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"value": "Notes to the Consolidated Financial Statements1. Basis of PreparationGeneral InformationJD Sports Fashion Plc (the \u2018Company\u2019) is a company incorporated in the United Kingdom and registered in England and Wales. The financial statements for the 53 week period ended 3 February 2024 represent those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The financial statements were authorised for issue by the Board of Directors on 3 June\ue61f2024.Basis of PreparationThese Group financial statements were prepared in accordance with UK-adopted International Accounting Standards.The financial statements are presented in Pounds Sterling, rounded to the nearest tenth of a million. The financial statements have\ue61fbeen prepared on a going concern basis, under the historical cost convention, except for the revaluation of certain financial\ue61finstruments.The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in\ue61fthese\ue61ffinancial statements and have been applied consistently by all Group entities. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are\ue61fset out in the Strategic Report on pages 10 to 93. In addition, details of financial instruments and exposures to interest rate, foreign currency, credit and liquidity risks are outlined in Note\ue61f23.Going ConcernThe Directors have prepared the Group and the Company financial statements on a going concern basis for the following\ue61freasons:At 3 February 2024, the Group had a cash and cash equivalents balance of \u00a31,101.6 million (28 January 2023 (restated): \u00a31,548.9 million), see Note 33, with available committed UK borrowing facilities of \u00a3700 million (28 January 2023: \u00a3700 million), see note 22, of\ue61fwhich \u00a3Nil (28 January 2023: \u00a3Nil) has been drawn down and is available up to 6 November 2026 and US facilities of approximately $300 million of which $12.5m was drawn down (28 January 2023: $Nil) and is available up until 24 September 2026. There has been no material change in the extent of cash and facilities available since the period end.These facilities are subject to certain covenants, please refer to Note 22. The Directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook. On 23 April 2024, the Group entered into a binding agreement to acquire 100% of the outstanding share capital of Hibbett, Inc., a\ue61fcompany listed on the Nasdaq Stock Market, for a price of $87.50 per share in cash, implying an equity value of $1,083 million (c.\ue61f\u00a3878 million) and an enterprise value of $1,109 million (\u00a3899 million). There has been no material change in the extent of cash and facilities available since the period end. The Group expects to fund the total consideration payable, and refinance Hibbett, Inc.\u2019s existing debt, through a combination of\ue61fexisting US cash resources of $300 million and a $1,000 million extension to the Group\u2019s existing bank facilities which has been committed. This acquisition remains subject to antitrust review by the relevant US authorities.Within the period, the Group announced the proposed acquisition of 100% of the issued share capital of Groupe Courir S.A.S (\u2018Courir\u2019) for an enterprise value of \u20ac520 million, which will be funded through a combination of the Group\u2019s existing cash reserves\ue61fand an agreed extension to the Group\u2019s existing bank facilities. This acquisition remains subject to review by the European\ue61fCommission. These acquisitions have been considered as part of the going concern review. The Directors have prepared cash flow forecasts for the Group covering a period of at least 12 months from the date of approval of the Group and Company financial statements, including specific consideration of a range of impacts that could arise from geo-political tensions and the actual and potential impact on inflationary cost pressures. These forecasts indicate that the Group and Company will be able to operate within the level of its agreed facilities and covenant compliance. For the purposes of Going Concern Reporting, the Directors have prepared severe but plausible downside scenarios which cover the same period as the base case. A 5% reduction in like-for-like sales* for the whole year has been considered, in addition to a range of reasonably plausible downside scenarios considered for the purposes of viability reporting. This has considered the specific consideration of a significant business continuity event adversely impacting one of the Group\u2019s main Distribution Centres across the Q4 peak trading period; a significant cyber-attack resulting in a significant proportion of the Group\u2019s stores being unable to trade for period of one month, impacting the peak trading period of December 2024; a severe but plausible reduction in the allocation of stock, or