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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 | |
---|---|---|---|---|---|---|---|---|---|---|
1.35 | 1.18% | 116.00 | 115.90 | 116.10 | 116.55 | 113.50 | 114.65 | 4,784,360 | 11:15:24 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Sport Gds Stores, Bike Shops | 10.54B | 538.8M | 0.1040 | 11.12 | 5.94B |
RNS No 5195c JOHN DAVID SPORTS PLC 9 June 1999 JOHN DAVID SPORTS PLC PRELIMINARY RESULTS FOR THE YEAR TO 31 MARCH 1999 John David Sports Plc, a leading specialist retailer of fashionable branded sports and leisure wear, today announces its 1999 Preliminary Results. Highlights:- * Turnover increased by 33.4% to #142.61 million (1998: #106.88 million). * Operating profit increased by 10.9% to #10.67 million (1998: #9.62 million). * Pre tax profit increased by 5.8% to #9.85 million (1998: 9.31 million). * Earnings per ordinary share increased by 3.2% to 14.20p (1998: 13.76p). * Maintained final dividend (3.6p) 5.6p in total. * 28 stores opened including 10 edge/out of town formats. * Focused marketing campaigns including successful launch of the JD Gold Card loyalty scheme. * Continued like for like sales growth. John Wardle, Chairman said: "We are now achieving a more positive differentiation in the market and this is leading to a stronger trading performance. Management are confident that the JD brand is firmly established and recognised as the UK's leading specialist retailer of fashionable branded sports and leisurewear." Enquiries: John Wardle, Chairman/Peter Cowgill, Finance Director John David Sports Plc Tel:0171 796 4133 (Hudson Sandler) on 9 June 1999, 01706 628000 (thereafter) James Cracknell Hudson Sandler Tel: 0171 796 4133 CHAIRMAN'S STATEMENT I am pleased to report that the company increased its pre-tax profit from #9.31m to #9.85m for the year ended 31 March 1999, despite the difficult retail conditions generally. In particular, the trading performance from mid December onwards has been most encouraging which supports my comments in the Interim Statement that the company has successfully refined its merchandising and retail strategy. The action that the management team has taken over the past 18 months to achieve a consistent and strong offer better aligned to our distinct market position is now yielding the benefits I anticipated. In particular we are now achieving a stronger differentiation in the market through our innovative partnership with leading brands. RESULTS Following a strong Christmas trading performance which resulted in a like for like increase of 6.5% for the 5 week period ended 2 January 1999, positive like for like sales continued up to 31 March 1999. As a consequence the declines encountered pre December were recovered to the extent that a flat like for like performance was achieved for the year in total. After adjusting for the timing of Easter, like for like sales growth in the 3 months ended 31 March 1999 was in excess of 7%. Gross profit margins for the year have increased from 45.2% to 45.5% despite the influence of competitive pressures and the general background of high street discounting. Operating costs increased, mainly as a result of the additional store units in operation. Inflationary increases in rent and rates were also encountered and a further charge was incurred as a result of our decision to accelerate depreciation on certain stores which had been designated for premature closure. Operating profits for the year increased by 10.9% from #9.62 million to #10.67 million and profit before taxation increased from #9.31 million to #9.85 million. Following an increase in the effective tax rate from 31.26% to 32.96% (arising largely from accelerated depreciation), earnings per share has increased by 3.2% from 13.76p to 14.20p. DIVIDEND The Board is recommending a maintained final dividend of 3.6p per ordinary share subject to the approval of shareholders at the Annual General Meeting. This combines with the Interim dividend of 2.0p (1998: 2.0p) per share to provide a total dividend of 5.6p. This will be paid on 4 October 1999 to shareholders on the register at close of business on 27 August 1999. OPERATING REVIEW During the year the company achieved its object of re-establishing several major points of product and format differentiation. This emphasis had featured most strongly during the development years of the company in establishing the distinctive "JD" brand. It was felt that the rapid expansion and market entry of other sportswear retailers had eroded certain areas of difference. We are confident that the identity and image of JD Sports has been restored as a result of appealing product, improved store display and imaginative marketing initiatives. A consistent message of in-store formats and marketing support is now evident. The product offering has been expanded to include the JD Casual, JD Junior and JD Woman ranges, which have proved successful. Marketing developments include the JD Gold Card which was launched in November 1998 and has achieved an extremely encouraging response rate. This has created a substantial customer database which will be