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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 | |
---|---|---|---|---|---|---|---|---|---|---|
2.60 | 2.27% | 117.25 | 117.25 | 117.45 | 122.00 | 113.50 | 114.65 | 12,084,734 | 13:47:31 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Sport Gds Stores, Bike Shops | 10.54B | 538.8M | 0.1040 | 11.10 | 5.94B |
RNS No 9218k JOHN DAVID SPORTS PLC 21st January 1998 JOHN DAVID SPORTS PLC INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 1997 John David Sports Plc, a leading specialist retailer of fashionable branded sports and leisure wear today announces its results for the six month period ended 30 September 1997. Highlights:- * Turnover increased by 25.4% to #52.8 million (1996: #42.1 million). * 14 stores opened and one closed bringing the chain to 91 stores nationwide at the period end. * Like for like sales decreased by 8% against extremely strong comparatives. * Profit before tax increased 10.4% to #5.52 million compared with #5 million in 1996 (pre exceptional). * Earnings per ordinary share up 5.3% to 8.19p (1996: 7.78p). * Store opening programme continued at anticipated rate. Commenting on the outlook, John Wardle, Chairman, said: "The Company will benefit from the much improved merchandising and buying controls now in place and a more focused product offering. I envisage that the material benefits of this will be gained in the autumn/winter of 1998. We have also greatly improved the operating effectiveness of the business over the last six months. To underpin these changes, a number of additional appointments have been made. The secondary stock problem has now been dealt with and the strengthened management team is now fully focused on exploiting the Company's position as the UK's leading fashion sports retailer." Enquiries: John Wardle (Chairman)/Peter Cowgill (Finance Director) John David Sports Plc Telephone: 0171 796 4133 (Hudson Sandler) on 21 January 1998 - 01706 628000 (thereafter) Andrew Hayes Hudson Sandler Limited Telephone: 0171 796 4133 CHAIRMAN'S STATEMENT Introduction In my statement accompanying the announcement of the 1997 Preliminary Results last June, I stated that there was a requirement from Spring 1997 to trade out a number of slow moving stock lines. This stock disposal programme has taken place throughout the current financial year and the current stock position is now much improved. However, as forecast, this action has acted as a brake on sales and margins over this period and led to some temporary increases in operating expenses. Following the stock issues experienced last year, and the associated performance, management reviewed all aspects of the business. This concluded that our core range had become too fragmented and not sufficiently fashion focused. In response to this we have now completed the strengthening of our merchandising, buying and marketing functions to address this. I am confident that the combination of the stock clearance programme and these measures will contribute to an improved future sales performance. Results Despite the impact of these stock issues during the six months to 30th September 1997, total turnover for the six months to 30 September 1997 period rose by 25.4% from #42.1 million to #52.8 million with pre-tax profits rising by 10.4% to #5.52 million (1996: #5.0 million prior to exceptional charges. Earnings per share rose by 5.3% to 8.19p (1996: 7.78p). The like for like sales decrease of approximately 8% over the period resulted from the poor stock offering, and the associated clearance programme during the period together with the fact that the sales were against extremely strong comparatives. As anticipated, the reduction in operating margin was a reflection of the clearance programme together with a lower return from new stores during their early period of trading. This has specifically arisen from the write off of pre-opening store wages, hardening of rents and the lower turnover/rent ratio during the early operating periods of new stores. The considerable majority of new stores are achieving expectations. The net profit before tax amounted to #5.52 million (1996: #5.0 million). This reflects an increase in net profitability of 10.4% which has been achieved despite a relatively disappointing trading period. Adjusted earnings per share have increased from 7.78p to 8.19p. Dividend The Board proposes to pay an interim dividend of 2p per share (1996 : Nil) which will be paid on 4 March 1998 to shareholders on the register at the close of business on 6 February 1998. Trading review A key objective during the period was to trade out the slow