Response to CMA Announcement
Source: RNS
27 September 2022
JD Sports Fashion Plc
Response to CMA Announcement
JD Sports Fashion Plc ("JD") notes the press release issued by the Competition and Markets Authority ("CMA") earlier today regarding the completion of its 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. This follows the CMA's announcement of 7 June 2022 setting out its provisional findings in this investigation.
JD notes the following:
· JD has co-operated fully with the CMA throughout this investigation, including taking swift steps to apply for leniency and agreeing to settle the investigation. As a consequence, the CMA has applied a substantial discount in determining its final penalty of £1.485 million. In accordance with the CMA's standard terms of settlement, JD will not be appealing against this penalty.
· On 7 June 2022, JD announced that it would recognise a provision of approximately £2 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.
· No directors or senior management of JD were involved in the offending conduct, which took place in 2018-2019. JD has taken a number of steps to strengthen its competition compliance programme and is committed to ensuring that this is embedded into its daily operations.
JD is committed to offering great value to its customers with a best-in-class multichannel retail experience.
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Neil Greenhalgh
Nim Cassidy
FGS Global Tel: 020 7251 3801
Rollo Head
Jenny Davey
James Thompson
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