JOHN DAVID SPORTS PLC
28 September 1999
CHAIRMAN'S AGM STATEMENT
At today's Annual General meeting of the company, John Wardle made the
following comments:-
'I reported in the Preliminary Announcement on 9 June that JD Sports was
achieving a more positive differentiation in the sports and leisurewear market
place and the strengthened JD brand was driving an improved trading
performance with underlying like for like sales performance of 2% in the new
financial year.
I am pleased to report that since that date the company has achieved a further
improvement in sales growth despite the comparative trading period last year
having the benefits of the World Cup. A like for like sales increase in
excess of 5% has been recorded for the 15 week period since the Announcement
of 9 June. The resultant cumulative like for like sales growth for the
financial year to date is 3.2%. Additionally, there has been a modest
improvement in gross margins as a result of lower markdowns.
Three new stores have been opened since 31 March 1999 with one closed. It is
anticipated that four additional new stores will be open by 31 March 2000 and
these have been selected with reference to demanding financial criteria.
The strategy of differentiating the JD brand and product range from the
mainstream sportswear retailers should produce an improved financial
performance for the year ended 31 March 2000.'
Enquiries:
Andrew Hayes/James Cracknell Tel: 0171 796 4133
Hudson Sandler
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