moving stock highlighted at the time of our 1997 Preliminary Results. The approach was to trade this out in a planned programme so as to control the impact on sales and margins. Management reviewed all areas of the business in light of this issue. This concluded that our core range had become too fragmented and not sufficiently fashion focused. In response to this we have now completed the strengthening of our merchandise, buying and marketing functions to address this. In particular, a number of key appointments have been made in these areas and procedures and disciplines have been considerably strengthened. We are confident that the business is now equipped to successfully address the poor sales performance. Priority was also given to initiatives to improve operating efficiency throughout the business particularly in wages and central overhead efficiencies. Progress has been made in these areas. During the period the Company progressed with its planned store expansion programme. New store openings amounted to 14 in total with one store closure. The store openings comprised three out of town/edge of town stores, one JD footwear store and 10 JD Sports stores. The total number of stores in operation at the period end was 91 of which 78 were JD Sports stores, 6 were Athleisure stores, 4 were JD footwear stores and 3 were out of town stores. I am particularly pleased to report that our out of town format has been well received. In total the Company operated from 214,000 sq.ft. of retail space at the period end. Capital expenditure for the period amounted to #4.0 million. Of this, #3.7 million related to store development. Balance sheet and financial resources Shareholders' funds as at the balance sheet date increased to #24.9 million including a retained profit of #2.9 million for the period. Gross cash amounted to #6.7 million against structured borrowings of #6.4 million. Current trading Since the period end, total sales are 20% ahead of the previous year reflecting the larger number of stores in operation. However, Christmas trading was disappointing. As a result, there has been a continued decline in like for like sales since the period end. Margins continue to be depressed as the autumn/winter element of the slow moving stock has been addressed. However, the current stock position is now much healthier and the Company is in a position to benefit from this during the next financial year. Outlook The Company will benefit from the much improved merchandising and buying controls now in place and a more focused product offering. I envisage that the material benefits of this will be gained in the autumn/winter of 1998. We have also greatly improved the operating effectiveness of the business over the last six months. To underpin these changes, a number of additional appointments have been made. The secondary stock problem has now been dealt with and the strengthened management team is now fully focused on exploiting the Company's position as the UK's leading fashion sports retailer. John Wardle Chairman 21 January 1998 John David Sports Plc Interim results for the 6 months ended 30 September 1997 Profit and loss account Note Unaudited Unaudited Audited first half first half year ended 1997 1996 31 March 1997 #000 #000 #000 Turnover - continuing operations 52,804 42,093 88,067 Cost of sales - ongoing (29,083) (23,268) (48,534) - exceptional 2 0 (200) (200) --------- ---------- --------- Gross profit 23,721 18,625 39,333 Other operating expenses (net) (18,135) (13,630) (29,716) --------- --------- -------- Operating profit - continuing operations 5,586 4,995 9,617 Loss on sale of tangible fixed assets in continuing operations (19) (32) (27) Other exceptional losses 2 0 (450) (450) ------ ------ ------ 5,567 4,513 9,140 Interest receivable and similar income 213 43 270 Interest payable and similar charges (263) (208) (444) ------- ------- ------ Profit on ordinary activities before taxation 5,517 4,348 8,966 Taxation on profit on ordinary activities 3 (1,710) (1,444) (2,978) -------- -------- -------- Profit on ordinary activities after taxation 3,807 2,904 5,988 Dividends paid and proposed 4 (930) 0 (1,674) ------- ------ ------- Retained profit 2,877 2,904 4,314 ==== ==== ====== Earnings per ordinary share 8.19p 6.75p 13.45p ==== ==== ==== Adjusted earnings per share (see below) 8.19p 7.78p 14.43p ==== ==== ==== Note: Adjusted earnings per ordinary share has been calculated on the post tax earnings for each period before exceptional items in order to allow a better comparison with the six months ended 30 September 1997. The adjusted earnings per ordinary share figure for the year ended 