JD Sports Fashion Plc announced ahead of its annual general meeting that same-store sales were up 5 percent for the first five months through June while reiterating that sales for the full year would be in line with the record results it set last year.
JD Sports said it also expects the phasing of the profit in the current year to reflect a more normalized trading pattern with approximately 35 percent to 40 percent of profits generated in the first half.
Update On Governance
JD Sports said its Board confirmed that its three-month intensive spotlight to address priority issues on governance and regulatory compliance matters has progressed as anticipated. And working with external advisors, the Group has started the review of its Control, Risk and Compliance Target Operating Model to create a detailed plan and resource requirements assessment for a program that would ensure compliance with regulatory obligations and conformity with the Corporate Governance Code.
Board Composition
Andy Higginson, who joined JD Sports’ Board as Chair on July 11, is fully involved in recruiting a new Group CEO. JD Sports wrote, “This process is ongoing, and the Group will update the market further when appropriate. In the meantime, Kath Smith continues in the role of Interim CEO and is working well with the Group’s senior leadership team to execute the Group’s strategic objectives and progress the ongoing global development opportunities.”
Higginson replaced Peter Cowgill, who left the role in May as the company reviewed “internal governance and controls” and looked to separate the chair and CEO roles.
JD Sports anticipates releasing its Interim Results for the period to July 30 in the second half of September.
JD Sports operates The Finish Line, Shoe Palace, DTLR, and JD banner in North America.
