

Consistency of infrastructure

·      Reliance on IT systems

·      Reliance on a consolidated warehouse

·      Retention of key personnel

·      Health and safety

·      Foreign exchange risk

·      Regulatory and compliance

 

A major variable, and therefore risk, to the Group's financial performance for the remainder of the financial period is the sales and margin performance in the retail fascias, particularly in December and January. Further comment on this and other risks and uncertainties faced by the Group is provided in the Executive Chairman's statement included within this half year report.

After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 

2.   Segmental Analysis

 

IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker to allocate resources to the segments and to assess their performance. The Chief Operating Decision Maker is considered to be the Executive Chairman of JD Sports Fashion Plc.

Information reported to the Chief Operating Decision Maker is focused more on the nature of the businesses within the Group. The Group's reportable segments under IFRS 8 are therefore as follows:

·      Sports Fashion - includes the results of JD Sports Fashion Plc, John David Sports Fashion (Ireland) Limited, Spodis SA, Champion Sports Ireland, JD Sprinter Holdings 2010 SL (including subsidiary companies), JD Sports Fashion BV, Sports Unlimited Retail BV, JD Sports Fashion Germany GmbH, JD Sports Fashion SRL, JD Sports Fashion Belgium BVBA, JD Sports Fashion Sweden AB, JD Sports Fashion Denmark ApS, JD Sports Fashion SDN BHD, Size GmbH, ActivInstinct Limited, JD Gyms Limited, Duffer of St George Limited, Topgrade Sportswear Limited, Kooga Rugby Limited, Focus Brands Limited (including subsidiary companies), Kukri Sports Limited (including global subsidiary companies), Source Lab Limited, R.D. Scott Limited, Tessuti Group Limited (including subsidiary companies), Nicholas Deakins Limited, Cloggs Online Limited, Ark Fashion Limited and Mainline Menswear Limited.

·      Outdoor - includes the results of Blacks Outdoor Retail Limited and Tiso Group Limited (including subsidiary companies).

 

The Chief Operating Decision Maker receives and reviews segmental operating profit. Certain central administrative costs including Group Directors' salaries are included within the Group's core 'Sports Fashion' result. This is consistent with the results as reported to the Chief Operating Decision Maker.

 

IFRS 8 requires disclosure of information regarding revenue from major products and customers. The majority of the Group's revenue is derived from the retail of a wide range of apparel, footwear and accessories to the general public. As such, the disclosure of revenues from major customers is not appropriate. Disclosure of revenue from major product groups is not provided at this time due to the cost involved to develop a reliable product split on a same category basis across all companies in the Group. 

Intersegment transactions are undertaken in the ordinary course of business on arm's length terms.

 

The Board consider that certain items are cross divisional in nature and cannot be allocated between the segments on a meaningful basis. Net funding costs and taxation are treated as unallocated reflecting the nature of the Group's syndicated borrowing facilities and its tax group. Drawdowns from the Group's syndicated borrowing facility of £7,143,000 (2015: £54,000,000) and liabilities for taxation of £17,665,000 (2015: £14,003,000) are included within the unallocated segment.

 

Each segment is shown net of intercompany transactions and balances within that segment. The eliminations remove intercompany transactions and balances between different segments which primarily relate to the net down of long term loans and short term working capital funding provided by JD Sports Fashion Plc (within Sports Fashion) to other companies in the Group, and intercompany trading between companies in different segments.

 

Operating Segments

 

Information regarding the Group's operating segments for the 26 weeks to 30 July 2016 is reported below:

 

Income statement

 

 

 

 

 

 

Sports Fashion

£000

 

Outdoor

£000

 

 Total

£000

 

 

 

 

 

 

 

 

Gross revenue

897,478

73,087

970,565

 

 

Intersegment revenue

-

-

-

 

 

Revenue

897,478

73,087

970,565

 

 

 

Operating profit / (loss) before exceptional items

 

 

79,902

 

 

(2,252)

 

 

77,650

 

 

Exceptional items

-

-

-

 

 

 

 

 

 

 

 

Operating profit / (loss)

79,902

(2,252)

77,650

 

 

Financial income

 

 

391

 

 

Financial expenses

 

 

(630)

 

 

 

 

 

 

 

 

Profit before tax

 

 

77,411

 

 

Income tax expense

 

 

(17,392)

 

 

 

 

 

 

 

 

Profit for the period

 

 

60,019

 

 

 

 

 

Total assets and liabilities

 

Sports Fashion

£000

Outdoor

£000

Unallocated

£000

Eliminations

£000

Total

£000

 

 

 

 

 

 