business interruption impacting the availability of stock, from one of our key Sports Fashion suppliers. The Directors have also considered the impact on the base case and severe but plausible downside scenarios, of the acquisition activity recently announced in respect of the proposed acquisitions of Groupe Courir S.A.S and Hibbett, Inc..The forecast cash flows reflecting the above scenarios indicate that there remains sufficient headroom for the Group to operate within the committed facilities and to comply with all relevant banking covenants during the forecast period. Furthermore, mitigating actions within the Group\u2019s control could be taken, should these severe but plausible scenarios occur, including reductions in capital expenditure*, discretionary spend and dividends.A reverse stress test has also been performed on the base forecasts which indicates that a combination of the above severe but plausible scenarios all occurring at the same time would be required for the Group to run out of cash and be fully drawn down on the available facilities or to breach a covenant before consideration of mitigating actions. This is not considered to be a plausible scenario, as the combination of all scenarios simultaneously is considered to be exceptionally remote.The Directors have considered all of the factors noted above and are confident that the Group has adequate resources to continue to meet all liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.Basis of ConsolidationI. Consolidation The Consolidated Financial Statements comprise the financial statements of the Company and its subsidiaries as at 3 February 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: \u2013 Power of the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee). \u2013 Exposure, or rights, to variable returns from its involvement with the investee. \u2013 The ability to use its power over the investee to affect its returns.Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2013 The contractual arrangement(s) with the other vote holders of the investee. \u2013 Rights arising from other contractual arrangements. \u2013 The Group\u2019s voting rights and potential voting rights.The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the Consolidated Financial Statements from the date the Group gains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (\u2018OCI\u2019) are attributed to the equity holders of the parent of\ue61fthe\ue61fGroup and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When\ue61fnecessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with\ue61fthe\ue61fGroup\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to\ue61ftransactions between members of the Group are eliminated in full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in the Consolidated Income Statement. Any\ue61finvestment retained is recognised at fair value.II. Associates and Joint VenturesThe Group\u2019s interests in equity-accounted investees comprise interests in associates and interests in joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control over the financial and operating policies based on a contractual arrangement. Interests in associates and joint ventures are accounted for using the equity method and are initially recognised at cost, then subsequently less provision for impairment. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and other\ue61fcomprehensive income of equity-accounted investees until the date on which significant influence or joint control ceases.III. Transactions Eliminated on ConsolidationIntra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements.IV. Employee Benefit TrustAn Employee Benefit Trust is operated by the Group and Company and is considered to be a special purpose entity in which the substance of the relationship is that of control by the Group in order that the Group may benefit from its control. The assets held by the trust are consolidated into the Group.Changes in Ownership Interest Without a Loss of ControlIn accordance with IFRS 10 \u2018Consolidated Financial Statements\u2019, upon a change in ownership interest in a subsidiary without a\ue61floss of control, the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in\ue61ftheir relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of\ue61fthe parent. Acquisitions or disposals of non-controlling interests are therefore accounted for as transactions with owners in\ue61ftheir capacity as owners and no goodwill is recognised as a result of such transactions. Alternative Performance MeasuresThe Directors measure the performance of the Group based on a range of financial measures, including measures not recognised by UK-adopted International Financial Reporting Standards. These Alternative Performance Measures may not be\ue61fdirectly comparable with other companies\u2019 Alternative Performance Measures and the Directors