JD Sports Fashion Plc

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JD Sports Fashion Plc Half Year Report 2021

FINANCIAL HIGHLIGHTS 3,885.8mRevenue m 439.5mProfit before taxand exceptionalitems* 9102.761.92017201820192020202129.16pAdjusted basicearnings perordinary share*pence (p)20172018Net assets m201920202021 021Throughout this Half Year Report ‘*’ indicates the first instance of a term defined and explained in the Alternative Performance Measures section on pages 41-42JD Sports Fashion Plc Half Year Report 2021

Sports FashionbrandsOverviewWHO WE AREFinancial StatementsEstablished in 1981 with a single storein the North West of England, JD SportsFashion Plc is the leading internationalmultichannel retailer of sports, fashionand outdoor brands.Group InformationOutdoorbrandsOverviewWho We Are 1Our Portfolio 2Executive Chairman’s Statement 4Financial StatementsCondensed Consolidated Income Statement 18Condensed Consolidated Statementof Comprehensive Income 18Condensed Consolidated Statementof Financial Position 19Condensed Consolidated Statementof Changes in Equity 20Condensed Consolidated Statementof Cash Flows 21Notes to the Condensed ConsolidatedFinancial Statements 22Directors’ Responsibility Statement 38Independent Review Report toJD Sports Fashion Plc 39Group InformationFinancial Calendar 40Shareholder Information 40Alternative Performance Measures JD Sports Fashion Plc Half Year Report 2021411

OUR PORTFOLIOBuilding our position as the showcase of choice for the global sports fashion industrySPORTS FASHIONOUTDOORSJD UK and ROIBlacksStores:405000 Sq Ft:( 5)iii1,697Stores:( 28)JD EuropeStores:349000 Sq Ft:(-1)201(–)195(-3)Millets000 Sq Ft:( 14)561,035Stores:( 88)93000 Sq Ft:(–)CANADAJD Asia PacificUltimate OutdoorsUKStores:Stores:THE REPUBLIC OF IRELAND73000 Sq Ft:( 4)305( 14)JD US(-1)000 Sq Ft:( 17)277BELGIUM( 73)13000 Sq Ft:(–)93SPAIN AND THE CANARY ISLANDS(–)PORTUGALUSGo OutdoorsStores:000 Sq Ft:33(–)Stores:49( 1)66000 Sq Ft:(–)Sub total – JD and Size?Go FishingStores:Stores:000 Sq Ft:9263,363( 40)3Stores:3513( 9)000 Sq Ft:( 403)15(–)253,610(–)000 Sq Ft:( 749)(–)Total – OutdoorsStores:Other Europe (i)Stores:(–)000 Sq Ft:(–)Stores:000 Sq Ft:(-1)1,880Naylors( 204)Fashion UK834THE 664000 Sq Ft:238(-2)000 Sq Ft:2,504(-21)Finish Line (own)Stores:446000 Sq Ft:(-18)1,497(-67)Finish Line (Macy’s)Stores:000 Sq Ft:290(–)281(–)8(–)Geographical revenue %LivestockStores:4000 Sq Ft:Rest of the World(–)Shoe Palace (ii)Stores:166US000 Sq Ft:(-1)489247000 Sq Ft:( 247)9124.2%37.5%UK(-2)DTLR VillaStores:34.9%( 912)Total – Sports FashionStores:000 Sq Ft:( 670)( 1,805)3,066 10,673(i) Chausport (France), Sprinter(Spain & the Canary Islands),Sport Zone (Portugal), PerrySport/Aktiesport (theNetherlands) and MIG(Central & Eastern Europe)(ii) Includes four stores tradingas Nice Kicks(iii) The figures in brackets show themovement in the six monthperiod ended 31 July 202123.4%Europe2JD Sports Fashion Plc Half Year Report 2021

OverviewSWEDENFINLANDDENMARKESTONIALATVIAFinancial StatementsLITHUANIAPOLANDTHE CZECH REPUBLICAUSTRIASLOVAKIAHUNGARYROMANIABULGARIASOUTH KOREAGERMANYITALYTHAILANDGroup InformationMALAYSIASINGAPOREAUSTRALIAStores number split %Store 000 Sq Ft split %OutdoorsOutdoors7.2% 92.8%Sports Fashion19.0% 81.0%Sports FashionJD Sports Fashion Plc Half Year Report 20213

Group DevelopmentsEXECUTIVECHAIRMAN’SSTATEMENT4JD Sports Fashion Plc Half Year Report 2021IntroductionThe Group continues to demonstrateoutstanding resilience in the face of numerouschallenges arising from the continuedprevalence of the COVID-19 pandemic inmany countries, widespread strain oninternational logistics and other supply chainchallenges, materially lower levels of footfallinto stores in many countries after reopeningand the ongoing administrative and costconsequences resulting from the loss of tarifffree, frictionless trade with the EuropeanUnion. Given these challenges, the recordresult that the Group has delivered in the firsthalf with a profit before tax and exceptionalitems of 439.5 million (2020: 61.9 million;2019: 158.6 million) is extremely encouraging.