Total assets

922,700

68,717

159

(72,616)

918,960

Total liabilities

(397,457)

(109,045)

(24,967)

72,616

(458,853)

Total segment net assets / (liabilities)

 

525,243

 

(40,328)

 

(24,808)

 

-

 

460,107

             

 

 

The comparative segmental results for the 26 weeks to 1 August 2015 are as follows:

 

Income statement

 

 

 

 

 

 

Sports Fashion

£000

 

Outdoor

£000

 

Total

£000

 

 

 

 

 

 

 

 

Gross revenue

741,779

68,260

810,039

 

 

Intersegment revenue

(138)

-

(138)

 

 

Revenue

741,641

68,260

809,901

 

 

 

Operating profit / (loss) before exceptional items

 

 

52,068

 

 

(4,490)

 

 

47,578

 

 

Exceptional items

(1,564)

(294)

(1,858)

 

 

 

 

 

 

 

 

Operating profit / (loss)

50,504

(4,784)

45,720

 

 

Financial income

 

 

206

 

 

Financial expenses

 

 

(1,218)

 

 

 

 

 

 

 

 

Profit before tax

 

 

44,708

 

 

Income tax expense

 

 

(10,294)

 

 

 

 

 

 

 

 

Profit for the period

 

 

34,414

 

 

 

 

 

Total assets and liabilities

 

Sports Fashion

£000

Outdoor

£000

Unallocated

£000

Eliminations  

£000

Total  

£000

 

 

 

 

 

 

Total assets

766,227

85,845

-

(84,118)

767,954

Total liabilities

(331,521)

(123,148)

(68,002)

84,118

(438,553)

Total segment net assets / (liabilities)

 

434,706

 

(37,303)

 

(68,002)

 

-

 

329,401

             

 

 

 

 

Geographical Information

 

The Group's operations are located in the UK, Republic of Ireland, France, Spain, Germany, the Netherlands, Italy, Sweden, Denmark, Belgium, Portugal, Malaysia, Australia, New Zealand, Canada, Dubai, Singapore and Hong Kong.

           

The following table provides analysis of the Group's revenue by geographical market, irrespective of the origin of the goods / services:

 

 

26 weeks to 30 July

2016

£000

26 weeks to 1 August

2015

£000

 

 

 

 

UK

 

712,056

621,646

Europe

 

244,973

176,413

Rest of world

 

13,536

11,842

 

 

 

 

 

 

970,565

809,901

 

The revenue from any individual country, with the exception of the UK, is not more than 10% of the Group's total revenue.

 

The following is an analysis of the carrying amount of segmental non-current assets by the geographical area in which the assets are located:

 

 

 

As at

30 July

 2016

£000

 

As at

1 August

 2015

£000

 

 

 

 

 

UK

 

169,766

 

209,867

Europe

 

110,332

 

95,571

Rest of world

 

1,972

 

185

 

 

 

 

 

 

 

282,070

 

305,623

 

3.   Exceptional Items

 

 

 

 

26 weeks to 

30 July

2016

£000

 

 

 

26 weeks to 

1 August

2015

    £000

 

 

 

52 weeks to 

30 January

2016

£000

 

 

 

 

Property related exceptional costs

-

1,858

-

 

Selling and distribution expenses - exceptional

 

-

 

1,858

 

-

 

 

 

 

Impairment of goodwill, brands and fascia names (1)

-

-

10,600

Termination of project to replace core IT systems (2)

-

-

14,896

 

Administrative expenses - exceptional

 

-

 

-

 

25,496

 

 

-

 

1,858

 

25,496

         

 

(1)  Relates to the impairment in the period to 30 January 2016 of the goodwill arising in prior years on the acquisition of ActivInstinct Limited, a partial impairment of the Blacks fascia name and the impairment of several other goodwill and fascia name balances which were not significant.

 

(2)  One off exceptional charge writing off costs to 30 January 2016 including certain other related costs.

 

These selling and distribution expenses and administrative expenses are exceptional items as they are, in aggregate, material in size and / or unusual or infrequent in nature.

 

 

4.   Earnings per Ordinary Share

 

Basic and diluted earnings per ordinary share

 

The calculation of basic and diluted earnings per ordinary share at 30 July 2016 is based on the profit for the period attributable to equity holders of the parent of £58,058,000 (26 weeks to 1 August 2015: £34,293,000; 52 weeks to 30 January 2016: £97,634,000).

