24th Mar 2020 09:29
(Alliance News) - JD Sports Fashion PLC on Tuesday said it will delay the release of its results for financial 2020 in line with guidance from the UK Financial Conduct Authority.
The sport and leisurewear retailer anticipates its results for the year to February 1 to be published in the second half of May.
JD Sports noted that while its websites continues to accept and fulfil orders, it believes the closure of its stores in the UK, US and Europe will hurt profit for financial 2021. It added that it is looking into measures to conserve cash across the business, welcoming public sector initiatives to support businesses.
The FTSE 100-listed company said that it believes its strong balance sheet, net cash resources and substantial working capital facilities will be adequate to meet any cash deficiencies during the period of disruption.
"Along with everyone else, the group is experiencing major disruption to our business operations as we seek to protect our colleagues and customers from the effects of Covid-19. JD continues to offer a market leading, multichannel proposition in sports fashion retail and we are confident that we will emerge from the current challenges in a strong position to resume our previous positive momentum," said Executive Chair Peter Cowgill.
The stock was trading 5.0% higher at 382.00 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
JD Sports