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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jd Sports Fashion Plc | LSE:JD. | London | Ordinary Share | GB00BM8Q5M07 | ORD 0.05P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.30 | 1.07% | 122.95 | 123.10 | 123.15 | 124.05 | 122.00 | 122.65 | 4,009,255 | 16:35:25 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Sport Gds Stores, Bike Shops | 10.54B | 538.8M | 0.1040 | 11.84 | 6.31B |
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RNS Number:6896E
John David Group (The) PLC
05 December 2002
5th December 2002
THE JOHN DAVID GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS TO 30TH SEPTEMBER 2002
The John David Group Plc ("the Group"), a leading specialist retailer of
fashionable branded sports and leisure wear, today announces its 2002 Interim
Results.
Highlights:-
* Group turnover increased by 73% to #204.76 million. (2001: #118.34
million)
* Group operating profit (before amortisation of goodwill and
exceptional items) increased to #11.10 million (2001: #11.05 million)
* Gross margin improved in core business to 47.43% from 47.31%. Acquired
business 42.19%
* 10 new stores opened during the period
* Interim dividend increased by 10% to 2.86p from 2.60p per share
* Acquisition of the Sport and Fashion division ("First Sport division")
of Blacks Leisure Group Plc completed in May 2002 comprising 209
stores and 495,000 sq. ft. of retail space
* Total sales in the period in JD Sports increased by 10.56% with like
for like sales up 0.64%
* Total sales in the First Sport division increased by 1.84% in the
period with flat organic sales
* 376 stores open at the period end, trading from 1.187 million sq. ft.
of retail space
* Integration of the acquired division continuing with a positive
outlook for the future
* Recent trading recovering strongly following integration period
John Wardle, Chairman, said: "Following our recent acquisition, the interim
results are in line with our expectations and were achieved against strong
trading comparatives which benefited from the timing of Easter last year. We are
very pleased with the acquisition of First Sport and, despite some inevitable
short term disruption caused by the integration of the two businesses, we remain
on track to deliver long term growth in profits from both our core business and
the acquired business. The John David Group is an exciting and innovative
retailer and the Board is confident in the future success, long term growth and
profitability of the group."
Enquiries:
The John David Group Plc Tel: 01706 628000
Barry Bown, Chief Executive
Malcolm Blackhurst, Finance Director
Hogarth Partnership Limited Tel: 020 7357 9477
Andrew Jaques
Tom Leatherbarrow
CHAIRMAN'S STATEMENT
I am pleased to report continued progress in the half year to 30th September
2002 in line with our expectations for the period. This improvement has been
achieved against demanding sales comparatives in the interim period last year,
which benefited from the timing of Easter.
We have continued with the integration of the recently acquired First Sport
division and this is proceeding to plan, albeit that we have suffered from some
short term disruption to sales. As stated at the time of the acquisition,
earnings should be enhanced in the first full year following the acquisition.
We have also continued to develop and expand the business and strive to further
improve our distinct market position in the retail sector. We remain totally
committed to the progression of the enlarged group and to improving long-term
profit growth via innovative retail formats and strong brand relationships. We
look forward to the future with confidence.
RESULTS
Total sales increased by 73% during the interim period to #204.76 million. This
increase includes #73.9 million in relation to the First Sport division acquired
in May 2002. Total sales in JD Sports increased by 10.56% including an
underlying like for like sales increase of 0.64%. Total sales in the First Sport
division increased by 1.84% during the period, which includes a flat organic
performance. Gross margin was again improved in JD Sports by 0.12% up from
47.31% to 47.43%; this is in contrast with a margin performance in the First
Sport division of 42.19%. Gross margin in the First Sport division has
necessarily been at a lower level, as planned, in order to facilitate the
clearance of fragmented stock lines and should improve in future periods.
Operating profit before exceptional items and amortisation of goodwill increased
to #11.10 million compared with #11.05 million in the half year to September
2001. We announced at the AGM that our year end is now to be January rather than
March, therefore eliminating any future trading disparities due to the timing of
Easter.
After charging exceptional items of #1.975 million and goodwill amortisation of
#0.131 million, profit before interest charges and loss on disposal of fixed
assets was #8.995 million (2001: #11.050 million - exceptional items #nil).
Net interest charges increased to #1.197 million compared with #0.086 million
due to the additional debt taken on to fund our recent acquisition. Comparative
earnings per share calculations are included in the supporting financial
information.
Earnings per share, before exceptional items and goodwill, were 14.42p compared
with 16.16p, reflecting the full interest burden of the acquisition prior to
full integration of the acquired business.