 

The weighted average number of ordinary shares outstanding during the 26 weeks to 30 July 2016 was 194,646,632 (26 weeks to 1 August 2015: 194,646,632; 52 weeks to 30 January 2016: 194,646,632), calculated as follows:

 

 

 

 

26 weeks to 

30 July

2016

 

26 weeks to 

1 August

2015

 

52 weeks to 

30 January

2016

 

 

 

 

 

Issued ordinary shares at beginning and end of period

 

 

194,646,632

 

194,646,632

 

194,646,632

 

 

Adjusted basic and diluted earnings per ordinary share

 

Adjusted basic and diluted earnings per ordinary share have been based on the profit for the period attributable to equity holders of the parent for each financial period but excluding the post-tax effect of certain exceptional items. The Directors consider that this gives a more meaningful measure of the underlying performance of the Group.

 

 

 

26 weeks to 

30 July

2016

£000

 

26 weeks to 

1 August

2015

£000

 

52 weeks to 

30 January

2016

£000

 

 

 

 

 

Profit for the period attributable to equity holders of the parent

 

 

58,058

 

34,293

 

97,634

 

Exceptional items excluding loss on disposal of non-current assets

 

 

-

 

1,633

 

25,496

 

Tax relating to exceptional items

 

-

312

(3,737)

 

Profit for the period attributable to equity holders of the parent excluding exceptional items

 

 

 

58,058

 

 

36,238

 

 

119,393

 

 

Adjusted basic and diluted earnings per ordinary share

 

 

 

29.83p

 

 

18.62p

 

 

61.34p

 

             

 

5.   Acquisitions

 

Current period acquisitions

 

Sports Unlimited Retail BV

 

On 20 March 2016, the Group acquired, via its newly incorporated subsidiary Sports Unlimited Retail BV, the trading assets and trade of the Aktiesport and Perry Sport fascias from the Trustee of Unlimited Sports Group BV which was declared bankrupt by the court of Amsterdam on 23 February 2016. On acquisition there were 187 stores and two trading websites.

 

The Board believes that the cash consideration of €26.5 million represents the current best estimates of the fair value of the net assets acquired. The provisional goodwill calculation is summarised below:

 

 

 

 

Book value

£000

 

 

Measurement

adjustments

£000

 

Provisional

fair value at

30 July 2016

£000

Acquiree's net assets at acquisition date:

 

 

 

Property, plant & equipment

3,929

-    

3,929

Inventories

23,330

1,608   

24,938

Cash and cash equivalents

58

-   

58

Trade and other payables

(8,364)

(1,608)  

(9,972)

 

 

 

 

 

Net identifiable assets

 

18,953

 

-   

 

18,953

 

 

 

 

Goodwill on acquisition

 

 

-

 

Consideration paid - satisfied in cash

 

 

 

18,953

         

 

 

Included in the 26 week period ended 30 July 2016 is revenue of £31,096,000 and a loss before tax of £2,944,000 in respect of Sports Unlimited Retail BV.

   

JD Sports Fashion SDN BHD

 

On 28 April 2016, the Group acquired via its 50% subsidiary in Malaysia, JD Sports Fashion SDN BHD, 20 multi-brand Sports Fashion stores and a trading website which currently trade as Sports Empire, Revolution and The Marathon Shop from Runners World SDN BHD. JD Sports Fashion SDN BHD is an entity controlled by the Group and therefore the results and financial position of the entity are consolidated into the financial statements of the Group. The cash consideration payable on this transaction was MYR 20.7 million.

 

The Board believes that the excess of cash consideration paid over net identifiable assets on acquisition of MYR 4.9 million represents the fair value of the Sports Empire, Revolution and The Marathon Shop fascia names. The provisional goodwill calculation is summarised below:

 

 

 

 

Book value

£000

 

 

Measurement

adjustments

£000

 

Provisional

fair  value at

30 July 2016

£000

Acquiree's net assets at acquisition date:

 

 

 

Intangible assets

823

-

823

Property, plant & equipment

356

-

356

Other non-current assets

249

-

249

Inventories

2,018

-

2,018

 

 

 

 

 

Net identifiable assets

 

3,446

 

-

 

3,446

 

 

 

 

Goodwill on acquisition

 

 

-

 

Consideration paid - satisfied in cash

 

 

 

3,446

         

 

 

Included in the 26 week period ended 30 July 2016 is revenue of £2,848,000 and a loss before tax of £32,000 in respect of JD Sports Fashion SDN BHD.

   

SportIberica Sociedade de Artigos de Desporto, S.A. 

 

On 1 July 2016, the Group acquired, both directly and via its 50.1% owned subsidiary JD Sprinter Holdings 2010 SL, an aggregate of 80% of the issued share capital of SportIberica Sociedade de Artigos de Desporto S.A. for cash consideration of €4.2 million with additional consideration of up to €0.5 million payable if certain criteria are met. At acquisition, management believed that the criteria would be met for the maximum consideration to be payable and therefore management believes that the fair value of the total consideration at this time is €4.7 million.

