TIDMJD.
RNS Number : 2762Y
JD Sports Fashion Plc
08 September 2020
8 September 2020
JD SPORTS FASHION PLC
INTERIM RESULTS
FOR THE TWENTY SIX WEEKS TO 1 AUGUST 2020
JD Sports Fashion Plc (the "Group"), the leading retailer of
sports, fashion and outdoor brands, today announces its interim
results for the 26 weeks ended 1 August 2020 (comparative figures
are shown for the 26 week period ended 3 August 2019).
IFRS16 Proforma IAS 17
2020 2019 2020 2019
GBPm GBPm GBPm GBPm
Revenue 2,544.9 2,721.2 2,544.9 2,721.2
Gross profit % 45.6% 46.9% 45.6% 46.9%
EBITDA* 337.0 402.9 148.9 235.2
Depreciation / amortisation (241.6) (203.1) (73.2) (65.3)
-------- -------- -------- --------
Operating profit (before
exceptional items) 95.4 199.8 75.7 169.9
Net interest expense (33.5) (41.2) (2.9) (3.7)
-------- --------
Profit before tax and exceptional
items* 61.9 158.6 72.8 166.2
Exceptional items (20.4) (28.7) (27.9) (28.7)
-------- -------- -------- --------
Profit before tax 41.5 129.9 44.9 137.5
-------- --------
Basic earnings per ordinary
share 3.85p 9.67p 4.08p 10.46p
Adjusted earnings per ordinary
share 6.09p 12.57p 6.32p 13.36p
Interim dividend payable
per ordinary share - 0.28p - 0.28p
Net cash at period end (a) 764.9 118.1 764.9 118.1
-------- --------
a) Net cash consists of cash and cash equivalents together with
interest-bearing loans and borrowings
b) Throughout this release '*' indicates first instance of a
term defined and explained in the Glossary at the end of these
interim results
Group Highlights
-- Significant retention of sales through unprecedented period
of global uncertainty and temporary store closures consequent to
the COVID-19 pandemic reflects consumers' fundamental affinity and
loyalty to the JD brand
-- Agile omni-channel capabilities developed over a number of
years ensured that consumers across all markets enjoyed a
consistent experience when switching from offline to online
channels
-- Reduction in profitability has arisen as a result of the
additional costs associated with this shift in revenues to online
channels particularly during period of temporary store closures
-- Excellent performance in the United States with Finish Line
and JD capitalising fully on the enhanced consumer demand
consequent to the US Government fiscal stimulus which expired on 31
July
-- Further investments at the Kingsway warehouse in Rochdale to
counteract the operational impact of social distancing and to
enhance online fulfilment processes
-- Small test warehouse in Belgium now operational, providing
significant learnings which are being used to shape the Group's
long term supply chain strategy for Europe
-- Net cash at the period end of GBP764.9 million with temporary
factors, including agreed extensions to supplier terms and rent
deferrals across our global businesses, totalling in excess of
GBP200 million
-- Key financial information of the two business segments is tabulated below:
Period to 1 August 2020
Sports Fashion Outdoor Unall(2) Total
IFRS 16 IAS 17 IFRS 16 IAS 17 IFRS 16 IAS 17
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Revenue 2,402.4 2,402.4 142.5 142.5 - 2,544.9 2,544.9
-------- -------- -------- ------- --------- -------- --------
Gross profit
% 45.9% 45.9% 40.5% 40.5% - 45.6% 45.6%
-------- -------- -------- ------- --------- -------- --------
EBITDA 333.1 157.8 3.9 (8.9) - 337.0 148.9
Depreciation (220.8) (65.3) (16.9) (4.0) - (237.7) (69.3)
Amortisation(1) (2.9) (2.9) (1.0) (1.0) - (3.9) (3.9)
-------- -------- -------- ------- --------- -------- --------
Operating profit
/ (loss) 109.4 89.6 (14.0) (13.9) - 95.4 75.7
Net interest
expense (27.8) - (2.8) - (2.9) (33.5) (2.9)
-------- -------- -------- ------- --------- -------- --------
Profit / (loss)
before tax and
exceptional items 81.6 89.6 (16.8) (13.9) (2.9) 61.9 72.8
Exceptional items - - (20.4) (27.9) - (20.4) (27.9)
-------- -------- -------- ------- --------- -------- --------
Profit / (loss)
before tax 81.6 89.6 (37.2) (41.8) (2.9) 41.5 44.9
-------- -------- -------- ------- --------- -------- --------
(1) This is a non-trading charge relating to the amortisation of
various fascia names and brand names which arise consequent to the
accounting of acquisitions made over a number of years.
(2) The Group consider that net funding costs are cross
divisional in nature and cannot be allocated between the segments
on a meaningful basis.
Period to 3 August 2019
Sports Fashion Outdoor Unall(2) Total
IFRS 16 IAS 17 IFRS 16 IAS 17 IFRS 16 IAS 17
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Revenue 2,517.1 2,517.1 204.1 204.1 - 2,721.2 2,721.2
-------- -------- -------- ------- --------- -------- --------
Gross profit
% 47.4% 47.4% 40.6% 40.6% - 46.9% 46.9%
-------- -------- -------- ------- --------- -------- --------
EBITDA 398.5 246.7 4.4 (11.5) - 402.9 235.2
Depreciation (179.9) (56.2) (18.8) (4.7) - (198.7) (60.9)
Amortisation(1) (2.4) (2.4) (2.0) (2.0) - (4.4) (4.4)
-------- -------- -------- ------- --------- -------- --------
Operating profit
/ (loss) 216.2 188.1 (16.4) (18.2) - 199.8 169.9
Net interest
expense (33.8) - (3.7) - (3.7) (41.2) (3.7)
-------- -------- -------- ------- --------- -------- --------
Profit / (loss)
before tax and
exceptional items 182.4 188.1 (20.1) (18.2) (3.7) 158.6 166.2
Exceptional items (3.6) (3.6) (25.1) (25.1) - (28.7) (28.7)
-------- -------- -------- ------- --------- -------- --------
Profit / (loss)
before tax 178.8 184.5 (45.2) (43.3) (3.7) 129.9 137.5
-------- -------- -------- ------- --------- -------- --------
Peter Cowgill, Executive Chairman, said:
"Throughout the COVID-19 pandemic, our priorities have been to
ensure the safety of our colleagues and customers, to preserve
financial resources and limit the impact on profitability.
Continuing outbreaks of the virus and periodic strengthening of
public safety measures in a number of our global territories,
including forced temporary store closures and the ongoing
requirement to maintain strict social distancing in our warehouses,
makes us cognisant that further challenges lie ahead.
"Ultimately, given the unique circumstances of this trading
period, we are reassured by the strength of the JD brand as
demonstrated by the retention of more than 90% of the total
revenues. However, it should be recognised that this has
necessitated additional costs principally relating to the provision
of enhanced health and safety measures, in all areas of the
business, together with increased costs of online fulfilment,
including performance marketing. Whilst these additional costs have
impacted on the result for the period, the Group has retained a
significant level of profitability with a profit before tax and
exceptional items of GBP61.9 million (2019: GBP158.6 million).
"We are generally encouraged by our performance since the stores
re-opened and with our performance in the first few weeks of the
second half. However, retail footfall remains comparatively weak
and the recent strengthening of measures in many countries and the
subsequent temporary closure of some stores reminds us that
COVID-19 remains an ongoing challenge. Nonetheless, we remain
absolutely confident in our strengths in consumer engagement, key
brand relationships and globally consistent multichannel retail
standards. These, combined with an agile operational
infrastructure, provide us with a robust platform for further
positive development.
"We also believe that it is appropriate for the Group to
reinstate guidance for the full year. Assuming a prudent but
realistic set of assumptions for the peak trading period that
reflect an uncertain outlook for consumer confidence, the ongoing
challenges of attracting footfall to stores and the potential for
further operational restrictions; we would presently anticipate
delivering a headline profit before tax for the full year of at
least GBP265 million when calculated under IFRS 16 'Leases'."
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Neil Greenhalgh, Chief Financial
Officer
Jennifer Iveson, Investor Relations
MHP Communications Tel: 0203 128 8193
Andrew Jaques
Giles Robinson
Charles Hirst
Pandora Yadgaroff
EXECUTIVE CHAIRMAN'S STATEMENT
Group Developments and Progress
Overview
Throughout the COVID-19 pandemic, our priorities have been to
ensure the safety of our colleagues and customers, to preserve
financial resources and limit the impact on profitability.
Continuing outbreaks of the virus and periodic strengthening of
public safety measures in a number of our global territories,
including forced temporary store closures and the ongoing
requirement to maintain strict social distancing in our warehouses,
makes us cognisant that further challenges lie ahead.
We suffered our first full country closure in Italy on 11 March
2020 with fundamentally all of the Group's stores closed by 23
March 2020. The first stores began to re-open in late April with
most stores re-opened by the end of June. Consequently, there were
three distinct trading periods in the first half with each
geography delivering a very mixed performance reflecting the unique
combination of factors in that individual country.
-- Pre-closure Period : The early weeks of the period were
encouraging with the continuation of the positive trends from the
previous year in many territories.
-- Closure Period : The majority of our physical store estate
was closed for periods of up to three months. However, demand
remained resilient with consumers readily switching to online
channels reflecting the benefits of an agile omni-channel approach
which has been developed over a number of years. Across the
countries where we had to temporarily close stores, approximately
60% of the combined store and online revenues from the prior year
were retained through the closure period. Retaining revenues
through online channels was important as it enabled us to turn
stock and generate cash whilst also ensuring that we maintained our
long term relationship and engagement with consumers.