DIVIDEND
The Board proposes to pay an increased interim dividend of 2.86p per ordinary
share (2001: 2.60p). This uplift represents a 10% increase on the previous
period and will be paid on 24th February 2003 to shareholders on the register as
at the close of business on 24th January 2003.
JD SPORTS DIVISION
Total sales for the period in JD Sports increased by 10.56% including an
underlying improvement in like for like sales performance of 0.64% with stock
levels in line with forecast at the period end. Gross margin performance
continued to improve to 47.43% from 47.31% in the prior period.
Expansion continued during the period, opening 8 new stores and closing 3
smaller stores, adding a net 33,000 sq. ft. of retail space. By way of
comparison, 18 new stores were added in the same period last year and three
stores closed adding a net 109,000 sq. ft. in the interim period. At the end of
September 2002, therefore, the JD Sports format traded from 169 stores occupying
a total of 684,000 retail sq. ft. This total includes 27 out of town / edge of
town stores which occupy 191,000 retail sq. ft. All new stores continue to be
subject to our demanding selection criteria, prior to adoption.
Focus on own brand and exclusive branded merchandise has continued, complemented
by our Mckenzie and Carbrini labels. Fashionable product differentiation has
been maintained via exclusive lines, enhanced by our own unique in house design
capabilities. Product mix for the period has remained fairly consistent with the
previous period being broadly 53% footwear, 43% clothing and 4% accessories.
By the end of January 2003, a further 10 new stores will open and one small
store will close adding a further 87,000 sq. ft. of retail space to the JD
Sports chain. Total space in this chain will therefore be around 771,000 retail
sq. ft. trading from 178 stores, by the end of January 2003. Total space added
during the period to January 2003, therefore, will be in the region of 120,000
sq. ft. (2001/02: 170,000 sq.ft) being a net 14 additional stores (2001/02: 24
net additional stores).
FIRST SPORT DIVISION
Total sales for the period in the First Sport division increased by 1.84%
including a flat like for like sales performance with stock levels in line with
forecast at the period end. Gross margin has been at a lower level, as planned,
in order to clear fragmented stock lines in readiness for the Christmas trading
period. Margin performance in this division during the period was 42.19% and
should continue to improve in future periods.
Since the acquisition two new stores have been opened and four stores have now
been closed. At the end of September 2002, therefore, the First Sport division
traded from 207 stores occupying a total of 503,000 retail sq. ft.
By the end of January 2003, one further store will open, two small stores will
close and one will be relocated, reducing retail space by a net 5,000 sq. ft. in
this chain. Total retail space in this division will therefore be around 498,000
retail sq. ft. trading from 205 stores, by the end of January 2003. The store
portfolio continues to be under review as sales densities increase towards their
expected future levels; integration is progressing well and our retail
disciplines and high standards of merchandising and display continue to be
introduced throughout the chain.
In Spring 2003, the First Sport chain will be completely re-launched, including
a new fascia design, new logo, improved store ambience and increased product
differentiation.
BALANCE SHEET & FINANCIAL RESOURCES
Shareholders' funds at the balance sheet date have increased by 15% from #51.18
million (30th September 2001) to #58.89 million at the end of September 2002.
Total expenditure on fixed assets during the period amounted to #10 million of
which #8.53 million relates to stores. Net borrowings at the end of September
2002 were #56.28 million resulting in a gearing level of 95%, in line with
expected levels and interest cover is at a comfortable level. Gearing is
presently expected to reduce significantly by our year end of 31st January 2003.
CURRENT TRADING
Trading performance since the period end has been affected by a period of major
stock and computer integration, which we were eager to complete before the key
Christmas trading period.
A major transformation of this nature inevitably causes some disruption despite
detailed pre-planning. During this 10 to 11 week period of integration our
operating efficiency was reduced, resuming to expected levels in the past few
weeks. Both the trade of the First Sport division, and to a much lesser extent,
JD Sports were affected from the middle of September 2002.
The integration issues referred to above have adversely affected group sales in
the 9 weeks since the period end. Sales in the JD Sports division are up 9.85%
in total and down 1.97% on a like for like basis over this period. Following
the recent stock and computer integration, sales have now risen sharply in JD
Sports, being up 15.74% in total and 4.51% on a like for like basis in the most
recent week's trading.
Sales within the First Sport division were inevitably affected to a greater
degree and the directors estimate that just under 3% of annualised divisional
sales were lost during this period. All issues have now been resolved and sales
have now returned to targeted levels.