used for future merchandising and marketing initiatives. We have established strategic partnerships with major brands and have consequently enhanced our "JD Exclusives" range of footwear and apparel. We have also stimulated the growth of certain desirable leisurewear brands. These factors were the main reasons for the improvement in our trading performance in the last four months. During the year 28 new stores were opened and 5 stores were closed. Of the 5 store closures 2 represented relocations and a further 2 were stores which had remained open in towns where 2 JD stores were operating. The increase of 23 stores represented additional retail space of 121,000 sq ft resulting in a total of 386,000 sq ft. Included therein are 17 edge/out of town stores occupying 113,000 sq ft. BALANCE SHEET AND FINANCIAL RESOURCES Shareholders' funds at the balance sheet date have increased from #26.85 million to #30.85 million, as a result of the retained profit of #4.00 million. Total expenditure on fixed assets in the year amounted to #10.45 million, of which #9.05 million related to stores. Net borrowings at 31 March 1999 were #9.62 million (1998: #5.19m). Gearing amounted to 31.2% (1998: 19.3%). CURRENT TRADING For the 10 week period since the year end total sales have increased by 25% ahead of the similar period in the previous year and this includes an underlying increase in like for like sales of 2%. This growth is against a comparative background of good weather and World Cup influences which prevailed during the same period last year. A flagship store was opened in the Bluewater Park development on 16 March 1999 and this represented a significant investment by the company. We are pleased to report that trading from this store has been most successful. No further stores have been opened since the year end. PROSPECTS We have seen encouraging evidence that our refined merchandising and retail strategy has successfully differentiated JD Sports from its competitors in what remains a competitive market place. As previously announced, store openings during the current year will be significantly lower than in recent years and critical selection criteria will continue to apply. Focus will be placed on enhancing the consistent in store format of King of Trainers, JD Woman, JD Junior, JD Casuals and JD Exclusives which will continue to be exploited as specific offers of distinction. Brand partnerships will be further developed with progressive emphasis on the exclusive ranges. Initial customer reaction has been extremely positive and all offerings will be supported by strong, consistent and targeted marketing campaigns. The market knowledge available from the JD Gold Card scheme will be relevant and exploited via the quarterly JD Catalogue. We are now achieving a more positive differentiation in the market which is strengthening the JD brand and leading to an improved trading performance. The Directors are confident that JD is now firmly established and recognised as the UK's leading specialist retailer of fashionable branded sports and leisurewear. John Wardle Chairman 9 June 1999 Profit and loss account for the year ended 31 March 1999 1999 1998 #000 #000 ----------------------------------------------------------------- Turnover 142,607 106,878 Cost of sales (77,674) (58,544) ----------------------------------------------------------------- Gross profit 64,933 48,334 Distribution costs (48,846) (34,224) Administrative expenses (5,440) (4,521) Other operating income 23 27 ----------------------------------------------------------------- Operating profit 10,670 9,616 Loss on sale of tangible fixed assets (212) (165) ----------------------------------------------------------------- Profit on ordinary activities before interest 10,458 9,451 Interest receivable 164 417 Interest payable and similar charges (771) (555) ----------------------------------------------------------------- Profit on ordinary activities before taxation 9,851 9,313 Tax on profit on ordinary activities (3,247) (2,912) ----------------------------------------------------------------- Profit for the financial year 6,604 6,401 Dividends paid and proposed (2,605) (1,591) ----------------------------------------------------------------- Retained profit for the financial year 3,999 4,810 ----------------------------------------------------------------- Earnings per ordinary share 14.20p 13.76p Diluted earnings per ordinary share 14.20p 13.76p ----------------------------------------------------------------- All amounts shown for both years relate to continuing operations. The company has no recognised gains or losses during the current and previous years other than the results reported above. The results above also represent the historical cost profit. Balance sheet as at 31 March 1999 1999 1998 #000 #000 #000 #000 --------------------------------------------------------- Fixed assets Tangible assets 28,796 23,734 --------------------------------------------------------- Current assets Stocks 26,312 21,555 Debtors 4,609 4,407 Cash at bank and in hand 337 2,882 --------------------------------------------------------- 