-- Re-opening Period : The initial trading in stores on
re-opening was boosted by a combination of pent-up demand,
particularly in those territories where online trading is less
mature, and promotional activity as the stores re-opened with
ranges, particularly apparel, which lacked seasonal relevance.
However, that boost was generally short lived with footfall into
physical retail continuing to be significantly weaker than historic
levels in all of our geographies but particularly across Europe.
Some of the weakness in footfall has been offset through better
conversion and higher average transaction values as those consumers
who visited physical retail did so with greater intent.
On average across those territories which suffered the temporary
store closures, total revenues across physical and digital channels
for the period from the respective date of re-opening to the end of
the first half were approximately 20% ahead of the same period in
the prior year. However, this is very heavily influenced by growth
in the United States of nearly 50% which is exceptional and was
driven by significant, but temporary, fiscal stimulus made
available by the US Government which has now come to an end.
Excluding the United States, the composite total revenue growth
from re-opening to the end of the period across the remaining
territories was approximately 10%.
Ultimately, given the unique circumstances of this trading
period, we are reassured by the strength of the JD brand as
demonstrated by the retention of more than 90% of the total
revenues. However, it should be recognised that this has
necessitated additional costs principally relating to the provision
of enhanced health and safety measures, in all areas of the
business, together with increased costs of online fulfilment,
including performance marketing. Whilst these additional costs have
impacted on the result for the period, the Group has retained a
significant level of profitability with a profit before tax and
exceptional items of GBP61.9 million (2019: GBP158.6 million). On a
proforma basis under IAS 17 'Leases', with rents recognised
according to contractual terms, the headline profit before tax and
exceptional items would have been GBP10.9 million higher at GBP72.8
million (2019: GBP166.2 million).
JD & Size? (UK and Republic of Ireland)
It is perhaps inevitable that the outbreak of COVID-19 will lead
to an acceleration in the transfer of revenues from physical retail
to online. Therefore, the current situation has brought into
sharper focus the need to further enhance the flexibility across
our operational infrastructure and, in particular, broaden the
fulfilment capabilities of our digital channels. In that regard, we
have invested more than GBP2 million during the period on
additional equipment and fixtures with the Kingsway site now having
the permanent capacity to handle the volumes that we saw on 'Black
Friday' last year, every day whilst maintaining strict social
distancing.
We are encouraged by the generally resilient nature of trading
in our core UK and Republic of Ireland market since the stores
re-opened. However, attracting footfall into major malls and
shopping centres remains a significant challenge.
During the period we completed on upsizes in Exeter and Plymouth
although a number of other property related projects have now been
placed on hold as we continue to assess the post re-opening
performance. It is entirely feasible that some planned projects may
not proceed under the current lease terms.
JD & Size? (Europe)
Across Europe, the average retention of sales through the period
of the temporary store closures was approximately 35% with a
stronger retention in Northern Europe where online is more mature.
The stores in Germany and the Netherlands were amongst the first to
re-open in Europe commencing at the end of April with the stores in
Southern Europe not beginning to re-open until late May. Footfall
remains comparatively weak across all countries although, as
elsewhere, this is partially offset by better conversion and a
higher average transaction value.
Our previously stated ambition of opening one store on average
per week across Europe reflects a world before the COVID-19
outbreak. Whilst the number of openings this year will be reduced
and will need to be flexed to reflect any local restrictions, we
currently still anticipate opening around 30 net new stores during
the year, of which 12 opened in the first half complemented by the
conversion of one store previously trading as Chausport. Subsequent
to the period end, we opened a flagship style store on the key
shopping street of Rue de Rivoli in the centre of Paris.
JD (Asia Pacific)
The stores in our largest territories of Australia and South
Korea were able to trade throughout the period although, more
recently, we have had to temporarily close seven stores in the
Melbourne area. We remain encouraged by our potential in Australia
with three stores opening in the year to date giving us a total
portfolio of 27 stores in the country at the end of the period.
Elsewhere, we also opened one additional new store in South Korea
at the Lotte World Mall in Seoul.
JD, Finish Line & Livestock (North America)
The United States is widely regarded as the most mature market
in the world for online trading. As such, it is not surprising
that, of all our global businesses, it was Finish Line and JD in
the United States that saw the greatest retention rate through the
closure period with online revenues equivalent to approximately 75%
of the combined physical and digital revenues in the prior
year.
With the exception of a small number of stores in the worst
affected areas of New York and New Jersey, all stores had re-opened
by the end of the period. This re-opening of the stores was
staggered over a three month period commencing with the opening of
stores in certain southern states in late April. Shortly before the
period end, we were forced to close the majority of stores in
California again as the State Government re-imposed
restrictions.
Consistent with comments from other national retailers in the
United States, our businesses benefitted significantly from May
onwards from the fiscal stimulus made available by the US
Government. Total revenues across physical and digital channels
increased by nearly 50% in this period with gross margins also at
elevated levels in this period as many consumers took advantage of
their extra spending power and traded up to full price new styles.
This stimulus programme ended at the end of July and, to date,
there is no agreement for it to be renewed.
The outbreak of COVID-19 has not changed our overall view on the
strategic development of JD and Finish Line across the United
States and it remains our intention to increase the critical mass
of JD in the major metropolitan areas through a combination of
opening new stores and converting Finish Line stores where
appropriate. Six stores were converted in the period in the 'badge
flip' style and it is our current intention to convert up to 30
more stores in the second half with one conversion completed
already. The exact number of conversions in the rest of the year
will, however, ultimately depend on the extent of any new
restrictions in each location. Elsewhere, works continue on our new
flagship store in Times Square, New York, with this store scheduled
to open in October although the current situation means that the
initial footfall into this store will be at lower than expected
levels.
At the beginning of the period, we acquired Onepointfive
Ventures Limited in Canada which consists of four stores trading as
Livestock and a website trading as Deadstock. Based in Vancouver,
this business and its management team will provide the platform to
develop JD in Canada although the outbreak of COVID-19 means that
currently we would not expect to open our first JD store in Canada
until the second half of next year.
Sprinter & Sport Zone (Iberia)
As with JD, online trading is less mature for Sprinter and Sport
Zone across Iberia and, consequently, less than 20% of the combined
physical and digital revenues in the prior year were retained
online in the store closure period. The performance since
re-opening has been encouraging with double digit growth across the
combination of physical and digital channels relative to the prior
year with these businesses having a robust platform for further
positive development.
Gyms (UK)
The gyms were temporarily closed on 20 March 2020 with member
payments frozen from this date. All sites have now re-opened with
clubs reconfigured to facilitate social distancing and to minimise
equipment de-commissioning, with new signage and sanitisation
stations throughout. Members have, however, been given the
opportunity to continue to freeze their memberships whilst
confidence rebuilds.
We firmly believe that we have developed a market leading,
premium low cost proposition that competes strongly with mid-market
and premium gyms and has significant national potential. During the
period we increased our critical mass with the acquisition, out of
administration, of an initial 50 gyms which had previously traded
as Xercise4Less for a total consideration of GBP24.2 million.
Subject to agreeing appropriate leases with landlords, it is our
intention to retain the majority of the Xercise4Less estate.
Footasylum
The Competition and Markets Authority ('CMA') announced in its
Final Report on 6 May 2020 that it had decided to prohibit the
merger with Footasylum and that, consequently, it required the
Group to fully divest its investment. This has surprised
experienced market analysts and other observers who are familiar
with the Sports Fashion market.
The Group believes that the CMA has fundamentally erred in law
and acted irrationally in a number of areas and has subsequently
made an application for Judicial Review to the Competition Appeal
Tribunal ('CAT'). The main hearing for this application has been
listed for 23 September 2020 and the judgement will follow
thereafter.
Outdoor
The threat to physical retail from COVID-19 was the catalyst for
the Group considering options which would address the inflexible
and uncompetitive terms of the property leases in Go Outdoors.
Having considered a number of strategic options, the Board
ultimately concluded that there was a significant risk of Go
Outdoors being a material drain on Group profitability for the
foreseeable future. Consequently, the Board decided that it was not
in the best interests of the wider Group, and its shareholders, to
provide continued financial support to Go Outdoors in its existing
form with Go Outdoors entering into Administration on 23 June
2020.
The Group reacquired the trade and assets for a cash
consideration of GBP56.5 million of which GBP55.2 million returns
to the Group as partial repayment against its historic
indebtedness, a transaction approved in advance by the independent
Pre Pack Pool. One significant loss-making store was closed before
the period end with a further store closed subsequently.
Negotiations are ongoing with other landlords and, at this stage,
subject to agreeing appropriate new terms, it remains our intention
to retain the majority of the historic Go Outdoors store
portfolio.
The Group has committed to honouring liabilities with regards to
branded stock suppliers, employees, HMRC taxation liabilities,
customer returns and historic gift card sales. Further, all pre --
existing Go Outdoors employees transferred across to the new
business with their previous terms and conditions of employment
preserved.
Subsequent to the restructuring of Go Outdoors, we have also now
merged the stock files of the Blacks and Millets business with that
of Go Outdoors to enhance the efficiency of stock management with
common merchandising systems and shared commercial resources across
the businesses.
Supply Chain Developments & Brexit
The Kingsway facility has remained open throughout the period
and we are indebted to all of our colleagues on site for their
resolve and commitment in this difficult time. Their safety and
wellbeing has been, and continues to be, our number one priority.
