JD Sports Fashion Plc JD Sports Fashion Plc Response to CMA Announcement (9628N)
07 Juin 2022 - 08:47AM
UK Regulatory
TIDMJD.
RNS Number : 9628N
JD Sports Fashion Plc
07 June 2022
7 June 2022
JD Sports Fashion Plc
Response to CMA Announcement
JD Sports Fashion Plc ("JD" or "Group") notes the press release
issued by the Competition and Markets Authority ("CMA") earlier
today with regards to its ongoing investigation into the suspected
breaches of competition law by the following entities and their
affiliates: The Rangers Football Club Limited, LBJ Sports Apparel
Limited (trading as Elite Sports) and JD Sports Fashion Plc.
JD can confirm that it has, today, also received a Provisional
Statement of Objections and a Draft Penalty Notice from the CMA.
The CMA's findings are, at this stage, only provisional and the
Group will now review them with its advisers. The CMA will consider
any representations that are made before issuing its final
findings. As the CMA has noted, JD has co-operated fully with the
CMA and, provided this continues, JD will receive a reduction on
any financial penalties that the CMA may decide to impose.
Based on the information available to it at this time, the Group
intends to recognise a provision of approximately GBP2 million in
its financial statements for the 52 weeks to 29 January 2022
representing the Group's best estimate of the liability payable in
respect of this matter, including associated legal costs. The Group
expects to release its final results for this period, incorporating
this provision, shortly.
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Neil Greenhalgh
Finsbury Glover Hering Tel: 020 7251 3801
Rollo Head
Jenny Davey
James Thompson
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