JD Sports: "It's not appropriate" to provide FY outlook amid COVID-19


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)



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