We have significantly reduced the number of colleagues on site at
any one time to ensure that social distancing can be maintained and
we will continue to make further modifications as necessary to our
operations to ensure that we are operating safely and effectively.
As the facility is the largest single site for employment in the
Rochdale area, the local council has carried out numerous
unannounced inspections of the site since the start of the
pandemic, to review our operations and ensure our continued
compliance with the relevant regulations.
Elsewhere, the 80,000 sqft warehouse in Belgium which, with
mezzanines, has an internal footprint in excess of 250,000 sqft is
now receiving and fulfilling product to some European stores. This
site is not big enough to handle all of our European retail volumes
and, currently, is also not able to fulfil orders for online sales.
However, it is providing us with a number of significant
operational learnings which we are using in the planning for a
longer term, more permanent, European supply chain strategy.
We are very conscious that the UK's transition period with the
EU ends at the end of this year and, at this stage, there is a
significant risk that the UK may exit that transition period with
either no agreement or with perhaps just a very basic and limited
free trade agreement. Given the current status of our supply chain
in Europe and the fact that 90% of our stock is purchased from
international brands on a full landed cost basis, where we have no
visibility of the original factory cost, there is some risk of
duties being payable for goods which transit to / from countries in
the EU. We are currently looking at options to mitigate some of
this in the short term whilst we establish a more permanent
European supply chain infrastructure.
Lease Negotiations
It has been well publicised that we have withheld the payment of
some rents across our global retail estate this year. We firmly
believe that it cannot be equitable to pay full contractual rents
when there is no realistic prospect of any income from a store. It
remains our view that rents should reflect the basic economic
principles of 'supply and demand' with market rents now falling
significantly below those currently being demanded by outdated
contractual principles. We have tentatively reached agreement with
a number of landlords who acknowledge such principles although
others are more intransigent in their approach. Ultimately, it is
in our mutual interest to reach a fair and equitable
compromise.
Sports Fashion
Whilst our global Sports Fashion businesses have inevitably
suffered in the first half from the adverse impacts of the COVID-19
outbreak, we should not forget that, fundamentally, our world class
retail businesses offer a dynamic multichannel proposition which
marries the best of physical and digital retail enabling customers
to interact with us where and when they want and through the
channel of their choice.
We firmly believe that the relevance of our Sports Fashion
fascias to consumers will not be diminished by the current
situation, although it will inevitably slow our momentum this year
with the profit before tax and exceptional items in the first half
decreasing to GBP81.6 million (2019: GBP182.4 million). On a
proforma basis under IAS 17 'Leases' the profit before tax and
exceptional items was GBP89.6 million (2019: GBP188.1 million).
Included within the result is a very positive performance in the
United States with the temporary Government stimulus driving a
material, but temporary, impact on performance with total revenues
across all fascias in the United States increasing to GBP825.5
million (2019: GBP725.2 million) and the profit before tax and
exceptional items increasing significantly to GBP73.4 million
(2019: GBP35.7 million).
The overall gross margin in Sports Fashion decreased slightly to
45.9% (2019: 47.4%) principally from the promotional activity which
took place in stores after re-opening to clear non-seasonally
relevant products, particularly apparel.
There were no exceptional items in the period (2019: GBP3.6
million) and so the profit before tax in Sports Fashion was GBP81.6
million (2019: GBP178.8 million).
Outdoor
We acknowledge that the restructuring of our Outdoor businesses
in the last two years has been a difficult process. However, coming
out of this process, we are increasingly confident that we are
developing a proposition which helps customers get the most out of
their time outdoors and that we are well placed to take advantage
of the opportunities in general fitness and local holidaying which
will likely prevail in the future in a world changed by
COVID-19.
The impact of the restructuring in the prior year is reflected
in the fact that, even with the stores closed for a number of weeks
and a relatively weak transfer of sales to online when compared to
the Sports Fashion fascia, Outdoor reduced its loss before
exceptional items in the period to GBP16.8 million (2019: loss of
GBP20.1 million). On a proforma basis under IAS 17 'Leases' the
loss before tax was GBP13.9 million (2019: loss of GBP18.2
million).
After recognising an exceptional charge of GBP20.4 million
(2019: GBP25.1 million) relating to the restructuring of Go
Outdoors in the period, the loss before tax in Outdoor was GBP37.2
million (2019: loss of GBP45.2 million).
Financial Performance
Revenue and Gross Margin
Total revenue decreased by 6.5% in the period to GBP2,544.9
million (2019: GBP2,721.2 million) which was split as follows:
-- Sports Fashion reduced by 4.6% to GBP2,402.4 million (2019: GBP2,517.1 million)
-- Outdoor reduced by 30.2% to GBP142.5 million (2019: GBP204.1 million)
Given the impact of COVID-19 on the performance in the period,
presenting revenues in like for like terms is not appropriate.
Total gross margin in the period across the Group of 45.6% was
1.3% lower than the prior year (2019: 46.9%). This primarily
reflects the promotional activity in stores in the UK and Europe
after re-opening to clear non-seasonally relevant products.
Profit Before Tax
Profit before tax and exceptional items decreased by GBP96.7
million to GBP61.9 million (2019: GBP158.6 million). Within this,
the profit before tax and exceptional items of the Group's
businesses in the United States has increased significantly to
GBP73.4 million (2019: GBP35.7 million) reflecting the positive
impact of the temporary Government stimulus in the country.
On a proforma basis under IAS 17 'Leases', with rents recognised
according to contractual terms, the headline profit before tax and
exceptional items to 1 August 2020 for the Group would have been
GBP10.9 million higher at GBP72.8 million (2019: GBP166.2
million).
There were exceptional items in the period of GBP20.4 million
(2019: GBP28.7 million) relating to the restructure of the Go
Outdoors business in the period:
2020 2019
GBPm GBPm
Restructuring of Go Outdoors (1) 20.4 -
Non-cash impairment of intangible assets
(2*) - 20.7
Movement in fair value of put and call
options (3) - 3.6
Integration and consolidation of Outdoor
fascias (4) - 4.4
------ ------
Total exceptional charge 20.4 28.7
====== ======
1. The net impact consequent to the restructuring of Go Outdoors
in the period including a charge of GBP33.3 million in relation to
the impairment of intangible assets, a charge of GBP4.9 million in
relation to the impairment of leasehold improvements and a credit
of GBP17.8 million in relation to the extinguishment of lease
commitments.
2. The impairment in the prior period relates to the impairment
of the goodwill arising in prior years on the acquisition of Go
Outdoors Topco Limited (* included within (1) above in relation to
2020).
3. Movement in the fair value of the liabilities in respect of put and call options.
4. Costs arising from the integration and consolidation of the
principal IT systems, warehousing and other infrastructure in Go
Outdoors.
Group profit before tax ultimately decreased to GBP41.5 million
(2019: GBP129.9 million).
Cash and Working Capital
The net cash balance at the end of the period was GBP764.9
million (2019: GBP118.1 million) with very strong cash generation
in the United States in particular reflecting the exceptional
trading in that country since the temporary Government stimulus was
made available. We are conscious that the net cash position at the
period end includes a number of temporary factors which, in
aggregate, total in excess of GBP200 million and will likely
reverse in the second half. This total includes short term
extensions to the payment terms on branded suppliers where these
were agreed with the relevant suppliers at the start of the
COVID-19 outbreak and the payment of deferred rents as we continue
to reach agreements with the relevant landlords.
Stocks at the end of the period of GBP764.7 million are
significantly lower than the prior year (2019: GBP913.2 million)
with the flow of product into our businesses taking time to gain
traction as the international brands recommenced their global
supply chain operations. This situation is particularly evident in
the United States after the period of strong trading, with period
end stocks of $191.3 million approximately 40% lower than the
previous year (2019: $327.8 million). We continue to work with our
international brand partners on detailed exercises to re-range the
rest of the year and, where possible, are pushing for forward
orders to be made available early.
The outbreak of COVID-19 has inevitably had a significant impact
on the projects which we have undertaken in the period with gross
capital expenditure (excluding disposal costs) decreased to GBP52.3
million (2019: GBP69.8 million). The primary focus of our capital
expenditure remains our retail fascias with a spend in the period
of GBP33.8 million (2019: GBP41.5 million). We now expect that the
capital expenditure for the full year will be in the range of
GBP110 million to GBP140 million (52 weeks to 1 February 2020:
GBP177.2 million).
We will continue to use our cash resources to make selective
acquisitions and investments where they benefit our strategic
development.
Store Portfolio
During the period, store numbers have moved as follows:
Sports Fashion
Period New Stores Transfers Acquired Closures Period
Start End
JD & Size?
