John David Group (The) PLC
26 July 2007
26 July 2007
THE JOHN DAVID GROUP Plc
AGM TRADING UPDATE
At the AGM of The John David Group Plc (the 'Group'), a leading retailer of
sport and athletic inspired fashion apparel and footwear, the following trading
update will be provided to shareholders at 1pm today:
On 26 April 2007 in the Preliminary Announcement of the Group's results for the
52 week period ended 27 January 2007, we reported Group like for like sales
growth of 7.5% (Sports Fascias +8.1%; Fashion Fascias -2.1%) for the 12 weeks
ended 21 April 2007.
After a further 13 weeks of trading, Group like for like sales growth for the 25
weeks ended 21 July 2007 has improved to 9.4%. The Sports Fascia stores are now
up by 9.9% cumulatively, having benefited from an earlier sale clearance period,
the sale having started only on the weekend of 22/23 July last year. The Fashion
Fascia stores are now also up by 1.7% cumulatively. Overall gross margins
continue to reflect our recent improving trend, aided by dollar weakness and
further gradual growth in own brand merchandise sales. Overheads are broadly in
line with expectations although we are continuing to spend more heavily on IT
systems and merchandising support. We believe these costs will bring future
bottom line benefit.
The Board therefore remains confident of at least achieving current market
expectations, whilst continuing to anticipate more challenging second half
trading conditions, given rising interest rates, strong prior year comparatives
and the continuing extension of distribution channels by core sports brands.
Progress also continues to be made with the rationalisation of the legacy store
portfolio from which a further 18 stores (14 Sport; 4 Fashion) have been closed
since the year end and 3 stores have been opened in the Sports Fascias.
The Board expects to announce its interim results on 26 September 2007.
Enquiries: Tel: 0161 767 1000
The John David Group Plc
Peter Cowgill, Executive Chairman
Barry Bown, Chief Executive
Brian Small, Finance Director
Hogarth Partnership Limited Tel: 020 7357 9477
Andrew Jaques
Barnaby Fry
Sarah Richardson
This information is provided by RNS
The company news service from the London Stock Exchange
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