22nd Jul 2022 08:10
(Alliance News) - JD Sports Fashion PLC on Friday backed yearly guidance, with sales on the up so far in its financial year.
The Bury, Greater Manchester-based sports clothing retailer said its "positive performance" continued in June and sales in its like-for-like business during the first five months of its financial year were up 5% annually.
It maintained full-year guidance, expecting headline pretax profit before exceptional items for the current financial year ending January 28 to be "in line" with financial 2022. Pretax profit before exceptional items more than doubled to a record GBP947.2 million in financial 2022 from GBP421.3 million in financial 2021.
Meanwhile, the company explained the search for a new chief executive officer is ongoing. Earlier in July, JD Sports named Andy Higginson as chair. In May, Peter Cowgill, then executive chair, left the company. JD Sports in July 2021 had bowed to shareholder pressure over its corporate governance, agreeing to split Cowgill's controversial joint role of chair and CEO.
JD Sports also updated on governance matters, following a "three-month intensive programme of works".
"The group has now commenced a control, risk and compliance target operating model review. The output from this will be a detailed plan and resource requirements assessment for a programme of works which will ensure compliance with the various regulatory obligations and greater conformity with the Corporate Governance Code," it said.
JD Sports shares were 0.5% lower at 141.88 pence each in London on Friday morning.
By Tom Budszus; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
JD Sports