 

SportIberica currently trades as The Athlete's Foot through 12 Sports Fashion stores.

 

The Board believes that the excess of cash consideration paid over net identifiable assets on acquisition of £1,422,000 is best considered as goodwill on acquisition representing anticipated future operating synergies.

 

The provisional goodwill calculation is summarised below:

 

 

 

 

Book value

£000

 

 

Measurement

adjustments

£000

 

Provisional

fair  value at

30 July 2016

£000

Acquiree's net assets at acquisition date:

 

 

 

Property, plant & equipment

183

-

183

Other non-current assets

42

-

42

Inventories

2,821

-

2,821

Cash

679

-

679

Trade and other receivables

866

-

866

Income tax assets

36

-

36

Trade and other payables

(1,540)

-

(1,540)

Interest bearing loans and borrowings

(705)

-

(705)

 

 

 

 

 

Net identifiable assets

 

2,382

 

-

 

2,382

 

 

 

 

Non-controlling interest

(476)

-

(476)

 

 

 

 

Goodwill on acquisition

 

 

1,422

 

 

 

 

Consideration paid - satisfied in cash

 

 

2,971

Contingent consideration

 

 

357

 

 

 

 

Total consideration

 

 

3,328

         

 

 

Included in the 26 week period ended 30 July 2016 is revenue of £906,000 and a profit before tax of £40,000 in respect of SportIberica Sociedade de Artigos de Desporto, S.A. 

 

Other acquisitions

 

During the period, the Group has made several small acquisitions, including increasing its shareholding to 100% in two subsidiaries which were previously non-wholly owned. These transactions were not material.

 

Half year impact of acquisitions

 

Had the acquisitions of Sports Unlimited Retail BV, JD Sports Fashion SDN BHD and SportIberica been effected at 31 January 2016, the revenue and profit before tax of the Group for the 26 week period to 30 July 2016 would have been £991,169,000 and £75,191,000 respectively.

 

Acquisition costs

 

Acquisition related costs amounting to £241,000 (Sports Unlimited Retail BV: £139,000; JD Sports Fashion SDN BHD: £68,000; and, SportIberica Sociedade de Artigos de Desporto S.A: £34,000) have been excluded from the consideration transferred and have been recognised as an expense in the year, within administrative expenses in the Consolidated Income Statement.

 

Prior period acquisitions

 

During the prior period, the Group increased its shareholding in a non-wholly owned subsidiary. The transaction was not material.

 

6.   Subsequent Events

 

Next Athleisure Pty Limited

 

On 26 August 2016, the Group acquired, via its newly incorporated subsidiary JD Sports Fashion Holdings Australia Pty, 80% of the issued ordinary share capital of Next Athleisure Pty Limited for consideration of $6.6 million AUD. Next Athleisure Pty Limited currently operates 32 stores and a trading website in Australia under the Glue and Superglue retail banners.

 

The Board believes that the excess of cash consideration paid over net identifiable assets on acquisition of £4,739,000 represents the fair value of the 'Glue' and 'Superglue' fascia names. The provisional goodwill calculation is summarised below:

 

 

Provisional

fair value at

26 August 2016

£000

Acquiree's net assets at acquisition date:

 

Intangible assets

4,821

Property, plant & equipment

5,150

Other non-current assets

2

Inventories

9,428

Cash

471

Trade and other receivables

2,683

Income tax assets

159

Deferred tax assets

1,510

Trade and other payables

(11,903)

Interest bearing loans and borrowings

(7,998)

 

Net identifiable assets

 

4,323

 

 

Non-controlling interest

(865)

 

 

Goodwill on acquisition

-

 

 

Consideration paid - satisfied in cash

3,059

Consideration as loan to non-controlling interest

399

 

 

Total consideration

3,458

     

 

7.   Half Year Report

 

As indicated in the 2012 Notice of Annual General Meeting, in line with many other listed companies the company will no longer be issuing a hard copy of the half year report. Instead, the Group has decided to make the half year report available via the Company's website.

 

Accordingly the half year report will be available for downloading from www.jdplc.com from mid October 2016. Paper based copies will be available on application to the Company Secretary, JD Sports Fashion Plc, Hollinsbrook Way, Pilsworth, Bury, Lancashire, BL9 8RR.

 

Disclaimer

 

This announcement contains certain forward-looking statements with respect to the financial condition, results, operations and businesses of JD Sports Fashion plc. These statements and forecasts involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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