do not intend these to be\ue61fa\ue61fsubstitute for, or superior to, IFRS measures. The Directors believe that these Alternative Performance Measures assist in\ue61fproviding additional useful information on the trading performance of the Group. For the financial period ended 3 February 2024, the Group has updated the presentation of the Consolidated Income Statement to\ue61fa three-column format to show adjusting items against the relevant income statement line item. The term \u2018adjusting items\u2019 as opposed to \u2018adjusted items\u2019 that was used in the prior period has been updated as has the definition of adjusting items to include the impairment of loan receivables. These updates are intended to provide disclosure and greater clarity over what is classified as an adjusting item and, by being more specific in terms of defining the adjusting items, results in the provision of more relevant information with greater comparability between financial periods.Alternative Performance Measures are also used to enhance the comparability of information between reporting periods, by\ue61faccounting for adjusting items. Adjusting items are disclosed separately when they are considered unusual in nature and not\ue61freflective of the trading performance and profitability of the Group. The separate reporting of adjusting items, which are\ue61fpresented as adjusting within the relevant category in the Consolidated Income Statement, helps provide an indication of\ue61fthe\ue61fGroup\u2019s trading performance. An explanation as to why items have been classified as adjusting is given in Note 4. Further\ue61finformation can be found in the Alternative Performance Measures section on pages 253 to 259.Adoption of New and Revised StandardsThe following new standards and amendments became effective for the period ended 3 February 2024. These have no significant impact on the consolidated results or financial position. \u2013 IFRS 17 \u2013 Insurance Contracts (effective from 1 January 2023). \u2013 Amendments to IAS 1 \u2013 Disclosure of Accounting Policies (effective from 1 January 2023). \u2013 Amendments to IAS 8 \u2013 Definition of Accounting Policies (effective from 1 January 2023). \u2013 Amendments to IAS 12 \u2013 Income Taxes \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective from 1 January 2023). \u2013 Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar Two Model Rules (effective from 1 January 2023).The following amendments are in issue but have yet to become effective. These are not expected to have a significant impact on\ue61fthe consolidated results or financial position. \u2013 Amendments to IFRS 10 \u2013 Lease Liability in a Sale and Leaseback (effective from 1 January 2024). \u2013 Amendments to IAS 1 \u2013 Non-Current Liabilities with Covenants (effective from 1 January 2024). \u2013 Amendments to IFRS 7 and IAS 7 \u2013 Supplier Finance Arrangements (effective from 1 January 2024). \u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from 1 January 2025).IAS 12 Income TaxesThe Group has adopted the amendments to IAS 12, which apply to income taxes arising from tax law enacted, or substantively enacted, to implement the Pillar Two Model Rules published by the OECD.The amendments include a mandatory temporary exception of the accounting requirement for deferred taxes under IAS 12, such that an entity neither recognises nor discloses information regarding deferred tax assets and liabilities in respect of Pillar Two Model Rules. The\ue61fGroup has adopted this exception.OtherThe Group continues to monitor the potential impact of other new standards and interpretations which may be endorsed and require adoption by the Group in future reporting periods. The Group does not consider that any other standards, amendments or\ue61finterpretations issued by the IASB, but not yet applicable, will have a significant impact on the financial\ue61fstatements.Accounting PoliciesRevenue RecognitionRevenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for\ue61fgoods and services provided in the normal course of business, net of price discounts and sales-related taxes.I. Goods Sold Through Retail Stores and Trading WebsitesIn the case of goods sold through retail stores and trading websites, revenue is recognised when goods are sold, meaning the\ue61fperformance obligation of the transaction has been satisfied, less provision for returns. A separate right of return asset is recognised. Accumulated experience is used to estimate and provide for such returns at the time of the sale. The refund liability due to customers on return of their goods is\ue61frecognised in a separate refund liability category. Retail sales are typically paid by cash, debit card or credit card. \u2013 For online sales, performance obligations are deemed to be satisfied when the goods are delivered to the customer. \u2013 