OverviewRevenue mProfit before tax m 364.6m22.19pThis result also includes a particularly strongperformance from the Group’s banners in theUnited States which have delivered a combinedprofit before tax and exceptional items of 245.0 million (2020: 73.4 million;2019: 35.7 million). This includes a totalcontribution of 72.9 million from the recentlyacquired Shoe Palace and DTLR businesses.Consistent with other national retailers in theUnited States, our businesses benefittedsignificantly, between mid-March and mid-July,from the fiscal stimulus made available by theFederal Government. Somewhat uniquely, theFederal Government supported its economythrough direct payments to individuals whichcreated a short term and very favourable tradingenvironment with substantial like for like growth instores in this four month period, when compared to2019, which was the most recent trading period notto be impacted by the pandemic.Whilst we recognise the positive impact of thefiscal stimulus in the United States, there was stillsignificant competition for the consumers’ dollars.The reason why we performed so well in this periodis that we have world class fascias and managementteams who understand the aspirations andexpectations of their specific consumer base,Ultimately, the Group is at the pinnacle of theglobal sports fashion industry with consumersinstinctively knowing that our retail propositionsfocus on their fashion desires and aspirations inboth footwear and apparel, with an agilemultichannel ecosystem delivering the higheststandards of retail execution and consumerexperience. This is respected by the internationalbrands who regularly call JD out as a premierglobal strategic partner.Significant M&A TransactionsThe Group has either completed or exchangedcontracts on a number of acquisitions and otherinvestments in the period which look to eitherexpand the geographical reach of its core premiumsports fashion operations or widen the categoryoffer to include other products which are relevantto a style conscious consumer.80s Casual Classics Limited (‘80s Casual Classics’)The acquisition of 80s Casual Classics completed on2 March 2021 with an initial 70% holding acquired forcash consideration of 14.9 million. Founded in 1993,80s Casual Classics is an online retailer of heritageand original clothing inspired by the Britishsubculture of the 70s, 80s and 90s. It offers aunique product mix and experience to consumerswho look on the much loved classics and genresfrom the past decades including Indie, Manchester,Rave and various other dance cultures with fondnostalgia. 80s Casual Classics work closely withcustomers and brands in the re-launch of classiclines collaborating with Ellesse, Fila, Sergio Tacchiniand other brands in supplying quality heritagereleases and fresh releases based on past styling.JD Sports Fashion Plc Half Year Report 20215Group InformationBasic earning perordinary share pIt is most reassuring that the core JD business in theUK and Republic of Ireland performed strongly in thefirst half delivering a profit before tax and exceptionalitems of 170.8 million (2020: 52.0 million;2019: 114.9 million). The deep connection thatJD has built with its consumers in its core marketover a number of years means that consumers arecomfortable interacting with the business throughany channel. However, the successful leveraging ofthat connection in a period when the demand hasbeen shifting between channels, often with littlenotice, has only been achieved because JD hasbuilt an agile operational infrastructure and hasa highly motivated and experienced team whocontinually rise to the challenge.who in turn trust us to curate a product propositionthat delivers to their needs. It is clear that theUnited States is becoming an increasinglyimportant territory for the Group with progressionand evolution in this country having a major impactboth on the Group’s overall performance and itsstanding with the international brands. In thisregard, we are pleased to report further positivedevelopments for the JD fascia in the United Stateswith 66 stores now trading as JD with seven newstores complemented by the conversion of 10former Finish Line stores. We are encouraged by thesales and margin uplift that we have seen to date onthese conversions and it is our intention to convertapproximately 25 further Finish Line stores to JD inthe second half of the financial year.Financial Statements 3,885.8mIntroduction (continued)The JD brand is increasingly recognised on aglobal basis and this result bears testimony tothe underlying strength of our business. I wouldlike to express my sincere thanks and gratitudeto everyone in all of our Group businesses fortheir remarkable contribution in delivering theseexcellent results during such a challenging period.

