JD Sports sees some recovery in face of closures

The price of shares in FTSE 100 clothing retailer JD Sports Fashion (LON:JD.) has risen by 7.28% to 390.30p (as of 11:25 GMT) despite the closure of almost all stores in the UK, US, and Europe. The company said that it did not believe it was appropriate at this stage to give financial guidance for the current financial year, but said that it had a strong balance sheet, net cash resources, and substantial working capital to ensure survival during the closure period.

Executive chairman Peter Cowgill commented: “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“.