31,258 28,844 Creditors: amounts falling due within one year (21,668) (19,458) --------------------------------------------------------- Net current assets 9,590 9,386 --------------------------------------------------------- Total assets less current liabilities 38,386 33,120 Creditors: amounts falling due after more than one year (5,712) (4,844) Provisions for liabilities and charges (1,824) (1,425) --------------------------------------------------------- Net assets 30,850 26,851 --------------------------------------------------------- Capital and reserves Called up share capital 2,325 2,325 Share premium account 8,634 8,634 Profit and loss account 19,891 15,892 --------------------------------------------------------- Equity shareholders' funds 30,850 26,851 --------------------------------------------------------- Cash flow statement for the year ended 31 March 1999 1999 1998 #000 #000 ---------------------------------------------------------------------- Net cash inflow from operating activities 9,652 10,211 Returns on investments and servicing of finance (607) (138) Taxation (2,088) (3,051) Capital expenditure (9,799) (10,735) Equity dividends paid (1,592) (2,605) ---------------------------------------------------------------------- Net cash outflow before financing (4,434) (6,318) ---------------------------------------------------------------------- Financing 1,889 1,557 ---------------------------------------------------------------------- Decrease in cash in the year ( 2,545) (4,761) ---------------------------------------------------------------------- Reconciliation of net cash flow to movement in net debt for the year ended 31 March 1999 1999 1998 #000 #000 ---------------------------------------------------------------------- Decrease in cash in the year (2,545) (4,761) Cash inflow from movement in debt and lease financing (1,889) (1,557) New finance leases and similar hire purchase contracts - (127) ---------------------------------------------------------------------- Movement in net debt in the year (4,434) (6,445) Net (debt)/funds at start of year (5,186) 1,259 ---------------------------------------------------------------------- Net debt at end of year (9,620) (5,186) ---------------------------------------------------------------------- Earnings per ordinary share Earnings per ordinary share represents the post-tax profit for the financial year #6,604,000 (1998: #6,401,000) divided by the weighted average number of ordinary shares in issue of 46,508,772 (1998: 46,508,772). There is no difference between the basic earnings per ordinary share and the diluted earnings per ordinary share for either year. Reconciliation of movements in shareholders' funds 1999 1998 #000 #000 --------------------------------------------------------------------- Profit for the financial year 6,604 6,401 Dividends (2,605) (1,591) --------------------------------------------------------------------- Net movement in shareholders' funds 3,999 4,810 Shareholders' funds at beginning of year 26,851 22,041 --------------------------------------------------------------------- Shareholders' funds at end of year 30,850 26,851 Reconciliation of operating profit to net cash inflow from operating activities 1999 1998 #000 #000 --------------------------------------------------------------------- Operating profit 10,670 9,616 Depreciation charge 4,525 2,612 Increase in stocks (4,757) (5,025) Increase in debtors (366) (1,453) (Decrease)/increase in creditors (420) 4,461 --------------------------------------------------------------------- Net cash inflow from operating activities 9,652 10,211 --------------------------------------------------------------------- Notes 1.These figures are abridged versions of JD's full accounts for the years ended 31 March 1998 and 1999 and do not constitute the Company's statutory accounts within the meaning of Section 240 of the Companies Act 1985. The Company's auditors have audited the statutory accounts for the Company and have issued an unqualified audit report thereon within the meaning of Section 235 of the Companies Act 1985 and have not made any statement under Section 237 (2) or (3) of the Companies Act 1985 for the year concerned. Statutory accounts for the year ended 31 March 1998 have been delivered to the Registrar of Companies. Statutory accounts for the year ended 31 March 1999 will be delivered to the Registrar of Companies following the Annual General Meeting. 2.Final dividends for the year ended 31 March 1998 were waived in respect of 28,152,980 ordinary shares (amounting to #1,015,000). 3.Included within profit on ordinary activities before taxation is income of #762,000 gained from the disposal of a lease which has offset an accelerated depreciation of #735,000 following the revision of the useful economic lives of certain stores. 4.Copies of the full accounts will be sent to shareholders in due course. Additional copies will be available from John David Sports Plc, Unit P14 Parklands, Heywood Distribution Park, Pilsworth Road, Heywood, Lancs, OL10 2TT. END FR FPMMBLLJMTTL
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