For online click and collect orders, where the customer pays online but collects in store, performance obligations are deemed to be satisfied when the goods are collected by the customer. \u2013 For reserve and collect orders, where the customer reserves online but pays at the point of collection from the store, performance obligations are deemed to be satisfied when the goods are collected by the customer. II. Wholesale RevenueWholesale revenue is recognised when goods are dispatched, meaning that the performance obligations have been met and control over a product has passed to the\ue61fcustomer. In some instances, goods are sold with a right of return. Where wholesale goods are sold with a right of return,\ue61fa\ue61fprovision is made to estimate the expected level of returns based on accumulated experience and historical rates. The refund liability due to customers on return\ue61fof their goods is recognised in a separate refund liability category. Wholesale sales are either settled by cash\ue61freceived in\ue61fadvance\ue61fof\ue61fthe goods being dispatched or made on agreed credit terms.III. Subscription and Joining Fee RevenueRevenue from the sale of fitness and leisure club memberships is recognised in the period the membership relates to. This revenue\ue61fis recognised over time, on a straight-line basis over the expected duration of the membership. For new club openings, memberships are sold and joining fees are collected in the period before the\ue61fnew club is opened. Membership income received in\ue61fadvance of the club opening is deferred until the club is\ue61fopen and then recognised on an accruals basis over the related membership period. IV. Gift CardsThe initial sale of a gift card is treated as an exchange of tender, with the revenue recognised when the cards are redeemed by\ue61fthe\ue61fcustomer. Revenue from gift card breakage is recognised when the likelihood of the customer utilising the gift card becomes remote. The liability relating to gift cards not yet redeemed is included within other payables and accrued expenses.Other Operating Expenses Other operating expenses are classified based on their function within the Group. They are classified between selling and distribution and administrative expenses. Selling and distribution expenses include all costs associated with the marketing and distribution of the Group\u2019s goods and services. These expenses encompass advertising and promotional activities, all costs relating to stores and warehouses (staff costs, rents and rates, bank and credit card charges, store security, and depreciation and amortisation), online channel sales cost and distribution costs. Administrative expenses comprise overhead costs that are not directly attributable to specific sales, stores or distribution and warehousing activities. These costs are mostly support function related costs at Head Office and within the operating businesses including finance, human resources, procurement, property, legal and IT, as well as depreciation and amortisation of the assets used by support functions.InventoriesInventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average principle. An element of\ue61fsupplier rebates is deferred into inventory and released on a straight-line basis as the related inventory is sold.The Group makes provisions for obsolescence, mark downs and shrinkage based on historical experience, the quality of the\ue61fcurrent season buy, market trends and management estimates of future events. The provision requires estimates for shrinkage, the expected future selling price of items and identification of aged and obsolete items. Government Support During the 52 week period ended 28 January 2023, the Group repaid\ue61fthe \u00a324.4 million of furlough income that it received from the\ue61fUK Government in the 52 week period ended 29 January 2022. Share-Based PaymentsThe Executive Directors receive an element of remuneration in the form of share-based payments. Share-based payments are\ue61fmeasured at fair value at the grant date which is determined by the share price on the day preceding the grant date. The cost of share-based payments is recognised as an expense, together with a corresponding increase in equity, on a straight-line basis over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that\ue61fthe\ue61famount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Further information is available in the Directors\u2019 Remuneration Report on page 117 and in Note 5.An Employee Benefit Trust (\u2018EBT\u2019) has been established to facilitate the acquisition of ordinary shares to fund share awards made to employees. The assets and liabilities of the EBT have been included in the Group and Company accounts. The assets of\ue61fthe EBT are held separately from those of the Company. The Group Consolidated Statement of Comprehensive Income