EXECUTIVE CHAIRMAN’S STATEMENT CONTINUEDDTLR Villa LLC (‘DTLR’)The acquisition of 100% of DTLR completedon 17 March 2021 for cash consideration of 504.4 million. At completion, DTLR, which is basedin Baltimore, Maryland, had 247 stores tradingprimarily as DTLR across 19 states principally in urbanareas across the North and East of the United States.DTLR has the support of the international brandsto expand its store base further in these markets.It is our current intention to maintain JD / FinishLine, Shoe Palace and DTLR as separate fasciasas there is little crossover in locations and theyall have their own unique DNA which comesfrom their retail style and the rich connectionwith their consumer base. There may, however,be opportunities to enhance our collectiveoperational effectiveness and further enhancethe consumer experience in the United Statesby operating collaboratively in certain areas.Accordingly, DTLR has now been transferred tothe same sub-group as Finish Line, JD and ShoePalace. It was always JD’s intention for DTLR tobe part of this sub-group but the requirement forspeed and certainty of execution on the originaltransaction meant that it was more appropriatefor the Group to initially acquire DTLR directly.Marketing Investment Group S.A. (‘MIG’)The acquisition of MIG completed on 30 April 2021with an initial 60% holding acquired for totalconsideration of 344.7 million Polish Zloty (‘PLN’)of which 8.5 million PLN has been deferred subjectto customary closing conditions and is expected tobe paid in 2022. At completion, MIG, which is basedin Krakow, Poland, had 410 stores trading principallyas either Sizeer, which is a premium multi-brandedfascia not too dissimilar to JD, or 50 Style, which isa multi-branded volume retail concept with lowerprice points. Whilst the majority of the stores arelocated in Poland, the Company has also beenexpanding its reach beyond Poland in recent yearsand now has stores in a total of nine countries acrossCentral and Eastern Europe. Since completion,Sizeer has further expanded its store base withadditional new stores in Bulgaria and Romania.This acquisition also provides the Group withan infrastructure and management team for thedevelopment of JD in Central and Eastern Europewith the first store in Poland currently expectedto open in the first half of next year.6JD Sports Fashion Plc Half Year Report 2021Deporvillage SL (‘Deporvillage’)On 25 June 2021, Iberian Sports Retail Group SL(‘ISRG’), the Group’s existing intermediate holdingcompany in Spain, exchanged contracts on theconditional acquisition of Deporvillage which isbased in Manresa, Catalonia. ISRG is a leadingoperator in the sporting goods market across Iberiathrough its Sprinter and Sport Zone fascias withthe acquisition of Deporvillage giving additionaldepth and expertise in the key categories ofcycling, running and outdoor. The transaction wassubject to certain conditions, principally relating toanti-trust clearance, with formal completion takingplace on 3 August 2021. Total maximum cashconsideration for the acquisition of an initial 80%holding is 140.4 million of which 40.4 millionhas been deferred and will be paid contingenton achieving certain future performance criteria.Update on FootasylumThe Competition and Markets Authority(‘CMA’) announced in its Provisional Report on2 September 2021 that it was again minded toprohibit the Group’s acquisition of Footasylum.We are very disappointed by this decision as wefirmly believed that we had provided compellingevidence to the CMA in its re-examination of thetransaction of how the COVID-19 pandemic hasmaterially changed the market for the retailingof international sports brands. In particular, theGroup demonstrated very clearly to the CMAhow, by causing a structural shift in favour ofonline shopping, COVID-19 has empowered andaccelerated the Direct to Consumer strategiesof the international brands as evidenced in theirrecent public statements.The Group finds it surprising that these keyfacts have changed so substantially but the CMA’sprovisional conclusion has not. In particular, theGroup does not understand how the CMA cannow acknowledge that JD has no incentive todeteriorate the price, quality, range and serviceoffered at JD after the merger, but then still findthat JD would find it commercially rational toworsen the Footasylum retail offer, given that bothconsumers and brand proprietors expect retailersof premium brands to maintain high standards inretail execution and consumer engagement.The CMA’s findings are, however, provisional andJD remains committed to its transaction goal ofimproving Footasylum’s resources, access toproduct and differentiated customer proposition.JD will continue to make its case strongly to theCMA before it releases its Final Report, due inOctober 2021.