UK & Republic of
Ireland 402 2 - - (4) 400
Europe 304 12 1 - (2) 315
Asia Pacific 64 4 - - - 68
United States 11 - 6 - - 17
Size? 37 1 - - (2) 36
------- ----------- ---------- --------- --------- -------
JD & Size? 818 19 7 - (8) 836
------- ----------- ---------- --------- --------- -------
Finish Line & Livestock
Finish Line (own) 508 - (6) - (7) 495
Finish Line (Macy's) 295 - - - - 295
Livestock - - - 4 - 4
------- ----------- ---------- --------- --------- -------
Finish Line & Livestock 803 - (6) 4 (7) 794
------- ----------- ---------- --------- --------- -------
Fashion: UK 153 - - - (2) 151
Other Europe (i) 427 4 (1) - (2) 428
Other Asia Pac
(ii) 2 - - - (1) 1
Total Sports Fashion 2,203 23 - 4 (20) 2,210
------- ----------- ---------- --------- --------- -------
(i) Chausport (France), Sprinter (Spain), Sport Zone (Portugal,
Spain & Canary Islands) and Perry Sport / Aktiesport
(Netherlands)
(ii) Hot-T (South Korea)
Outdoor
Period New Stores Closures Period
Start End
Blacks 57 - - 57
Millets 97 1 (4) 94
Ultimate Outdoors 6 - (1) 5
Tiso 13 - - 13
Go Outdoors 67 - (1) 66
Go Fishing 5 - (1) 4
------- ----------- --------- -------
Total Outdoor 245 1 (7) 239
------- ----------- --------- -------
Dividends and Earnings per Ordinary Share
Given the uncertain impact that COVID-19 may have on the peak
trading period ahead, the Board continues to believe that it is in
the best interests of shareholders if the Group maintains its cash
reserves. Accordingly, it does not believe that it is appropriate
to pay an interim dividend (2019: 0.28p). It is the Board's
intention that we would look to resume dividend payments as soon as
conditions allow, although it is important that we maintain
flexibility around the timing and quantum of this commitment.
Notwithstanding this, we continue to believe that it is in the
longer term interests of all shareholders to keep future dividend
growth restrained so as to maximise the available funding for our
further development opportunities.
The basic earnings per ordinary share decreased to 3.85p (2019:
9.67p).
The adjusted* earnings per ordinary share decreased to 6.09p
(2019: 12.57p).
People
We are indebted to all of our teams in our different territories
for their enthusiastic approach in reconfiguring the stores as
necessary to satisfy local legislation and for embracing the new
ways of working required as a consequence of COVID-19. The Group
also recognises the positive impact that the Coronavirus Job
Retention Scheme in the UK, together with similar initiatives in
other territories, had in preventing significant redundancies
across the business. The Group voluntarily enhanced the payments in
the UK for those colleagues paid above the GBP2,500 monthly cap to
help minimise the financial impact. With the exception of a very
small number of colleagues, principally those who are classified as
vulnerable or at a higher risk of infection, all remaining
colleagues have now returned to work.
The talented individuals working with the Group are integral to
our continued success, delivering exceptional results year after
year. We aim to attract, retain and develop the best talent at
every level throughout the Group and believe that an engaged
workforce is vital to achieving our aims. We strive to create a
workplace in which everyone is safe; supported and respected;
treated fairly and taken care of; listened to; and motivated to
achieve their full potential. We are committed to achieving
excellence in the areas of health and safety and the protection of
our colleagues in their working environment.
The Group is also absolutely committed to promoting policies
which ensure that colleagues and customers are treated equally
regardless of ethnic or social origin, race, gender, sexual
orientation, disability or age. Following the tragic death of
George Floyd in the United States, we are working with our teams
around the world and with both the JD Foundation and the Finish
Line Youth Foundation to ensure that, across the Group, we play a
full part in what is hopefully a united global approach to
eradicate not just racism but all forms of discrimination from
society.
Current Trading and Outlook
We are generally encouraged by our performance since the stores
re-opened and with our performance in the first few weeks of the
second half. However, retail footfall remains comparatively weak
and the recent strengthening of measures in many countries and the
subsequent temporary closure of some stores reminds us that
COVID-19 remains an ongoing challenge. Nonetheless, we remain
absolutely confident in our strengths in consumer engagement, key
brand relationships and globally consistent multichannel retail
standards. These, combined with an agile operational infrastructure
provide us with a robust platform for further positive
development.
We also believe that it is appropriate for the Group to
reinstate guidance for the full year. Assuming a prudent but
realistic set of assumptions for the peak trading period that
reflect an uncertain outlook for consumer confidence, the ongoing
challenges of attracting footfall to stores and the potential for
further operational restrictions; we would presently anticipate
delivering a headline profit before tax for the full year of at
least GBP265 million when calculated under IFRS 16 'Leases'.
We next intend to provide an update on trading in early January
after our key Christmas trading period.
Peter Cowgill
Executive Chairman
8 September 2020
Condensed Consolidated Income Statement
For the 26 weeks to 1 August 2020
26 weeks 26 weeks 52 weeks
to to to
1 August 3 August 1 February
Note 2020 2019 2020
GBPm GBPm GBPm
Revenue 2,544.9 2,721.2 6,110.8
Cost of sales (1,383.4) (1,446.1) (3,236.0)
----------- ----------- -------------
Gross profit 1,161.5 1,275.1 2,874.8
Selling and distribution expenses
- normal (913.0) (919.1) (2,020.2)
Administrative expenses - normal (164.9) (160.8) (348.6)
Administrative expenses - exceptional 3 (20.4) (28.7) (90.3)
Other operating income 11.8 4.6 10.9
----------- ----------- -------------
Operating profit 75.0 171.1 426.6
Before exceptional items 95.4 199.8 516.9
Exceptional items 3 (20.4) (28.7) (90.3)
--------------------------------------- ------- ----------- ----------- -------------
Operating profit 75.0 171.1 426.6
Financial income 0.7 0.4 1.7
Financial expenses (34.2) (41.6) (79.8)
----------- ----------- -------------
Profit before tax 41.5 129.9 348.5
Income tax expense (14.4) (31.9) (97.8)
----------- ----------- -------------
Profit for the period 27.1 98.0 250.7
----------- ----------- -------------
Attributable to equity holders
of the parent 37.5 94.1 246.1
Attributable to non-controlling
interest (10.4) 3.9 4.6
Basic earnings per ordinary
share 4 3.85p 9.67p 25.29p
----------- ----------- -------------
Diluted earnings per ordinary
share 4 3.85p 9.67p 25.29p
----------- ----------- -------------
Condensed Consolidated Statement of Comprehensive Income
For the 26 weeks to 1 August 2020
26 weeks 26 weeks 52 weeks
to to to
1 August 3 August 1 February
2020 2019 2020
GBPm GBPm GBPm
Profit for the period 27.1 98.0 250.7
Other comprehensive income:
Items that may be classified subsequently
to the
Consolidated Income Statement:
Exchange differences on translation
of foreign operations 25.5 65.7 (21.5)
Total other comprehensive income
for the period 25.5 65.7 (21.5)
------------------------------------------- ----------- ----------- -------------
Total comprehensive income and expense
for the period (net of income tax) 52.6 163.7 229.2
------------------------------------------- ----------- ----------- -------------
Attributable to equity holders of
the parent 58.5 155.5 227.2
Attributable to non-controlling interest (5.9) 8.2 2.0
------------------------------------------- ----------- ----------- -------------
Condensed Consolidated Statement of Financial Position
As at 1 August 2020
As at As at As at
1 August 3 August 1 February
2020 2019 2020
GBPm GBPm GBPm
Assets
Intangible assets 404.6 463.8 413.7
Property, plant and equipment 2,243.5 2,693.2 2,420.1
Other assets 62.9 72.6 47.9
Investment in associate 2.6 2.6 2.6
Total non-current assets 2,713.6 3,232.2 2,884.3
---------------------------------------- ----------- ----------- -------------
Inventories 764.7 913.2 811.8
Trade and other receivables 193.8 255.5 183.9
Cash and cash equivalents 1,078.1 346.6 465.9
Total current assets 2,036.6 1,515.3 1,461.6
---------------------------------------- ----------- ----------- -------------
Total assets 4,750.2 4,747.5 4,345.9
---------------------------------------- ----------- ----------- -------------
Liabilities
Interest-bearing loans and
borrowings (251.6) (187.5) (20.4)
Lease liabilities (273.4) (489.5) (285.0)
Trade and other payables (1,171.8) (922.3) (900.7)
Provisions - (2.2) -
Income tax liabilities (24.1) (18.7) (34.3)
Total current liabilities (1,720.9) (1,620.2) (1,240.4)
---------------------------------------- ----------- ----------- -------------
Interest-bearing loans and
borrowings (61.6) (41.0) (15.6)
Lease liabilities (1,517.7) (1,747.9) (1,707.7)
Other payables (99.1) (93.9) (80.5)
Provisions - (1.0) -
Deferred tax liabilities (9.8) (16.2) (12.5)
---------------------------------------- ----------- ----------- -------------
Total non-current liabilities (1,688.2) (1,900.0) (1,816.3)
---------------------------------------- ----------- ----------- -------------
Total liabilities (3,409.1) (3,520.2) (3,056.7)
---------------------------------------- ----------- ----------- -------------
Total assets less total liabilities 1,341.1 1,227.3 1,289.2
---------------------------------------- ----------- ----------- -------------
Capital and reserves
Issued ordinary share capital 2.4 2.4 2.4
Share premium 11.7 11.7 11.7
Retained earnings 1,283.2 1,096.4 1,245.7
Other reserves (19.6) 39.2 (40.6)