31 March 1997 has been restated following finalisation of the tax treatment of the exceptional item in that year's tax computations. The previous figure stated was 14.91p. John David Sports Plc Interim results for the 6 months ended 30 September 1997 Balance sheet Unaudited Unaudited Audited as at as at as at 30 September 30 September 31 March 1997 1996 1997 #000 #000 #000 Fixed assets 18,807 11,246 15,649 ===== ===== ===== Stocks 18,400 11,842 16,530 Debtors and prepayments 3,761 2,908 3,208 Cash at bank and in hand 6,670 1,349 7,643 -------- -------- -------- 28,831 16,099 27,381 Creditors due within one year (16,321) (9,724) (15,754) --------- -------- --------- Net current assets 12,510 6,375 11,627 Creditors due after more than one year (5,407) (5,425) (4,393) Provisions (992) (375) (842) ------- ------- ------ Net assets 24,918 11,821 22,041 ===== ===== ===== Capital and reserves 24,918 11,821 22,041 ===== ===== ===== The net proceeds arising from the company's flotation in October 1996 amounted to #8.8 million. If the net assets at 30 September 1996 are adjusted to reflect this amount then the net assets at that date would amount to #20.621 million. Reconciliation of movement in shareholders' funds Unaudited Unaudited Audited as at as at as at 30 September 30 September 31 March 1997 1996 1997 #000 #000 #000 Retained profit 2,877 2,904 4,314 New shares issued 0 6 8,816 ------ ------ ------- 2,877 2,910 13,130 Opening shareholders' funds 22,041 8,911 8,911 --------- ------- ------- Closing shareholders' funds 24,918 11,821 22,041 ===== ===== ===== John David Sports Plc Interim results for the 6 months ended 30 September 1997 Cashflow statement Unaudited Unaudited Audited first half first half year ended 1997 1996 31 March 1997 #000 #000 #000 Net cashflow from operating activities 2,909 2,598 5,893 Returns on investments and servicing of finance (50) (165) (174) Taxation paid 0 (500) (2,020) Investing activities (3,856) (1,924) (6,475) Financing 24 (113) 8,966 ------- ------- ------- (Decrease)/Increase in cash and cash equivalents (973) (104) 6,190 ==== ==== ==== Notes: 1.The undaudited results have been prepared under the historical cost accounting rules and in accordance with applicable accounting standards using the accounting policies set out in the financial statements for the year ended 31 March 1997. 2.The exceptional item relates to the cost incurred in respect of the terrorist device that exploded in Manchester on 15 June 1996 affecting the trading outlets in this city. 3.Taxation has been estimated at the rate expected to be incurred in the full year. 4.The directors have declared an interim dividend of 2.0p per ordinary share of 5p, to be paid on 4 March 1998 to shareholders registered on 6 February 1998. 5.The financial information set out above does not constitute full accounts within the meaning of Section 240 of the Companies Act 1985. The amounts shown in respect of the year ended 31 March 1997 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. 6.Copies of the announcement will be posted to shareholders and are available to members of the general public from the company's registered office: John David Sports Plc, Unit P14 Parklands, Heywood Distribution Park,Pilsworth Road, Heywood, Lancashire OL10 2TT. Review report by KPMG Audit Plc to John David Sports Plc: We have reviewed the interim financial information for the six months ended 30 September 1997 set out in pages 2 to 4 which is the responsibility of, and has been approved by, the directors. Our responsibility is to report on the results of our review. Our review was carried out having regard to the Bulletin "Review of Interim Financial Information", issued by the Auditing Practices Board. This review consisted principally of applying analytical procedures to the underlying financial data, assessing whether accounting policies have been consistently applied, and making enquiries of management responsible for financial and accounting matters. The review was substantially less in scope than an audit performed in accordance with Auditing Standards and accordingly we do not express an audit opinion on the interim financial information. On the basis of our review: * In our opinion the interim financial information has been prepared using accounting policies consistent with those adopted by John David Sports Plc in its financial statements for the year ended 31 March 1997. * We are not aware of any material modifications that should be made to the interim financial information as presented. KPMG Audit Plc Chartered Accountants END IR FCKCQKDKBKDB
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