JD Sports has said it will delay the publication of its preliminary results due to the COVID-19 crisis.
The sports retailer was due to announce its results for the year to 1 February 2020 on 15 April 2020.
JD said it had noted the guidance 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 and that it was likely that this request would be extended.
In light of this, the company said it was “prudent” to announce its delay now and said it was likely its results would be published towards the end of May.
All JD Sports stores in the UK, Europe and US are on shut-down during the crisis and while it said that its online performance had been “resilient […] to date in most territories” this offered only a “comparatively small mitigation in terms of overall profit contribution”.
By delaying its results it would also be able to provide greater clarity of the impact of COVID-19 on the Group’s performance for the current year to 30 January 2021.
“Along with everyone else, 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. Their safety remains our number one priority and we continue to take all appropriate action in line with government advice in our various territories.
“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,” chairman Peter Cowgill said.