---------------------------------------- ----------- ----------- -------------
Total equity attributable
to equity holders of the
parent 1,277.7 1,149.7 1,219.2
---------------------------------------- ----------- ----------- -------------
Non-controlling interest 63.4 77.6 70.0
---------------------------------------- ----------- ----------- -------------
Total equity 1,341.1 1,227.3 1,289.2
---------------------------------------- ----------- ----------- -------------
Condensed Consolidated Statement of Changes in Equity
For the 26 weeks to 1 August 2020
Total Equity
Attributable
Foreign To Equity
Ordinary Currency Holders
Share Share Premium Retained Other Translation Of The Parent
Capital GBPm Earnings Equity Reserve GBPm
GBPm GBPm GBPm GBPm
Balance at 1 February
2020 2.4 11.7 1,245.7 (36.4) (4.2) 1,219.2
Profit for the period - - 37.5 - - 37.5
Other comprehensive
income:
Exchange differences
on translation of
foreign operations - - - - 21.0 21.0
Total other comprehensive
income - - - - 21.0 21.0
------------------------------ ----------- ---------------- ----------- --------- -------------- ---------------
Total comprehensive
income for the period - - 37.5 - 21.0 58.5
Dividends to equity - - - - - -
holders
Acquisition of
non-controlling - - - - - -
interest
Non-controlling
interest arising - - - - - -
on acquisition
Balance at 1 August
2020 2.4 11.7 1,283.2 (36.4) 16.8 1,277.7
------------------------------ ----------- ---------------- ----------- --------- -------------- ---------------
Total Equity
Attributable To Non-
Equity Holders Controlling Total
Of The Parent Interest Equity
GBPm GBPm GBPm
Balance at 1 February 2020 1,219.2 70.0 1,289.2
Profit for the period 37.5 (10.4) 27.1
Other comprehensive income:
Exchange differences on translation
of foreign operations 21.0 4.5 25.5
Total other comprehensive income 21.0 4.5 25.5
------------------------------------------ -------- -------------- ---------
Total comprehensive income for the
period 58.5 (5.9) 52.6
Dividends to equity holders - (1.0) (1.0)
Acquisition of non-controlling interest - - -
Non-controlling interest arising
on acquisition - 0.3 0.3
Balance at 1 August 2020 1,277.7 63.4 1,341.1
------------------------------------------ -------- -------------- ---------
Condensed Consolidated Statement of Changes in Equity
(continued)
For the 26 weeks to 3 August 2019
Total Equity
Attributable
Foreign To Equity
Ordinary Currency Holders
Share Share Premium Retained Other Translation Of The Parent
Capital GBPm Earnings Equity Reserve GBPm
GBPm GBPm GBPm GBPm
Balance at 2 February
2019 2.4 11.7 1,016.3 (36.3) 14.7 1,008.8
Profit for the period - - 94.1 - - 94.1
Other comprehensive
income:
Exchange differences
on translation of
foreign operations - - - - 61.4 61.4
Total other comprehensive
income - - - - 61.4 61.4
------------------------------ ----------- ---------------- ----------- --------- -------------- ---------------
Total comprehensive
income for the period - - 94.1 - 61.4 155.5
Dividends to equity
holders - - (14.0) - - (14.0)
Acquisition of
non-controlling
interest - - - (0.6) - (0.6)
Non-controlling
interest arising - - - - - -
on acquisition
Balance at 3 August
2019 2.4 11.7 1,096.4 (36.9) 76.1 1,149.7
------------------------------ ----------- ---------------- ----------- --------- -------------- ---------------
Total Equity
Attributable To Non-
Equity Holders Controlling Total
Of The Parent Interest Equity
GBPm GBPm GBPm
Balance at 2 February 2019 1,008.8 68.0 1,076.8
Profit for the period 94.1 3.9 98.0
Other comprehensive income:
Exchange differences on translation
of foreign operations 61.4 4.3 65.7
Total other comprehensive income 61.4 4.3 65.7
------------------------------------------ -------- -------------- ---------
Total comprehensive income for the
period 155.5 8.2 163.7
Dividends to equity holders (14.0) - (14.0)
Acquisition of non-controlling interest (0.6) - (0.6)
Non-controlling interest arising
on acquisition - 1.4 1.4
Balance at 3 August 2019 1,149.7 77.6 1,227.3
------------------------------------------ -------- -------------- ---------
Condensed Consolidated Statement of Cash Flows
For the 26 weeks ended 1 August 2020
26 weeks 26 weeks 52 weeks
to 1 August to to
2020 3 August 1 February
GBPm 2019 2020
GBPm GBPm
Cash flows from operating activities
Profit for the period 27.1 98.0 250.7
Income tax expense 14.4 31.9 97.8
Financial expenses 34.2 41.6 79.8
Financial income (0.7) (0.4) (1.7)
Depreciation and amortisation of
non-current assets 241.6 203.1 450.0
Forex losses / (gains) on monetary
assets and liabilities 17.1 6.8 9.9
Impairment of other intangibles
and non-current assets 4.9 0.2 12.9
Loss on disposal of non-current
assets 0.2 2.2 6.3
Other exceptional items 14 (17.8) 8.0 47.2
Impairment of goodwill and fascia
names 33.3 20.7 43.1
Decrease / (increase) in inventories 57.7 (59.1) (9.5)
Increase in trade and other receivables (36.1) (53.5) (13.0)
Increase in trade and other payables 248.6 100.8 58.1
Interest paid (3.6) (4.1) (7.9)
Lease interest (30.6) (37.5) (71.9)
Income taxes paid (27.2) (39.4) (97.8)
--------------------------------------------- --- ------------- ---------- ------------
Net cash from operating activities 563.1 319.3 854.0
--------------------------------------------- --- ------------- ---------- ------------
Cash flows from investing activities
Interest received 0.7 0.4 1.7
Proceeds from sale of non-current
assets 0.4 1.9 3.1
Investment in software development (8.9) (7.0) (23.2)
Acquisition of property, plant and
equipment (41.5) (58.3) (147.2)
Acquisition of non-current other
assets (1.9) (4.5) (6.8)
Acquisition of subsidiaries, net
of cash acquired (32.0) (89.3) (89.3)
Net cash used in investing activities (83.2) (156.8) (261.7)
--------------------------------------------- --- ------------- ---------- ------------
Cash flows from financing activities
Drawdown of interest-bearing loans
and borrowings 269.1 72.7 (88.6)
Repayment of lease liabilities (146.2) (160.6) (264.8)
Equity dividends paid - - (16.7)
Dividends paid to non-controlling
interest in subsidiaries (1.0) - (1.3)
--------------------------------------------- --- ------------- -------------- ------------
Net cash provided by / (used in)
financing activities 121.9 (87.9) (371.4)
--------------------------------------------- --- ------------- -------------- ------------
Net increase in cash and cash equivalents 601.8 74.6 220.9
Cash and cash equivalents at the
beginning of the period 460.3 237.7 237.7
Foreign exchange gains on cash and
cash equivalents 6.7 11.2 1.7
--------------------------------------------- --- ------------- -------------- ------------
Cash and cash equivalents at the
end of the period 1,068.8 323.5 460.3
--------------------------------------------- --- ------------- -------------- ------------
Analysis of Net Cash
As at 1 August 2020
At On At
1 February acquisition Non-cash 1 August
2020 of subsidiaries Cashflow movements 2020
GBPm GBPm GBPm GBPm GBPm
Cash at bank and in hand 465.9 (0.8) 606.3 6.7 1,078.1
Overdrafts (5.6) - (3.7) - (9.3)
------------ ----------------- ----------- ------------ ------------
Cash and cash equivalents 460.3 (0.8) 602.6 6.7 1,068.8
------------ ----------------- ----------- ------------ ------------
Interest bearing loans
and borrowings:
Bank loans (29.7) - (79.1) (4.4) (113.2)
Syndicated bank facility - - (190.0) - (190.0)
Other loans (0.7) - - - (0.7)
Net Cash / (financial
debt) 429.9 (0.8) 333.5 2.3 764.9
------------ ----------------- ----------- ------------ ------------
Lease liabilities (1,992.7) - 146.2 55.4 (1,791.1)
------------ ----------------- ----------- ------------ ------------
Net Debt (1,562.8) (0.8) 479.7 57.7 (1,026.2)
------------ ----------------- ----------- ------------ ------------
1. Basis of Preparation
JD Sports Fashion Plc (the 'Company') is a company incorporated
and domiciled in the United Kingdom. The unaudited half year
financial report for the 26 week period to 1 August 2020 represents
that of the Company and its subsidiaries (together referred to as
the 'Group').
This half year financial report is an interim management report
as required by DTR 4.2.3 of the Disclosure and Transparency Rules
of the UK's Financial Conduct Authority and was authorised for
issue by the Board of Directors on 8 September 2020.
The condensed set of financial statements included in this half
year financial report has been prepared in accordance with IAS 34
'Interim Financial Reporting' as adopted by the EU. The annual
financial statements of the Group are prepared in accordance with
IFRS's as adopted by the EU. The comparative figures for the 52
week period to 1 February 2020 are not the Group's statutory
accounts for that financial year. Those accounts have been reported
on by the Group's Auditor and delivered to the Registrar of
Companies. The Report of the Auditor was (i) unqualified, (ii) did
not include a reference to any matters to which the Auditor drew
attention by way of emphasis without qualifying their report, and
(iii) did not contain a statement under section 498 of the
Companies Act 2006.
The information contained in the half year financial report for
the 26 week period to 1 August 2020 and 3 August 2019 has been
reviewed and the independent review report for the 26 week period
to 1 August 2020 is set out in the half year financial report.
As required by the Disclosure and Transparency Rules of the UK's
Financial Conduct Authority, the half year financial report has
been prepared by applying the same accounting policies and
presentation that were applied in the preparation of the Company's
published consolidated financial statements for the 52 week period
to 1 February 2020.
Adoption of New and Revised Standards
The Group continues to monitor the potential impact of other new
standards and interpretations which have been or may be endorsed
and require adoption by the Group in future reporting periods.
