Companies

JD delays final results for fiscal 2022 but raises outlook

Feb 23, 2022 United Kingdom

The UK-based retailer has reported that the performance positive of the Holidays continued into January, so, “full year results are expected to be slightly ahead of previous expectations”

Therefore, headline profit before tax and exceptional items for the fiscal year ended on the 29^th of January 2022 is now expected to be at least 900 million British pounds. The group explained that agreed with its auditors, KPMG LLP, to delay the announcement of its annual results to ensure that they “had sufficient time to complete its global audit procedures and to allow the Group to report on the outcome of the divestment of Footasylum Limited with greater certainty”.

The retailer is working with the British Competition and Markets Authority on the process to divest Footasylum, despite questioning a penalty of 4.3 million British pounds regarding the exchange of “commercially sensitive information” with Barry Brown, CEO of the Footasylum chain that it was acquired in May 2019.

In addition, the delay will also allow the group to complete a review of its Governance procedures and policies, given the ongoing process to divide the current joint role of Executive Chairman and Chief Executive Officer.

Image Credits: retailgazette.co.uk

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