We are very pleased to report, however, that we have maintained gross margins in
JD Sports since the period end and that gross margins have continued to improve
in the First Sport division. Stock levels are also in line with plan.
Since 30th September 2002, a further 9 stores have been opened, 2 smaller stores
closed and one relocated, increasing total retail space to 1,232,000 sq.ft. and
total number of stores to 382. Two further stores will open and one small store
will close prior to the end of our financial period, adding a further 37,000
sq.ft. of retail space. At the end of January 2003, therefore, we envisage that
the group will trade from around 1,269,000 sq.ft. from 383 stores throughout the
U.K. and Eire.
OUTLOOK
In common with many other retailers, the period end results are heavily
dependent upon our trade during both the key Christmas trading and January sales
periods. The Board acknowledges the importance of this, and a further Christmas
trading update will be given in early January 2003, in the normal way.
The Board remains confident that - despite any short-term fluctuations - the
company's long term profitability and growth prospects are excellent. Continued
product differentiation in desirable branded merchandise, unique store ambience
and maintained focus on our brand conscious consumer will continue to contribute
to the increasing success of the group.
There still remains significant expansion opportunity within the JD Sports
fascia, via a number of innovative formats and the benefits and synergies from
our recent acquisition will continue to improve.
I am pleased with our performance in the first half of the year, which is in
line with our expectations. We are delighted with the acquisition of First Sport
and, despite short term disruption caused by the integration of the stock and
computer systems which has affected trading over the past 11 weeks, we remain in
line to deliver growth in profits from both our core business and the acquired
business. The John David Group is an exciting and innovative retailer and the
Board remains confident in the future success, long term growth and
profitability of the group.
John Wardle
5th December 2002
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the half year ended 30 September 2002
Note Unaudited Unaudited Unaudited Unaudited Audited
first half first half first half first half year ended
continuing Acquisitions Total
operations
2002 2002 2002 2001 31 March 2002
#000 #000 #000 #000 #000
Turnover 130,853 73,916 204,769 118,347 245,621
Cost of sales (68,783) (42,725) (111,508) (62,347) (130,144)
_______ _______ _______ _______ _______
Gross profit 62,070 31,191 93,261 56,000 115,477
Operating expenses (net) (52,086) (32,180) (84,266) (44,950) (95,038)
Operating profit
Before exceptional items 10,515 586 11,101 11,050 20,439
and goodwill
amortisation
Exceptional items 1 (400) (1,575) (1,975) - -
Goodwill 1 (131) - (131) - -
9,984 (989) 8,995 11,050 20,439
Loss on disposal of (153) (105) (187)
fixed assets
_______ _______ _______
Profits on ordinary 8,842 10,945 20,252
activities before
interest
Interest receivable and 160 48 104
similar income
Interest payable and (1,357) (134) (283)
similar charges
_______ _______ _______
Profit on ordinary 7,645 10,859 20,073
activities before
taxation
Taxation on profit on 2 (2,446) (3,304) (6,235)
ordinary activities
_______ _______ _______
Profit on ordinary 5,199 7,555 13,838
activities after
taxation
Dividends paid and 3 (1,337) (1,215) (3,646)
proposed
_______ _______ _______
Retained profit 3,862 6,340 10,192
_______ _______ _______
Earnings per ordinary 4
share:
- Basic 11.12p 16.16p 29.61p
- Adjusted to exclude 14.42p 16.16p 29.61p
exceptional items and
goodwill amortisation
- Diluted 11.12p 16.16p 29.60p
CONSOLIDATED BALANCE SHEET
as at 30 September 2002
Note Unaudited Unaudited Audited
as at as at as at
30 September 30 September 31 March
2002 2001 2002
#000 #000 #000
Fixed assets
Intangible assets 5 6,302 - -
Tangible assets 74,370 39,815 40,033
_______ _______ _______
80,672 39,815 40,033
_______ _______ _______
Current assets
Stocks 73,321 35,783 36,472
Debtors and prepayments 16,941 6,052 6,574
Cash at bank and in hand 3,721 197 986
_______ _______ _______
93,983 42,032 44,032
Creditors: amounts falling due within one year (50,983) (25,938) (22,880)
_______ _______ _______
Net current assets 43,000 16,094 21,152
_______ _______ _______
Total assets less current liabilities 123,672 55,909 61,185
Creditors: amounts falling due after more than one (60,726) (2,041) (3,134)
year
Provisions for liabilities and charges (4,049) (2,685) (3,016)
_______ _______ _______
Net assets 58,897 51,183 55,035
_______ _______ _______
Capital and reserves
Called up share capital 2,337 2,337 2,337
Share premium account 8,908 8,908 8,908