The Group does not consider that any other standards, amendments
or interpretations issued by the IASB, but not yet applicable, will
have a significant impact on the financial statements.
Alternative Performance Measures
The Directors measure the performance of the Group based on a
range of financial measures, including measures not recognised by
EU-adopted IFRS. These alternative performance measures may not be
directly comparable with other companies' alternative performance
measures and the Directors do not intend these to be a substitute
for, or superior to, IFRS measures. The Directors believe that
these alternative performance measures assist in providing
additional useful information on the underlying performance of the
Group. Alternative performance measures are also used to enhance
the comparability of information between reporting periods, by
adjusting for exceptional items, which could distort the
understanding of the performance for the period. Further
information can be found in the Glossary at the end of these
Interim results. Terms are listed in alphabetical order.
Use of Estimates and Judgements
The preparation of interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of policies and reported amounts of assets
and liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other
factors that are believed to be reasonable under the circumstances,
the results of which form the basis of making the judgements about
carrying values of assets and liabilities that are not readily
apparent from other sources. Actual results may differ from these
estimates.
In preparing these condensed consolidated interim financial
statements, the significant judgements made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the
consolidated financial statements for the 52 week period to 1
February 2020.
Risks and Uncertainties
The Board has considered the risks and uncertainties for the
remaining 26 week period to 30 January 2021 and determined that the
risks presented in the Annual Report and Accounts 2020 noted below,
remain relevant:
-- Key suppliers and brands
-- Intellectual property
-- Warehouse operations
-- Environmental - climate change
-- Environmental - biodiversity, resources and water security
-- Social - human rights, labour standards and responsibility
-- Governance - anti-corruption, risk management, regulatory and compliance
-- Retail property factors
-- IT systems
-- Cyber security
-- COVID-19
-- Personnel
-- Brexit
-- Treasury and financial
A major variable, and therefore risk, to the Group's financial
performance for the remainder of the financial period is the sales
and margin performance in the retail fascias, particularly in
December and January. Further comment on this and other risks and
uncertainties faced by the Group is provided in the Executive
Chairman's statement included within this half year financial
report.
Going Concern
At 1 August 2020, the Group had net cash balances of GBP765
million (1 Feb 2020: GBP430 million) with available committed
borrowing facilities in the UK of GBP700 million (1 Feb 2020:
GBP700 million) of which GBP190 million (1 Feb 2020: GBPnil) has
been drawn down (see Analysis of Net Cash) and Asset Based Lending
facilities in the United States of up to $300million of which $nil
was drawn down (1 Feb 2020: $300m facilities, $nil drawn down).
These facilities are subject to certain covenants. In addition, the
Group also has access to GBP300 million of additional funding
through the Bank of England's Covid Corporate Financing Facility (1
Feb 2020: GBPnil). With the facility in the UK of GBP700 million
available up to 6 November 2024, the facility in the United States
of up to $300m available up until 18 June 2023 and the Covid
Corporate Financing Facility of GBP300 million available to March
2021, the Directors believe that the Group is well placed to manage
its business risks successfully despite the current uncertain
economic outlook.
Notwithstanding the Group's strong financial position at the end
of the period, it is clear that the effects of Covid-19 will likely
result in a material reduction in revenue and profit for the period
ending 30 January 2021 when compared against the expectations at
the start of the financial year. To date, we have seen a decline in
physical store revenue as stores have had to close which has been
only partially countered by a strong online revenue performance as
our customers have moved even more online. Only a relatively short
period of time has elapsed since the re-opening of stores in our
core markets although we are encouraged by the performance to date.
However, we believe it is inevitable that there will be some level
of permanent transfer from physical retail to online as a
consequence of Covid-19.
To date we have taken a number of actions to strongly control
cash and as at 1 September 2020 the Group had net cash balances of
GBP711 million following a drawdown of GBP190 million from the
available committed facilities in the UK of GBP700 million. The
$300 million Asset Based Lending facility in the United States and
the GBP300 million Covid Corporate Financing Facility remain
undrawn.
Based on our experience of trading to date, the Group has
reforecast and modelled a base case and a number of severe but
plausible scenarios taking account of the length of any potential
additional localised lockdowns, transition from physical sales to
online, the resulting impact on margin and management's
controllable mitigating actions on costs. These reforecasts cover
the period to 30 September 2021 and on the base case and sensitised
basis show that the Group will be able to operate within the levels
of its agreed facilities and covenant requirements to 30 September
2021, being a period of at least 12 months from the date of
approval of the interim statements.
Whilst the Directors consider that there is a degree of
subjectivity involved in the assumptions that have modelled on the
basis of the above, the Directors have a reasonable expectation
that the Group has adequate resources to continue in operational
existence to 30 September 2021 being a period of at least 12 months
from the date of approval of these Interim Statements. Accordingly,
they continue to adopt the going concern basis of accounting in
preparing the Interim Statements.
2. Segmental Analysis
IFRS 8 'Operating Segments' requires the Group's segments to be
identified on the basis of internal reports about components of the
Group that are regularly reviewed by the Chief Operating Decision
Maker to allocate resources to the segments and to assess their
performance. The Chief Operating Decision Maker is considered to be
the Executive Chairman of JD Sports Fashion Plc.
Information reported to the Chief Operating Decision Maker is
focused on the nature of the businesses within the Group.
The Chief Operating Decision Maker receives and reviews
segmental operating profit. Certain central administrative costs
including Group Directors' salaries are included within the Group's
core 'Sports Fashion' result. This is consistent with the results
as reported to the Chief Operating Decision Maker.
IFRS 8 requires disclosure of information regarding revenue from
major products and customers. The majority of the Group's revenue
is derived from the retail of a wide range of apparel, footwear and
accessories to the general public. As such, the disclosure of
revenues from major customers is not appropriate. Disclosure of
revenue from major product groups is not provided at this time due
to the cost involved to develop a reliable product split on a same
category basis across all companies in the Group.
Intersegment transactions are undertaken in the ordinary course
of business on arm's length terms.
The Board consider that certain items are cross divisional in
nature and cannot be allocated between the segments on a meaningful
basis. Net funding costs and taxation are treated as unallocated
reflecting the nature of the Group's syndicated borrowing
facilities and its tax group. Drawdowns from the Group's syndicated
borrowing facility of GBP190 million (2019: GBP125.0 million) and
liabilities for taxation of GBP33.9 million (2019: GBP34.9 million)
are included within the unallocated segment.
Each segment is shown net of intercompany transactions and
balances within that segment. The eliminations remove intercompany
transactions and balances between different segments which
primarily relate to the net down of long term loans and short term
working capital funding provided by JD Sports Fashion Plc (within
Sports Fashion) to other companies in the Group, and intercompany
trading between companies in different segments.
Business Segments
Information regarding the Group's operating segments for the 26
weeks to 1 August 2020 is reported below:
Income statement
Sports
Fashion Outdoor Unallocated Total
GBPm GBPm GBPm GBPm
Gross revenue 2,402.4 142.5 - 2,544.9
Intersegment revenue - - - -
--------- ---------- -------------- --------
Revenue 2,402.4 142.5 - 2,544.9
--------- ---------- -------------- --------
Operating profit / (loss)
before exceptional items 109.4 (14.0) - 95.4
Exceptional items - (20.4) - (20.4)
--------- ---------- -------------- --------
Operating profit / (loss) 109.4 (34.4) - 75.0
Financial income - - 0.7 0.7
Financial expenses (27.8) (2.8) (3.6) (34.2)
--------- ---------- -------------- --------
Profit before tax 81.6 (37.2) (2.9) 41.5
Income tax expense (14.4)
--------- ---------- -------------- --------
Profit for the period 27.1
--------- ---------- -------------- --------
Total assets and liabilities
Sports Fashion Outdoor Unallocated Eliminations Total
GBPm GBPm GBPm GBPm GBPm
Total assets 4,572.0 268.3 - (90.1) 4,750.2
Total liabilities (3,068.7) (206.6) (223.9) 90.1 (3,409.1)
--------------- -------- ------------ ------------- ----------
Total segment net
assets / (liabilities) 1,503.3 61.7 (223.9) - 1,341.1
--------------- -------- ------------ ------------- ----------
The comparative segmental results for the 26 weeks to 3 August
2019 are as follows:
Income statement
Sports
Fashion Outdoor Unallocated Total
GBPm GBPm GBPm GBPm
Gross revenue 2,517.1 204.1 - 2,721.2
Intersegment revenue - - - -
--------- ---------- -------------- --------
Revenue 2,517.1 204.1 - 2,721.2
--------- ---------- -------------- --------
Operating profit / (loss)
before exceptional items 216.2 (16.4) - 199.8
Exceptional items (3.6) (25.1) - (28.7)
--------- ---------- -------------- --------
Operating profit / (loss) 212.6 (41.5) - 171.1
Financial income - - 0.4 0.4
Financial expenses (33.8) (3.7) (4.1) (41.6)
--------- ---------- -------------- --------
Profit before tax 178.8 (45.2) (3.7) 129.9
Income tax expense (31.9)
--------- ---------- -------------- --------
Profit for the period 98.0
--------- ---------- -------------- --------
Total assets and liabilities
Sports Fashion Outdoor Unallocated Eliminations Total
GBPm GBPm GBPm GBPm GBPm
Total assets 4,407.6 493.5 - (153.6) 4,747.5
Total liabilities (3,058.8) (455.1) (159.9) 153.6 (3,520.2)
--------------- -------- ------------ ------------- ----------
Total segment net
assets / (liabilities) 1,348.8 38.4 (159.9) - 1,227.3
--------------- -------- ------------ ------------- ----------
Geographical Information
The Group's operations are located in the UK, Australia,
Austria, Belgium, Canada, Denmark, Dubai, Finland, France, Germany,
Hong Kong, India, Italy, Malaysia, the Netherlands, New Zealand,
Portugal, Republic of Ireland, Singapore, South Korea, Spain and
the Canary Islands, Sweden, Thailand and the United States of
America.