does not recognise gains or losses on purchases or sales of own shares. The cost of shares acquired by the EBT is recognised within equity. The Trustee of the EBT has agreed to waive its rights to any and all dividends paid.Assets Held-for-Sale and DisposalsNon-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if all of the following criteria is met in line with IFRS 5. The carrying amount is expected to be recovered through the sale transaction \u2013 It is available for sale in its present condition \u2013 The Group had committed to sell and this sale plan had been initiated \u2013 It is being actively marketed at a price that is reasonable in relation to its fair value \u2013 There is an expectation that the sale process would be completed within 12 months of the classification as held-for-sale.Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro-rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or investment property, which continue to be measured in accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in the Consolidated Income Statement. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. On disposal, the balances are derecognised and the profit or loss on disposal is recognised in the Consolidated Income Statement as an adjusting\ue61fitem.Supplier RebatesSupplier rebates include promotion cost contributions and marketing initiative support and are recognised in the Consolidated Financial Statements when they are contractually agreed with the supplier and can be reliably measured. Such rebates typically relate to the launch of such initiatives and therefore rebate income is typically recognised across the period in which launch costs are recognised. Contributions towards store fixtures are recognised as a credit within the Consolidated Income Statement within the period in which they are received. Other rebates are agreed with suppliers retrospectively once specific targets have been achieved and recognised after the end of the relevant supplier\u2019s financial year.Climate ChangeIn preparing the Consolidated Financial Statements, the Group has considered the potential impact of climate change, particularly in the context of the climate-related risks identified in the Task Force on Climate-related Financial Disclosures (TCFD) section as set out on page 60, on its financial performance and position. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Group considered the impact of climate change in respect of forecast cash flows for the purposes of impairment assessments of non-current assets, and the useful lives of certain assets. Whilst there is currently little short to medium-term impact expected from climate change, the Directors are aware of the changing nature of risks associated with climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements.Critical Accounting Judgements and Key Sources of Estimation UncertaintyThe preparation of financial statements in conformity with adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and\ue61fexpenses. The\ue61festimates and associated assumptions are based on historical experience and various other factors that\ue61fare\ue61fbelieved to be reasonable under the circumstances, the results of which form the basis of making the judgements and estimates about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from\ue61fthese\ue61festimates. Critical Accounting JudgementsThe following are critical judgements, apart from those involving estimations (which are presented separately below), that management have made in the process of applying the Group\u2019s accounting policies and that have the most effect on the amounts recognised in the Consolidated Group Financial Statements.Adjusting ItemsManagement exercises significant judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and/or scale of impact of that item on the reported performance. In determining whether an item should be presented as adjusting, the Group considers items which are significant because of either their size or their nature which management believe would distort an understanding of earnings if not separately presented. An explanation as to why items have been classified as adjusting is given in Note 4. Further information about metrics that the Group utilise which exclude adjusting items can be found in the Alternative Performance Measures section on pages 253 to 259.Key Sources of Estimation UncertaintyThe key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below:Genesis Put and Call OptionGenesis Put and Call Option agreements that allow the Group\u2019s equity partners to require the Group to purchase a non-controlling interest are recorded\ue61fin the consolidated balance sheet initially at the present value of the redemption amount, in accordance with IAS 32 Financial Instruments: Presentation. On initial recognition, the corresponding amount is recognised against the put and call option reserve. Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Group could be\ue61frequired to pay are recognised in the Consolidated Income Statement. If the contract expires without delivery, the carrying amount of the financial liability is reclassified to equity, otherwise the financial liability is derecognised for the amount settled.The key significant option outstanding as at 3 February 2024 relates to the Group\u2019s US sub-group, Genesis. The Genesis put and call liability at 3 February 2024 was \u00a3763.5 million (2023 (restated): \u00a3782.9 million).Genesis Put and Call OptionThe Group uses a\ue61fthird-party valuation expert to independently determine the present value of the exercise price of the Genesis put and call options. The approach uses a Monte-Carlo simulation model applying a geometric Brownian motion to project the share\ue61fprice and an arithmetic Brownian motion for the projection of EBITDA forecasts. See Note 24b for the full accounting policy. The critical estimate used to value the put and call option liability is the EBITDA forecasts and growth assumptions for future periods. Further information about the sensitivities used can be found in Note 24b.Future Changes in Application of Accounting PoliciesI. Segmental AnalysisAs announced in the Group\u2019s trading update on 28 March 2024, with effect from the 52 week period ending 1 February 2025, new segmentation will be used for reporting, initially at the Q2 trading update in August 2024 and then for the interim results for the 26 week period ending 3 August 2024.II. Adjusting ItemsIn line with the majority of large, UK-listed retail companies, with effect from the 52 week period ending 1 February 2025, the Group will extend its definition of adjusting items to include amortisation of acquired intangibles.2. Segmental AnalysisIFRS 8 \u2018Operating Segments\u2019 requires the Group\u2019s segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker to allocate resources to the\ue61fsegments and to assess their performance. The Chief Operating Decision Maker is considered to be the Chief Executive Officer of\ue61fJD Sports Fashion Plc. Information reported to the Chief Operating Decision Maker is focused on the nature of the businesses within the\ue61fGroup. The Group\u2019s reportable segments under IFRS 8 are Sports Fashion and Outdoor. In accordance with IFRS 8.12, we have aggregated several operating segments with similar economic characteristics into a larger Sports Fashion operating segment and concluded that, in doing so, the aggregation is still consistent with the core principles of IFRS 8. When aggregating the operating segments into the larger Sports Fashion operating segment, we have primarily taken into\ue61fconsideration: \u2013 IFRS 8.12.a the nature of products or services \u2013 IFRS 8.12.c the type or class of customer \u2013 IFRS 8.12.d the methods used to distribute their products. The entities included in the Sports Fashion operating segment have similar characteristics as well-established, leading retailers\ue61for\ue61fwholesalers of footwear, apparel and accessories from a mix of international sports fashion brands and private\ue61flabels. When determining what to include within the Sports Fashion segment, we have considered that the fascias\ue61fall\ue61ftarget a\ue61fsimilar demographic in terms of both age range and an aspiration to achieve a certain style, whether the\ue61fproduct is\ue61fto be used for lifestyle wear or active sports participation. The entities typically have similar economic characteristics in\ue61fterms of\ue61fsales metrics, long-term average gross margins, levels of capital investment and operating cash flows. The Outdoor segment differs from the Sports Fashion segment in that Outdoor is focused on retailing specialist apparel, footwear and technical products for outdoor pursuits. Further, the Outdoor segment typically appeals to an older and/or family-oriented demographic as\ue61fcompared with the younger and more style-focused demographic targeted by the\ue61fSports Fashion businesses.The Chief Operating Decision Maker receives and reviews segmental operating profit. Certain central administrative costs including Group Directors\u2019 salaries are included within the Group\u2019s Sports Fashion result. This is consistent with the results as\ue61freported to the Chief Operating Decision Maker.IFRS 8 requires disclosure of information regarding revenue from major customers. The majority of the Group\u2019s revenue is derived from the retail of a wide range of apparel, footwear and accessories to the general public. As such, the disclosure of\ue61frevenues from major customers is not appropriate.The Board considers that certain items are cross-divisional in nature and cannot be allocated between the segments on a\ue61fmeaningful basis. Certain net funding