Sportswear retailer JD Sports scraps shareholder dividend pay out due to Covid uncertainty

Despite a 30% jump in revenue to over £6bn, JD Sports said it will not be paying shareholders an annual dividend due to the ongoing Covid uncertainty.
Sportswear retailer JD Sports scraps shareholder dividend pay out due to Covid uncertainty

Sportswear retailer JD Sports, which operates nearly 30 shops in Ireland, has said it has seen weaker customer footfall since reopening and expects Covid-19 disruptions to have a material impact on its results for its current financial year, which runs to the end of next January.

Despite reporting a 3% rise, to £348.5m (€385m), in pre-tax profits for its last financial year, and a 30% jump in revenue to over £6bn, the company said it will not be paying shareholders an annual dividend due to the ongoing Covid uncertainty. Like-for-like sales at its core UK and Ireland shops rose 10% during the last year. The company also operates in mainland Europe, North America and the Asia-Pacific region.

JD Sports said reduced footfall mostly affected its stores within shopping centres, and said it has been “encouraged” by current overall trading patterns.

Premier Inn reports 80% fall in first-quarter

Meanwhile, Premier Inn owner Whitbread has reported an 80% fall in first-quarter like-for-like UK sales, noting improving demand for hotel rooms in tourist spots but subdued demand in London and elsewhere.

“It is still very early days ... to draw any conclusions from our booking trajectory, especially as there has been volatility in hotel performance in other countries that relaxed controls before the UK,” said CEO Alison Brittain.

-additional reporting Reuters

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