OverviewPeriod to 31 July 2021RevenueGross profit %DepreciationAmortisation1Operating profitOutdoor mIAS 17 AS 17 mIFRS 16 mIAS 17 .2)459.8443.6(27.7)Profit / (loss) before taxand exceptional items432.1Exceptional items(74.9)(74.9)Profit / (loss) before tax357.2368.7Gross profit 3Outdoor(3.4)–(3.4)Unall 2(32.2)(3.4)439.5451.5(74.9)(74.9)364.6376.6Total mIFRS 16 mIAS 17 48.9(4.0)–(237.7)(69.3)IFRS 16 mIAS 17 AS 17 mNet interest expenseProfit / (loss) before tax(1.1)IFRS 16 m109.4Exceptional items443.6Sports FashionOperating profit / (loss)Profit / (loss) before taxand exceptional items–(18.9)454.981.6(2.9)––(2.9)This is a non-trading charge relating to the amortisation of various fascia names and brand names which arise consequent to the accounting of acquisitions madeover a number of years.The Group consider that net funding costs are cross divisional in nature and cannot be allocated between the segments on a meaningful basis.JD Sports Fashion Plc Half Year Report 20217Group InformationRevenueTotalIFRS 16 mIFRS 16 mNet interest expensePeriod to 1 August 2020Unall 2Financial StatementsEBITDASports Fashion

EXECUTIVE CHAIRMAN’S STATEMENT CONTINUEDSports FashionRevenue m 3,650.6mSports FashionProfit before taxand exceptionalitems m 432.1mSports FashionUK and Republic of IrelandJD & Size?There was robust consumer demand in our core UKand Republic of Ireland market throughout the period.During the closure period in the Spring approximately90% of the combined store and online revenuesfrom 2019, which was the last time we traded freefrom restrictions, were retained through solelydigital channels. This represented an improvementon the prior year when the sales retention relativeto 2019 was approximately 70% and is a reflectionof the enhanced flexibility that we have built intoour operational infrastructure in the last year.There was some pent-up demand when the storesreopened with footfall initially broadly at 2019 levels.However, with conversion significantly ahead of2019, this resulted in an exceptional like for likegrowth in stores through April and May, whenmeasured against 2019, of more than 30%.These footfall levels were relatively short livedthough with traffic into stores over June and Julytypically 20% lower than 2019. However, the higherlevels of conversion have remained and so,consequently, the stores have continued to tradepositively over the last two months of the periodwith like for like growth relative to 2019 of more than5%. Revenues through digital channels remain atelevated levels as compared to the period prior tothe pandemic with sales in the trading websitesrepresenting approximately 30% of total sales sincethe stores reopened. Prior to the pandemic, salesthrough digital channels represented approximately22% of total sales and there is no reason to expectthat they will drop back to these historic levels.We continue to take opportunities to invest inour retail estate where it will further enhance ourconsumer proposition with a net increase of fivestores in the period, which included a store in thenew St James Quarter in Edinburgh.Premium FashionAs with the core JD fascia, there was a high level ofsales retention in the period whilst the stores weretemporarily closed. Measured against 2019, around85% of sales were retained in this period throughdigital channels, which was approximately 20%higher than the first closure period in Spring 2020.Since reopening, the trends have been broadlysimilar to those in JD with significant initial pent-updemand driving like for like growth in stores throughApril and May of more than 15% compared to 2019.Again, as with JD, the performance slowed in the lasttwo months of the period with lower footfall throughthe Summer although higher conversion has ensuredthat trade in stores is in line with previous levels.8JD Sports Fashion Plc Half Year Report 2021GymsGyms in England were permitted to reopen on12 April with gyms in Scotland and Wales followingon 26 April and 3 May respectively. A number ofrestrictions were placed on gyms initially, includingconstraints on capacity and a prohibition on groupclasses and the use of saunas. These restrictionshave all now been lifted.After opening a further five gyms in the period,the Group now operates from 74 sites with 54 sitestrading as JD, including 19 which formerly operatedunder the Xercise4less (‘X4L’) banner. A further 20sites were still bannered as X4L at the period end,of which eight are now in the process of beingconverted to JD. The conversions from X4L, whichsee significant investment in the fabric of the gymand the installation of new equipment, havereceived a very positive reaction with averagemembership numbers across the 19 convertedsites to date increasing by more than 20%.EuropeJD & Size?The COVID-19 pandemic and the loss of tariff free,frictionless trade with the European Union havecombined to create a challenging operationalenvironment. The most significant disruption wasseen in the principal Northern Europe markets ofFrance, Germany and the Netherlands where storeswere forced to close fully for a number of weeks.Elsewhere, there was not the same outright closureperiod in our principal Southern Europe marketsof Spain and Italy with trading restrictionsimplemented on a regional basis. However,when the stores in these markets were permittedto operate, the levels of footfall were significantlylower than pre-pandemic levels with restrictionson customer capacity and trading hours.All markets are currently trading normally with thelast market to reopen being Germany where thestores did not reopen fully until mid-June. We areparticularly encouraged by the initial performanceafter reopening in France, Italy and the Netherlandswhere stronger conversion has offset lower footfallresulting in like for like growth in stores, comparedto 2019, of more than 10%. More recently, theperformance in Iberia has also begun to step upconsistent with the progressive re-emergence oftourism across Spain and Portugal.In those Northern Europe markets which suffered fullclosures, the average retention of sales solely throughdigital channels in the closure period was around80% (2020: 60%) with overall growth in digital salesacross Europe for the period, when compared to2019, of more than 150%. Whilst the Group is activelyengaged in a number of projects to expand its

