JD Sports has announced the immediate closure of all stores in the UK, Europe and the US until further notice.
In a statement, the business said that the website would still be trading, but stressed that there would be a significant impact from the closure of stores.
“In a typical week, at this time of the year, we would expect the stores which are closed to contribute substantially all of the Group’s physical store sales.”
“Whilst our trading websites continue to accept and fulfil orders and, whilst we have seen a resilient performance to date in most territories, this represents a comparatively small mitigation in terms of overall profit contribution.”
The business also stated that it would delay the announcement of its full year financial results, which were scheduled to be reported on 15 April 2020. While a date is yet to be announced, the delay will allow JD Sports Group to “provide greater clarity of the impact of Covid-19”
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.”