JD Sports: "It's not appropriate" to provide FY outlook amid COVID-19
24 Mar 2020
JD Sports Fashion Plc. (JD.L) on Tuesday said that all of its stores are closed in the UK, United States and Europe due to COVID-19. The company said its Board does not believe it appropriate to provide financial guidance for the current financial year ending January 30, 2021.
In its update on the impact of coronavirus or COVID-19 on its business, the company said its trading websites continue to accept and fulfil orders. But, it has seen a resilient performance to date in most territories.
The company is pursuing a number of measures to preserve capital across all aspects of business and thereby limit the level of cash burn.
The Board also notes the request from the Financial Conduct Authority over the weekend for all listed companies to observe a moratorium on the publication of results for at least two weeks.
The company would announce a revised date for the publication of the results in due course, which is likely to be in the second half of May.
Peter Cowgill said: "...the Group is experiencing major disruption to our business operations as we seek to protect our colleagues and customers from the effects of COVID-19. .. JD continues to offer a market leading, multichannel proposition in Sports Fashion Retail and we are confident that we will emerge from the current challenges in a strong position to resume our previous positive momentum."(DPA)
Photo credit: JD Sports, Facebook