OverviewSprinter & Sport ZoneAs with JD, our Sprinter stores in Spain werelargely able to remain open throughout the periodalthough, periodically, there were restrictions placedon them in terms of trading hours or customercapacity. There was a strong performance in keyactive sports categories with COVID-19 proving tobe a catalyst for many consumers to increase theirparticipation in sports and fitness.The Sport Zone stores in Portugal were closed in thefirst quarter and reopened in May. The improvementin performance of the business under the Sprintermanagement team has continued in the period.Asia PacificTrading restrictions have impacted all of our marketsin the Asia Pacific region at some stage of the periodwith ongoing closures currently in the principalAustralian markets of Victoria and New South Wales.Prior to the recent closures in Australia, our overallposition in the country had strengthened further withthe opening of a further four stores. There are now34 JD stores in Australia with fitting out of the firststore in New Zealand, at Sylvia Park in Auckland, alsonow completed although the opening has beendelayed following the re-introduction of COVID-19related restrictions in the Auckland area.North AmericaThe stores in the United States have largely tradedfree from any restrictions in the first half with all ofour businesses benefitting from an exceptional, buttemporary, boost to trading from the second roundof stimulus introduced by the Federal Government.As with the first round of stimulus in the prioryear, this economic support was given directlyto individuals, focussing on lower earning membersof the population.As with the first round of stimulus in the prior year,this strong demand has resulted in sector-widelower inventory levels and, consequently, therewas significantly less promotional activity in thefirst half than previous years with a notableincrease in gross margins.There were 66 stores trading as JD at the end ofthe period with seven new stores complementingthe conversion of a further 10 former Finish Linestores. We are pleased with the sales uplift that wehave seen to date in the converted stores and weintend to convert approximately 25 further FinishLine stores to JD in the second half although theexact number will depend on the receipt of timelyplanning consent. We remain confident in thepotential for JD in the United States with sales fromapparel ranges continuing to gain momentum andthe flagship store in Times Square enhancing bothour recognition and our reputation with consumersand our brand partners.Shoe PalaceThe Shoe Palace business has also performed wellin the favourable trading environment providedby the Federal stimulus with store sales, whichhistorically have represented more than 90% of totalsales, growing by more than 30% compared to thesame proforma period in 2019 and total grossmargins increasing by 1.9%.At acquisition in December 2020, the businesshad 167 stores with one small store closed duringthe period. Shoe Palace has the support of theinternational brands to open additional storesfocussing on the Spanish speaking communities onthe West Coast and in the Southern border states.DTLRCompletion of the acquisition on 17 March 2021coincided with the introduction of the Federal stimuluswith DTLR’s core consumer very representative of thedemographic that was the target of the support.As with our other fascias in the United States, it wasthe stores which were the main beneficiary with likefor like sales in physical retail growing by more than40% compared to the same proforma period in 2019and a significant increase in gross margins.JD Sports Fashion Plc Half Year Report 20219Group InformationThe current operational challenges are very muchtemporary in nature and we retain our belief in thelong term opportunity across Europe. Accordingly,we remain committed to expanding our physicalretail presence in Europe with a headline targetof opening one store per week on average.Restrictions placed on construction activity in anumber of markets constrained the number of storesthat we were able to open during the first half,although we have opened 14 net new stores to date.Finish Line & JDGiven the focus of the stimulus, it is not surprisingthat it has primarily been the physical stores whichhave been the beneficiary of the additional tradingwith strong like for like growth in stores betweenMarch and June compared to 2019. During thisperiod, the participation of sales from digital channelsdropped from the pre-pandemic level of around 30%to 25%. The benefit of the stimulus has now startedto subside with the recent sales performance more inline with the performance in prior years and onlineparticipation back around the 30% level.Financial StatementsEuropean logistics infrastructure, online orders inthe period were largely fulfilled from the Group’sprincipal Kingsway warehouse with incremental costsof around 20 million arising from the additionaladministration and duty costs that now existconsequent to the UK’s new trading arrangementswith the European Union. From a longer termperspective though, it is encouraging that there isa broadening base of consumers in Europe who arecomfortable engaging with JD through any channel.