Profit and loss account 47,652 39,938 43,790
_______ _______ _______
Equity shareholders' funds 58,897 51,183 55,035
_______ _______ _______
RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS
as at 30 September 2002
Unaudited Unaudited Audited
as at as at as at
30 September 30 September 31 March
2002 2001 2002
#000 #000 #000
Profit for the period 5,199 7,555 13,838
Dividends paid and proposed (1,337) (1,215) (3,646)
_______ _______ _______
Net movement in equity shareholders' funds 3,862 6,340 10,192
Opening equity shareholders' funds 55,035 44,843 44,843
_______ _______ _______
Closing equity shareholders' funds 58,897 51,183 55,035
_______ _______ _______
CONSOLIDATED CASH FLOW STATEMENT
for the half year ended 30 September 2002
Unaudited Unaudited Audited
first half First half year ended
2002 2001 31 March 2002
#000 #000 #000
Net cash inflow from operating activities 11,481 10,366 21,460
Returns on investments and servicing of finance (1,127) (86) (179)
Taxation (2,347) (1,346) (5,324)
Capital expenditure (9,845) (8,256) (11,816)
Acquisitions (55,345) - -
Equity dividends paid - - (3,365)
_______ _______ _______
Net cash (outflow)/inflow before financing (57,183) 678 776
Financing 56,665 (1,656) (659)
_______ _______ _______
(Decrease)/increase in cash (518) (978) 117
_______ _______ _______
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1 Operating profit and exceptional items
Operating profit is stated after charging goodwill amortisation of #131,000
relating to the acquisition of the Sport and Fashion division.
Exceptional items comprise mainly expenditure directly relating to the
acquisition and integration of the Sport and Fashion division of Blacks Leisure
Group Plc, acquired in May 2002 this year.
2 Taxation
Taxation has been estimated at the expected rate for the full year.
3 Dividend
The Directors have declared an interim dividend of 2.86p per ordinary share, to
be paid on 24 February 2003 to shareholders on the register as at 24 January
2003.
4 Earnings per ordinary share
Basic earnings per ordinary share represent the profit for the period of
#5,199,000 (2001: #7,555,000) divided by the weighted average number of ordinary
shares in issue of 46,740,477 (2001:46,740,477).
Adjusted earnings per ordinary share have been based on the profit on ordinary
activities after taxation for each financial period but excluding exceptional
items and goodwill amortisation.
The earnings used to calculate earnings per ordinary share is given below:
Earnings attributable to ordinary As at 30 As at 30 As at 31 March
shareholders September 2002 September 2001 2002
#000 #000 #000
Profit on ordinary activities after 5,199 7,555 13,838
taxation
- Exceptional items 1,975 - -
- Tax relating to exceptional items (562) - -
- Goodwill amortisation 131 - -
_______ _______ _______
Profit after taxation excluding exceptional 6,743 7,555 13,838
items and goodwill amortisation
_______ _______ _______
Adjusted earnings per ordinary share 14.42p 16.16p 29.61p
_______ _______ _______
Effect of net interest payable (net of 1.79p 0.12p 0.27p
taxation)
_______ _______ _______
16.21p 16.28p 29.88p
_______ _______ _______
5 Acquisition of Sport and Fashion division from Blacks Leisure Group Plc
The group purchased four companies comprising the Sport and Fashion division of
Blacks Leisure Group Plc on 21 May 2002 for a total consideration of #54.3
million (#52.8 million plus acquisition costs of #1.5 million). The acquisition
was funded by a new bank facility, being a five year term loan of #40 million
together with a revolving credit facility of #40 million, over the same period.
The total fair value of net assets at acquisition was #47.9 million, creating
goodwill on acquisition of #6.4 million. The goodwill arising has been
capitalised as an intangible fixed asset and amortised over 20 years, in
accordance with FRS10. Goodwill amortisation of #131,000 has been charged to
operating profit since the date of acquisition.
6 Basis of preparation
The unaudited results have been prepared using the same accounting policies as
those used for the financial statements for the year ended 31 March 2002.
The financial information set out above does not constitute full statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
amounts shown in respect of the year ended 31 March 2002 have been extracted
from the full statutory accounts, on which the auditors have made an unqualified
report. The statutory accounts have been filed with the Registrar of Companies.
Copies of the interim financial statements will be posted to shareholders and
are available to members of the general public from the company's registered
office: Unit P14 Parklands, Heywood Distribution Park, Heywood, Lancs OL10 2TT.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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