March 24, 2020 / 8:23 AM / 7 days ago

JD Sports delays results to May, cites ample cash resources

FILE PHOTO: People pass a JD Sports store in London, Britain April 11, 2017. REUTERS/Neil Hall

(Reuters) - Britain’s biggest sportswear retailer JD Sports (JD.L) said on Tuesday it has delayed the publication of its financial results to May and has enough cash resources to ride out the coronavirus crisis.

The company has shut all its stores in the UK, United States and Europe, while rival Sports Direct plans to keep its shops open, arguing that sports equipment should be considered essential, according to media reports.

“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,” JD Sports Chairman Peter Cowgill said.

The company has so far successfully defied the retail sector gloom in the UK helped by global expansion and a growing demand for gym wear from youngsters.

JD Sports said it does not find it appropriate to provide outlook for the current fiscal year ending January 2021, adding the revised date of publication will allow it greater clarity on the outbreak’s effect on results for the period.

Separately, fashion retailer Mulberry Group (MUL.L) suspended all shareholder distributions and added it expects to make a small loss in the second half. The company also said it has additional liquidity.

Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shounak Dasgupta

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