JD Sports Fashion Plc Response to CMA Announcement

RNS Number : 9628N

JD Sports Fashion Plc

07 June 2022

 

7 June 2022

JD Sports Fashion Plc

Response to CMA Announcement

JD Sports Fashion Plc ("JD" or "Group") notes the press release issued by the Competition and Markets Authority ("CMA") earlier today with regards to its ongoing investigation into the suspected breaches of competition law by the following entities and their affiliates: The Rangers Football Club Limited, LBJ Sports Apparel Limited (trading as Elite Sports) and JD Sports Fashion Plc.

JD can confirm that it has, today, also received a Provisional Statement of Objections and a Draft Penalty Notice from the CMA. The CMA's findings are, at this stage, only provisional and the Group will now review them with its advisers. The CMA will consider any representations that are made before issuing its final findings. As the CMA has noted, JD has co-operated fully with the CMA and, provided this continues, JD will receive a reduction on any financial penalties that the CMA may decide to impose.

Based on the information available to it at this time, the Group intends to recognise a provision of approximately £2 million in its financial statements for the 52 weeks to 29 January 2022 representing the Group's best estimate of the liability payable in respect of this matter, including associated legal costs. The Group expects to release its final results for this period, incorporating this provision, shortly.

Enquiries:

JD Sports Fashion Plc Tel: [phone]

Neil Greenhalgh

Finsbury Glover Hering                                                             Tel: [phone]

Rollo Head 

Jenny Davey

James Thompson

 

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