John David Group (The) PLC
11 January 2007
11 January 2007
THE JOHN DAVID GROUP PLC
CHRISTMAS TRADING STATEMENT
Since The John David Group Plc (the 'Group') reported its interim results for
the 26 weeks ended 29 July 2006 on 28 September 2006, the Group has continued to
enjoy strong trading driven by the performance of the core Sports Division.
The Sports Division, (excluding those stores acquired from Allsports and
converted during the current year and the 14 airport stores acquired from
Hargreaves in July 2006) has seen a like for like sales increase of 5.7% for the
23 weeks to 6 January 2007 and of 5.0% for the 8 weeks to 6 January 2007 in
which the prior year period comparatives were relatively strong (+6.0%).
Cumulatively, for the 49 weeks to 6 January 2007, on this basis the Sports
Division like for like sales have improved by 4.5%. The Allsports stores have
benefited from the JD product offer and distribution service over Christmas to
produce results in line with management expectations.
The Fashion Division like for like sales increase for the 23 week period to 6
January 2007 was 5.9% but like for like sales declined 0.5% in the 8 week
Christmas period. Cumulatively for the 49 week period, like for like sales have
improved by 4.2% but, in our view, the branded fashion retail sector is
increasingly competitive and consequently the results of this division remain
depressed although property disposals in the current period will help future
performance.
The Group like for like sales increase for the 23 week period to 6 January 2007
was 5.7%, for the 8 week Christmas period was 4.5%, and cumulatively for the 49
week period stands at 4.5%.
The Group's gross margin improved in the first half against the equivalent
period last year and a year on year gross margin improvement has also been
achieved in the second half aided by progress on own brand sales in the Sports
Division. Although we have continued to experience cost pressures with regard to
rents, rates, utility costs and minimum wage rates, we nevertheless expect the
combination of continuing progress on margin and like for like sales to result
in final headline earnings for the year ended 27 January 2007 being ahead of
current market expectations.
For the full year to 27 January 2007, there will be a further charge for one off
net costs and write offs connected with the store disposal programme. This
programme remains ongoing but these costs have not been a significant drain on
cash resources.
Peter Cowgill, Executive Chairman, commented: 'We are pleased with our
performance over the Christmas period and the year to date and believe it
demonstrates that our retail proposition and operational strategy are continuing
the improvement in performance of the Group.'
The Group will make its Preliminary Results Announcement for the year ended 27
January 2007 on 26 April 2007.
Enquiries:
The John David Group Plc Tel: 0161 767 1608
Peter Cowgill, Executive Chairman
Barry Bown, Chief Executive
Brian Small, Finance Director
Hogarth Partnership Limited Tel: 020 7357 9477
Andrew Jaques
Barnaby Fry
Charlie Field
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.