// JD Sports delays its preliminary results to July 7
// The retailer is looking to “preserve capital” so there will be no final dividend
JD Sports has delayed the publication of its preliminary results for the 12 months to February 1 and has ruled out a final dividend, becoming the latest retailer to cut costs during the coronavirus pandemic.
The sportswear retailer is looking to “preserve capital” and said there would be no final dividend.
“It is the board’s current intention that the group would look to resume dividend payments when conditions allow,” JD Sports said.
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“The board and senior management team in the group have agreed to voluntary salary reductions of at least 25 per cent for the current period of disruption.”
Meanwhile, executive chair Peter Cowgill has volunteered for a 75 per cent salary cut.
“The board believes that it is in the best interests of investors and other stakeholders for the group to announce its results at a later date, so as to provide the greatest amount of clarity on the impact of Covid-19 on the group’s performance for the current financial year to January 30, 2021,” JD Sports said.
It will now release its full-year results on July 7.