The following table provides analysis of the Group's revenue by
geographical market, irrespective of the origin of the goods /
services:
26 weeks to 26 weeks
1 August to
2020 3 August
GBPm 2019
GBPm
UK 963.2 1,120.7
Europe 622.5 727.0
United
States 834.3 730.3
Rest of
world 124.9 143.2
----------- ------------ ----------
2,544.9 2,721.2
--------- ------------ ----------
The revenue from any individual country, with the exception of
the UK and the US, is not more than 10% of the Group's total
revenue.
The following is an analysis of the carrying amount of segmental
non-current assets by the geographical area in which the assets are
located:
As at As at
1 August 3 August
2020 2019
GBPm GBPm
UK 1,089.4 1,328.2
Europe 1,040.7 1,213.5
United States 464.0 558.0
Rest of world 119.5 132.5
---------------- ---------- ----------
2,713.6 3,232.2
--------------- ---------- ----------
3. Exceptional Items
26 weeks 26 weeks 52 weeks
to to to
1 August 3 August 1 February
2020 2019 2020
GBPm GBPm GBPm
Impairment of goodwill, brands
and fascia names (1*) - 20.7 43.1
Movement in fair value of put and
call options (2) - 3.6 31.4
Integration of Outdoor systems
and warehouse (3) - 4.4 7.2
Integration of Sport Zone into
Sprinter infrastructure (4) - - 8.6
Restructuring of Go Outdoors (5) 20.4 - -
Administrative expenses - exceptional 20.4 28.7 90.3
Total exceptional items 20.4 28.7 90.3
----------------------------------------- ----------- ----------- -------------
(1) The impairment in the prior period relates to the impairment
of the goodwill arising in prior years on the acquisition of Go
Outdoors Topco Limited (* included within (5) above in relation to
2020) and Choice Limited.
(2) Movement in the fair value of the liabilities in respect of the put and call options.
(3) Costs arising from the integration and consolidation of the
principal IT systems, warehousing and other infrastructure in Go
Outdoors Limited.
(4) Costs associated with transferring the stocks and other
operations of Sport Zone into the Sprinter infrastructure.
(5) The net impact consequent to the restructuring of Go
Outdoors in the period including a charge of GBP33.3 million in
relation to the impairment of intangible assets, a charge of GBP4.9
million in relation to the impairment of leasehold improvements and
a credit of GBP17.8 million in relation to the extinguishment of
lease commitments.
Items (1), (2) and (5) are exceptional items as they are not
considered to be reflective of the underlying trading performance
of the Group. Item (3) and (4) are presented as an exceptional item
as these costs relate to one off projects.
4. Earnings per Ordinary Share
Basic and diluted earnings per ordinary share
The calculation of basic and diluted earnings per ordinary share
at 1 August 2020 is based on the profit for the period attributable
to equity holders of the parent of GBP37.5 million (26 weeks to 3
August 2019: GBP94.1 million; 52 weeks to 1 February 2020: GBP246.1
million).
The weighted average number of ordinary shares outstanding
during the 26 weeks to 1 August 2020 was 973,233,160 (26 weeks to 3
August 2019: 973,233,160; 52 weeks to 1 February 2020:
973,233,160), calculated as follows:
26 weeks 26 weeks 52 weeks
to to to
1 August 3 August 1 February
2020 2019 2020
Issued ordinary shares at beginning
and end of period 973,233,160 973,233,160 973,233,160
------------ ------------ -------------
Adjusted basic and diluted earnings per ordinary share
Adjusted basic and diluted earnings per ordinary share have been
based on the profit for the period attributable to equity holders
of the parent for each financial period but excluding the post-tax
effect of certain exceptional items. The Directors consider that
this gives a more meaningful measure of the underlying performance
of the Group.
26 weeks 26 weeks 52 weeks
to to to
1 August 3 August 1 February
2020 2019 2020
GBPm GBPm GBPm
Profit for the period attributable
to equity holders of the parent 37.5 94.1 246.1
Exceptional items excluding loss
on disposal of non-current assets 20.4 28.7 90.3
Tax relating to exceptional items 1.4 (0.5) (3.0)
Profit for the period attributable
to equity holders of the parent
excluding exceptional items 59.3 122.3 333.4
----------- ----------- -------------
Basic and diluted earnings per
ordinary share 3.85p 9.67p 25.29p
----------- ----------- -------------
Adjusted basic and diluted earnings
per ordinary share 6.09p 12.57p 34.26p
----------- ----------- -------------
5. Acquisitions
Current period acquisitions
Onepointfive Ventures Limited trading as Livestock
("Livestock")
On 10 February 2020, the Group acquired 100% of the issued share
capital of Onepointfive Ventures Limited DBA Livestock
("Livestock") through a newly established Canadian holdco structure
(JDSF Holdings (Canada) Inc "Holdco"). Consideration was comprised
of GBP7.0 million in cash and 20% of the equity in Holdco.
Effectively, the Group acquired 80% of Livestock. Based in
Vancouver, this business and its management will provide the
platform to develop JD in Canada.
Included within the provisional fair value of the net
identifiable assets on acquisition is an intangible asset of GBP1.2
million, representing the "Livestock" fascia name. The Board
believes that the excess of consideration paid over net assets on
acquisition of GBP6.7 million is best considered as goodwill on
acquisition representing future operating synergies. The
provisional goodwill calculation is summarised below:
Provisional
Measurement fair value
Book value adjustments at
GBPm GBPm 1 February
2020
GBPm
Acquiree's net assets at acquisition
date:
Intangible assets - 1.2 1.2
Property, plant & equipment 0.4 - 0.4
Right of Use assets 0.5 - 0.5
Inventories 0.5 - 0.5
Cash and cash equivalents (0.8) - (0.8)
Trade and other receivables 0.1 - 0.1
Trade and other payables (0.4) - (0.4)
Deferred tax liability - (0.3) (0.3)
Lease liabilities (0.5) - (0.5)
Corporation tax (0.3) - (0.3)
Net identifiable assets (0.5) 0.9 0.4
------------- -------------- --------------
Non-controlling interest 0.1 (0.2) (0.1)
Goodwill on acquisition 6.7
------------- -------------- --------------
Consideration paid - satisfied in
cash 7.0
------------- -------------- --------------
Included in the 26 week period ended 1 August 2020 is revenue of
GBP3.7 million and a profit before tax of GBP0.4 million in respect
of Livestock.
X4L (in administration)
On 22 July 2020, the Group acquired, via its 100% subsidiary X4L
Gyms Limited, the business and certain assets of Wright Leisure
Limited t/a Xercise4less following the Group being placed into
administration on the same date.
Xercise4less is a UK-based value-gym chain with 50 operational
clubs at the date of administration. The company offers low-cost
contract and non-contract memberships to its members from large
operational facilities nationwide.
The Board believes that Xercise4Less further strengthens the
Group's presence in the growing UK fitness market with the
acquisition providing immediate reach to a wider membership base as
well as facilitating the Group's geographical presence in the
market. Xercise4less is a well-established business with a wealth
of knowledge in the UK fitness market which the board believes will
be complementary to JD. The Board also believes that there will be
significant operational and strategic benefits from a combination
of the two businesses.
The Board believes the excess of cash consideration paid over
the net identifiable assets on acquisition of GBP18.8 million is
best considered as goodwill representing future operating
synergies.
The provisional goodwill calculation is summarised below:
Provisional
Measurement fair value
Book value adjustments at
GBPm GBPm 1 February
2020
GBPm
Acquiree's net assets at acquisition
date:
Intangible assets 16.3 (16.3) -
Property, plant & equipment 7.8 (0.1) 7.7
Trade and other receivables 0.1 - 0.1
Trade and other payables - (2.4) (2.4)
Net identifiable assets 24.2 (18.8) 5.4
------------- -------------- --------------
Goodwill on acquisition 18.8
------------- -------------- --------------
Consideration paid - satisfied in
cash 24.2
------------- -------------- --------------
No revenue or profit was Included in the 26 week period ended 1
August 2020.
Prior period acquisitions
Footasylum Plc
On 18 February 2019, JD Sports Fashion Plc acquired 19,579,964
Footasylum Plc shares at prices between 50 pence and 75 pence per
share, representing 18.7% of the issued ordinary share capital.
On 18 March 2019, in conjunction with the board of Footasylum
Plc, JD Sports Fashion Plc announced the terms of an offer to be
made for the remaining 81.3% of the ordinary share capital of
Footasylum at a price of 82.5 pence per ordinary share. This offer
was declared unconditional in all respects on 12 April 2019 with
acceptances received for a total of 78,176,481 shares representing
a further 74.8% of the issued ordinary share capital. On 26 April
2019, the first bulk transfer was made to acquire an additional
80.5m shares (in addition to the 19.5m already owned). The formal
process to acquire the remaining Footasylum shares (incl the
dissenting shareholders) was completed on 4 June 2019. Footasylum
was delisted on 16 May 2019 and is expected to be converted from an
unlisted Plc to a private company by 13 September 2019.