EXECUTIVE CHAIRMAN’S STATEMENT CONTINUEDAt acquisition in March 2021, the business had247 stores with three new stores opening andthree stores closing before the period end.DTLR also has the support of the internationalbrands to open additional stores in future yearsfocussing on their core markets in the North andEast of the United States.Size?During the period, the Group opened its first Groupfascia store in Canada with a new Size? store onQueen Street West in Toronto. This has beencomplemented by the launch of a Size? tradingwebsite in the country. We also anticipate openingthe first JD store in Canada during the second half.Financial PerformanceThe fundamental strength of our businesses isreflected in the fact that, despite the challenges offurther temporary store closures in many markets, weare able to report a record result in Sports Fashion forthe first half with a profit before tax and exceptionalitems of 432.1 million (2020: 81.6 million). On aproforma basis under IAS 17 ‘Leases’ the profit beforetax and exceptional items would have been 443.6 million (2020: 89.6 million).OutdoorOur Outdoor businesses have had a muchimproved first half capitalising on the currentstrong demand for outdoor living and cyclingcategories, with an elevated demand currentlyfor holidays in the UK combined with a generalrecognition of the physical and mental healthbenefits that come from spending time outdoors.Whilst we are encouraged by our performancein the period, we do recognise that the currentpopularity of domestic holidays may be temporaryalthough, by no means did our businesses achievetheir full potential in the period, with supply chaindelays negatively impacting the performanceof certain seasonal categories combined withinsufficient global production capacity to meetcurrent strong demand for bikes and cyclingrelated accessories.Elsewhere our programme of works to enhancethe profile of certain categories such as fishing andequestrian has gained momentum with the openingof 16 additional Fishing Republic concessions in keylocations combined with the opening of the firstNaylors equestrian concession in Kidderminster.The United States was again the Group’s mostprofitable territory with a combined profit beforetax and exceptional items across the threebusinesses of 245.0 million (2020: 73.4 millionfor Finish Line alone) which included excellentcontributions of 36.8 million for the full 26week period from Shoe Palace and 36.1 millionfor the part period post acquisition from DTLR.The exceptional progress that we have made inour original Finish Line business in the three yearssince the acquisition completed in June 2018 isreflected in the fact that Finish Line increased itsprofit before tax and exceptional items for thefirst half by more than 130% to 172.1 million(2020: 73.4 million). Elsewhere, our core JDbusiness in the UK and Republic of Ireland alsodelivered a record result for the first half witha profit before tax and exceptional items of 170.8 million (2020: 52.0 million).Financial PerformanceThe positive progress in the Outdoor businesses isreflected in the fact that, even though the majorityof stores were closed through the first quarter, therewere record revenues in Outdoor in the first half withtotal sales of 235.2 million (2020: 142.5 million).Further, previous work to enhance the operationalintegration of the businesses through commonmerchandising systems and shared commercialresources has also now started to pay dividendswith overall gross margins increasing by 3.8%.Overall gross margins increased within SportsFashion by 2.9%. This is largely due to a strongermargin in the United States with the strongdemand from the fiscal stimulus resulting in lowerlevels of promotional activity in the overall marketcompared to previous years.Supply Chain Developments & BrexitAfter recognising exceptional items in the periodof 74.9 million (2020: nil) principally relating toa net increase in the fair valu

sports fashion operations or widen the category offer to include other products which are relevant to a style conscious consumer. 80s Casual Classics Limited ('80s Casual Classics') The acquisition of 80s Casual Classics completed on 2 March 2021 with an initial 70% holding acquired for cash consideration of 14.9 million. Founded in 1993,

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2.1 identify fashion proportion and the fashion figure; e.g., proportions, anatomy, fashion elongation 2.2 sketch the human figure to fashion proportions; e.g., blocking, style lines, balance lines 2.3 identify a variety of fashion poses; e.g., full front, profile, pelvic thrust 2.4 sketch one fashion illustration using a rounded figure