Notice of Results and COVID-19 Update

RNS Number : 8554K

JD Sports Fashion Plc

24 April 2020

 

24 April 2020

JD Sports Fashion Plc

Notice of Results and COVID-19 Update

JD Sports Fashion Plc (the 'Group') today confirms the revised date for the publication of its Preliminary Results for the 12 months to 1 February 2020 ('Results') and also provides an update on some of the measures it is taking to actively preserve capital across all aspects of its business and thereby limit the level of cash burn.

On 26 March 2020, the Financial Conduct Authority ('FCA') announced a temporary relief for listed companies that are due to report financial results during the current coronavirus crisis. This temporary relief extends the period in which listed businesses are required to publish their audited financial statements, from four months to six months.

The Board believes that it is in the best interests of investors and other stakeholders for the Group to announce its Results at a later date, so as to provide the greatest amount of clarity on the impact of COVID-19 on the Group's performance for the current financial year to 30 January 2021. Accordingly, the Group will announce its Results on Tuesday 7 July 2020, while the Annual General Meeting will now be held on Friday 31 July 2020.

The Group also today announces three specific measures that it is taking to help preserve capital in this period:

· Dividends: Given the current highly unusual circumstances, the Board believes that it is in the best interests of shareholders if the Group maintains its cash reserves and so, accordingly, it does not believe that it will be appropriate to pay a final dividend this year. It is the Board's current intention that the Group would look to resume dividend payments when conditions allow, although it is important that we maintain flexibility around the timing and quantum of this commitment so as to maximise the available funding for future development opportunities.

· Temporary Salary Adjustments: The Board and Senior Management team in the Group have agreed to voluntary salary reductions of at least 25% for the current period of disruption, with Peter Cowgill, Executive Chairman, personally volunteering a salary reduction of 75%.

· Deferment of Incentive Payments: The payment of bonuses and other contractual incentive payments, due or arising in respect of individual and Group performance in the year ended 1 February 2020, have also been deferred. It is the intention of the Board and Remuneration Committee that these will be paid at some point after our stores have re-opened, with the timing of these payments reflecting the evidence of our actual post re-opening performance and the projected cashflows of the Group.

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Enquiries:

JD Sports Fashion Plc			Tel:  [phone]
Peter Cowgill, Executive Chairman
Neil Greenhalgh, Chief Financial Officer
Jennifer Iveson, Investor Relations
MHP Communications			Tel:  [phone]
Andrew Jaques
Giles Robinson
Charles Hirst
Catherine Chapman

 

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