Footasylum is a UK-based fashion retailer founded in 2005
focusing on the footwear and apparel market. The company operates a
multi-channel model which combines a store estate of 69 stores in a
variety of high street, mall and retail park locations in cities
and towns throughout Great Britain, with a strong online platform
and a recently launched wholesale arm for distributing its own
brand ranges via a network of partners.
Included within the provisional fair value of the net
identifiable assets on acquisition is an intangible asset of
GBP34.3 million representing the Footasylum fascia name and an
intangible asset of GBP3.0 million for Footasylum exclusive brands.
The Board believes the excess of cash consideration paid over the
net identifiable assets on acquisition of GBP27.3 million is best
considered as goodwill representing future operating synergies.
The Board believes that Footasylum is a well-established
business with a strong reputation for lifestyle fashion and, with
its offering targeted at a slightly older consumer to JD's existing
offering, it is complementary to JD. The Board also believes that
there will be significant operational and strategic benefits from a
combination of the two businesses.
Fair value
Measurement at
Book value adjustments 3 August 2019
GBPm GBPm GBPm
Acquiree's net assets at acquisition
date:
Intangible assets - 37.3 37.3
Property, plant & equipment 29.1 (3.5) 25.6
Right of use assets 100.4 - 100.4
Inventories 39.6 - 39.6
Cash and cash equivalents 5.7 - 5.7
Trade and other receivables 19.4 - 19.4
Deferred tax assets / (liabilities) 0.2 (6.3) (6.1)
Trade and other payables - current (42.0) - (42.0)
Trade and other payables - non-current (0.2) - (0.2)
Lease liabilities (107.5) - (107.5)
Interest bearing loans and borrowings (13.5) - (13.5)
Net identifiable assets 31.2 27.5 58.7
------------- -------------- ----------------
Goodwill on acquisition 27.3
------------- -------------- ----------------
Consideration paid - satisfied in
cash 86.0
------------- -------------- ----------------
Given that this transaction was reviewed by the Competition and
Markets Authority ('CMA'), the directors of the company have had to
assess whether or not the Group had control over Footasylum. In
making their judgement, the Board considered the Group's ability to
direct the relevant activities of Footasylum during the
investigation period. Ultimately, after careful consideration, the
Board concluded that the Group had control and, accordingly,
Footasylum should be consolidated from the date of acquisition.
The CMA subsequently announced in its Final Report on 6 May 2020
that it was prohibiting the merger and that, consequently, it
required the Group to fully divest its investment. The Group is
currently in negotiations with the CMA as to how the disposal
process will be conducted and monitored and has also made a claim
for Judicial Review to the Competition Appeal Tribunal.
Consequently, at the date of this announcement, the exact nature
and timing of the disposal process is unknown and the Group may not
recover the carrying value as part of this disposal.
Rascal Clothing Limited
On 5 February 2019, the Group acquired 50% of the issued share
capital of Rascal Clothing Limited ('Rascal') for cash
consideration of GBP2.5 million with additional consideration of up
to GBP1.0 million payable if certain performance criteria were
achieved. Rascal is a wholesaler and online retailer of sports
inspired leisurewear. At acquisition, management believed that
Rascal was on course to meet the performance criteria for the
maximum contingent consideration to be payable and therefore the
fair value of the contingent consideration at this time was GBP1.0
million.
The Group has the ability to direct the relevant activities of
Rascal Clothing and there are restrictions on the existing
shareholders via a shareholder agreement. Accordingly, the Board
have concluded that the Group has control and that Rascal Clothing
should be consolidated from the date of acquisition.
The Board believes that the excess of consideration paid over
the net assets on acquisition of GBP2.2 million is best considered
as goodwill on acquisition representing future operating
synergies.
Pretty Green Limited
On 4 April 2019, the Group acquired, via its 100% subsidiary
PG2019 Limited, the business and certain assets of Pretty Green
Limited (in administration), the boutique men's clothing brand,
from its administrator. The acquisition included the business,
brand and website as well as a flagship store in Manchester. Cash
consideration of GBP1.5 million was paid on completion with the
Group also assuming a further GBP1.8 million of debt.
Included within the provisional fair value of the net
identifiable assets on acquisition is an intangible asset of GBP1.0
million representing the Pretty Green fascia name and an intangible
asset of GBP0.7 million representing the Pretty Green brand name.
The Board believes the excess of cash consideration paid over the
net identifiable assets on acquisition of GBP2.7 million is best
considered as goodwill representing future operating synergies.
Giulio Fashion Limited
On 30 April 2019, the Group acquired 80% of the issued share
capital of Giulio Fashion Limited including two wholly owned
subsidiaries, Giulio Limited (a trading company) and Giulio Woman
Limited (a dormant company) for cash consideration of GBP3.0
million. The acquisition included put and call options over the
remaining stores exercisable after 3 years.
The Board believes the excess of cash consideration paid over
the net identifiable assets on acquisition of GBP2.7 million is
best considered as goodwill representing future operating
synergies.
Other acquisitions
During the period, the Group made several small acquisitions,
these transactions were not material.
5. Half Year Report
As indicated in the 2012 Notice of Annual General Meeting, in
line with many other listed companies the company will no longer be
issuing a hard copy of the half year report. Instead, the Group has
decided to make the half year report available via the Company's
website.
Accordingly the half year report will be available for
downloading from www.jdplc.com from mid October 2020. Paper based
copies will be available on application to the Company Secretary,
JD Sports Fashion Plc, Hollinsbrook Way, Pilsworth, Bury,
Lancashire, BL9 8RR.
Disclaimer
This announcement contains certain forward-looking statements
with respect to the financial condition, results, operations and
businesses of JD Sports Fashion plc. These statements and forecasts
involve risk and uncertainty because they relate to events and
depend on circumstances that will occur in the future. There are a
number of factors that could cause actual results or developments
to differ materially from those expressed or implied by these
forward-looking statements and forecasts.
Glossary (terms are listed in alphabetical order)
The Directors measure the performance of the Group based on a
range of financial measures, including measures not recognised by
EU-adopted IFRS. These alternative performance measures may not be
directly comparable with other companies' alternative performance
measures and the Directors do not intend these to be a substitute
for, or superior to, IFRS measures. The Directors believe that
these alternative performance measures assist in providing
additional useful information on the underlying performance of the
Group.
Alternative Performance Measures are also used to enhance the
comparability of information between reporting periods, by
adjusting for exceptional items. Exceptional items are disclosed
separately as they are not considered reflective of the year on
year trading performance of the Group. The separate reporting of
exceptional items, which are presented as exceptional within the
relevant category in the Consolidated Income Statement, helps
provide an indication of the Group's underlying business
performance.
Adjusted earnings per share
The calculation of basic and diluted earnings per share is
detailed in Note 4. Adjusted basic and diluted earnings per
ordinary share have been based on the profit for the period
attributable to equity holders of the parent for each financial
period but excluding the post-tax effect of certain exceptional
items. A reconciliation between basic earnings per share and
adjusted earnings per share is shown below:
26 weeks 26 weeks 52 weeks
to to to
1 August 3 August 1 February
2020 2019 2020
Basic earnings per share 3.85p 9.67p 25.29p
Exceptional items excluding loss on
disposal of non-current
assets 2.10p 2.95p 9.27p
Tax relating to exceptional items 0.14p (0.05p) (0.30p)
----------- ---------------- -------------
Adjusted earnings per share 6.09p 12.57p 34.26p
----------- ---------------- -------------
Comparable accounting basis
Restating the performance using property lease costs under IAS
17 'Leases'.
Core
The Group's core Sports Fashion fascia is JD and the Group's
core market is the UK and Republic of Ireland.
EBITDA
Earnings before interest, tax, depreciation and
amortisation.
26 weeks 26 weeks 52 weeks
to to to
1 August 3 August 1 February
2020 2019 2020
GBPm GBPm GBPm
Profit for the period 27.1 98.0 250.7
Addback:
Financial expenses 34.2 41.6 79.8
Income tax expense 14.4 31.9 97.8
Depreciation, amortisation and impairment
of non-current assets 241.6 203.1 462.9
Exceptional items 20.4 28.7 90.3
Deduct:
Financial income (0.7) (0.4) (1.7)
---------- ---------- ------------
EBITDA 337.0 402.9 979.8
---------- ---------- ------------
LFL (Like for Like) sales
The percentage change in the year-on-year sales, removing the
impact of new store openings and closures in the current or
previous financial year .
Glossary (terms are listed in alphabetical order)
Net Cash
Net cash consists of cash and cash equivalents together with
interest-bearing loans and borrowings.
Operating profit before exceptional items
A reconciliation between operating profit and exceptional items
can be found in the Condensed Consolidated Income Statement.
Profit before tax and exceptional items (Headline profit)
A reconciliation between profit before tax and profit before tax
and exceptional items is as follows:
26 weeks 26 weeks 52 weeks
to to to
1 August 3 August 1 February
2020 2019 2020
GBPm GBPm GBPm
Profit before tax 41.5 129.9 348.5
Exceptional items 20.4 28.7 90.3
----------- ----------- -------------
Profit before tax and exceptional items 61.9 158.6 438.8
----------- ----------- -------------
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END
IR KKOBNOBKDFCK
(END) Dow Jones Newswires
September 08, 2020 02:00 ET (06:00 GMT)
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