costs are treated as unallocated, reflecting the nature of the Group\u2019s syndicated borrowing facilities. The eliminations remove intercompany transactions and balances between different segments which primarily relate to the net drawdown of long-term loans and short-term working capital funding provided by JD Sports Fashion Plc (within Sports Fashion) to\ue61fother\ue61fcompanies in\ue61fthe Group, and intercompany trading between companies in different segments. Inter-segment transactions are undertaken in the ordinary course of business on arm\u2019s length terms. Information regarding the Group\u2019s reportable segments for the 53 weeks to 3 February 2024 is shown below:Sports Fashion Outdoor Unallocated Total Income statement\u00a3m \u00a3m\u00a3m\u00a3m Gross revenue 9,982.4 559.6 \u2013 10,542.0Inter-segment revenue (0.3) 0.3 \u2013 \u2013Revenue 9,982.1 559.9 \u2013 10,542.0Gross profit % 48.4% 42.3% \u2013 47.9%Operating profit before adjusting items 987.2 (7.3) \u2013 979.9Adjusting items (42.9) (9.8) \u2013 (52.7)Operating profit/(loss) 944.3 (17.1) \u2013 927. 2Finance income \u2013 \u2013 39.2 39.2Impairment loss on financial assets (58.8) \u2013 \u2013 (58.8)Finance expenses (96.4) \u2013 \u2013 (96.4)Profit/(loss) before tax 789.1 (17.1) 39.2 811.2Income tax expense (206.1) (0.1) \u2013 (206.2)Profit/(loss) for the period 583.0 (17.2) 39.2 605.0Sports Fashion Outdoor Eliminations Total Total assets and liabilities\u00a3m \u00a3m\u00a3m\u00a3m Total assets 7,815.1 385.0 (153.9) 8,046.2Total liabilities (4,986.3) (345.4) 153.9 (5,177.8)Total segment net assets 2,828.8 39.6 \u2013 2,868.4Sports Fashion Outdoor Total Other segment information Note\u00a3m \u00a3m\u00a3m Capital expenditure:Intangible assets (software development)13 29.5 \u2013 29.5Intangible assets (brand licences)13 73.0 \u2013 73.0Property, plant and equipment14 518.9 10.9 529.8Right-of-use assets16 582.8 10.0 592.8Other non-current assets 18 10.2 \u2013 10.2Depreciation, amortisation and impairments: Amortisation of intangible assets13 68.3 4.7 73.0Depreciation of property, plant and equipment14 168.8 9.0 177.8Depreciation and amortisation of right-of-use assets16 391.3 22.0 413.3Impairment of non-current assets (adjusting items) 29.4 9.8 39.2Impairment of non-current assets (non-adjusting items) 21.6 \u2013 21.6The comparative segmental results for the 52 weeks to 28 January 2023 are shown below:(1)RestatedSports Fashion Outdoor Unallocated Total Income statement\u00a3m \u00a3m\u00a3m\u00a3m Gross revenue 9,560.9 564.1 \u2013 10,125.0Inter-segment revenue (0.3) 0.3 \u2013 \u2013Revenue 9,560.6 564.4 \u2013 10,125.0Gross profit % 48.5% 43.0% 48.2%Operating profit before adjusting items 1,043.9 16.4 \u2013 1,060.3Adjusting items (214.5) (39.8) \u2013 (254.3)Operating profit/(loss) 829.4 (23.4) \u2013 806.0Finance income \u2013 \u2013 8.4 8.4Finance expenses (327.7) \u2013 \u2013 (327.7)Profit/(loss) before tax 501.7 (23.4) 8.4 486.7Income tax expense (208.9) (5.3) \u2013 (214.2)Profit/(loss) for the period 292.8 (28.7) 8.4 272.5(1)RestatedSports Fashion OutdoorEliminationsTotal Total assets and liabilities\u00a3m \u00a3m\u00a3m\u00a3m Total assets 7,842.1 462.1 (193.6) 8,110.6Total liabilities (5,273.5) (399.7) 193.6 (5,479.6)Total segment net assets 2,568.6 62.4 \u2013 2,631.0(1)RestatedSports Fashion Outdoor Total Other segment information Note\u00a3m \u00a3m\u00a3m Capital expenditure:Intangible assets (software development)13 19.9 \u2013 19.9Intangible assets (brand licences)13 78.4 \u2013 78.4Property, plant and equipment14 305.6 21.0 326.6Right-of-use assets16 374.3 35.6 409.9Other non-current assets 18 12.8 \u2013 12.8Depreciation, amortisation and impairments: Amortisation of intangible assets13 71.6 4.4 76.0Depreciation of property, plant and equipment14 154.1 7.9 162.0Depreciation of right-of-use assets16 372.2 23.0 395.2Impairment of non-current assets (adjusting items) 83.8 39.8 123.6Impairment of investment in associates and joint ventures (adjusting items)17 19.6 \u2013 19.6Impairment of non-current assets (non-adjusting items) 3.4 \u2013 3.4(1) Please refer to Note 39 for further details of the restatement.Geographical InformationThe Group\u2019s operations are located in the UK, Andorra, Australia, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark,\ue61fEstonia, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Israel, Italy, Latvia, Lithuania, Malaysia, the Netherlands, New Zealand, Poland, Portugal, the Republic of Ireland (\u2018ROI\u2019), Romania, Serbia, Singapore, Slovakia,\ue61fSlovenia, South\ue61fKorea, Spain\ue61fand the Canary Islands, Sweden, Thailand, the UAE and\ue61fthe\ue61fUS.The following table provides analysis of the Group\u2019s revenue by geographical market, irrespective of the origin of the goods/services:53 weeks to 52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023Revenue\u00a3m\u00a3mUK & ROI 3,510.2 3,826.7Europe 3,093.5 2,659.9North America 3,413.5 3,150.1Rest of world 524.8 488.310,542.0 10,125.0The revenue from any individual country, with the exception of the UK, US and Spain, is not more than 10% of the Group\u2019s total\ue61frevenue.Revenue by ChannelRestated(1)53 weeks to 52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023Revenue\u00a3m\u00a3mRetail stores 7,956.6 7,306.5Online 2,350.3 2,543.3(2)Other235.1 275.210,542.0 10,125.0(1) An error has been identified in the prior period disclosure in the classification of these balances. Retail store revenue was overstated by \u00a339.1 million, online was understated by \u00a382.5 million and other was overstated by \u00a343.4 million. These reclassifications have no effect on the overall reported results.(2) Other relates to revenue from leisure club memberships, wholesale and commission sales.Revenue by Product Type53 weeks to 52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023Revenue\u00a3m\u00a3mFootwear 5,920.4 5,471.4Apparel 3,408.4 3,560.6Accessories 669.5 629.6(3)Other543.7 463.410,542.0 10,125.0(3) Other relates to revenue from sales of outdoor living equipment, delivery income and revenue from leisure club memberships. The following is an analysis of the carrying amount of segmental non-current assets by the geographical area in which the assets are located.(4)(4)RestatedRestated53 weeks to 52 weeks to 52 weeks to 3 February28\ue61fJanuary 30\ue61fJanuary 202420232022Non-Current Assets\u00a3m\u00a3m\u00a3mUK & ROI 1,254.1 1,239.6 1,252.5Europe 1,702.5 1,472.8 1,378.2North America 1,901.7 1,800.6 1,682.5Rest of world 144.9 161.9 163.35,003.2 4,674.9 4,476.5(4) Please refer to Note 39 for further details of the restatement.3. Profit Before Tax(1)Restated53 weeks to 52 weeks to 3 February 28\ue61fJanuary 20242023Note\u00a3m\u00a3mProfit before tax is stated after charging/(crediting): Auditor's remuneration: (2)Audit of these financial statements (Deloitte LLP / KPMG LLP)5.0 4.0Amounts receivable by the Company's Auditor (Deloitte LLP / KPMG LLP) and its associates in respect of: Audit of financial statements of subsidiaries of the Company 1.3 2.2Interim review \u2013 0.2Depreciation and amortisation of non-current assets: Depreciation of property, plant and equipment 14 177.8 162.0Depreciation of right-of-use assets16 413.3 398.4Amortisation of intangible assets13 73.0 76.0Impairments of non-current assets:Property, plant and equipment (adjusting items)14 2.5 \u2013Property, plant and equipment (non-adjusting items)14 7.0 1.5Right-of-use assets (adjusting items)16 1.8 4.5Right-of-use assets (non-adjusting items)16 14.6 0.3Goodwill and fascia names (adjusting items)13 34.9 117.6Other intangible assets (non-adjusting items)13 \u2013 0.8Other non-current assets (non-adjusting items)18 \u2013 3.0Impairment of investment in joint ventures and associates (adjusting)17 \u2013 19.6Loss on disposal of non-current assets (non-adjusting) 7.6 5.1Impairment loss on financial assets (adjusting)4 58.8 \u2013Rentals payable under non-cancellable leases for: (3)Land and buildings \u2013 variable lease payments16 104.5 91.3(3)Land and buildings \u2013 short-term leases16 2.0 3.4(3)Plant and equipment \u2013 short-term leases\u2013 0.4Other items:Movement in the present value of put and call option liabilities (adjusting) (5.5) 250.4Movement in the fair value of forward contracts (16.7) 32.2Foreign exchange (gain)/loss recognised (10.4) 3.7Share of associate profit and joint ventures (7.6) (4.9)(4)Other operating income(30.5) (28.6)(1) Please refer to Note 39 for further details of the restatement.(2) The \u00a36.3 million audit fee for the period ended 3 February 2024 represents the costs incurred to the balance sheet date. The total audit fee payable to Deloitte LLP for the audit of the Group\u2019s financial statements for the period ended 3 February 2024 is expected to be in the region of \u00a314 million. In addition to this, the Company bears the cost of the audit of the Group for the purpose of inclusion in Pentland\u2019s consolidated financial statements for the 13 month period to 31 January 2024. The \u00a34.0 million audit fee for the period ended 28 January 2023 includes \u00a30.7 million of prior period fees paid to KPMG LLP that were agreed after the financial statements for the period ended 29 January 2022 were signed. In addition to the above, fees of \u00a30.2 million were incurred in the period ended 28 January 2023 and paid to KPMG LLP by Pentland Group Limited in relation to the non-coterminous audit of the Group for the purpose of inclusion in its Consolidated Financial Statements for the 12 month period to December 2022. Further fees of \u00a332,000 were incurred and paid to KPMG LLP for non-audit services. No further fees were paid to KPMG LLP for the period ended 3 February 2024. Fees of \u00a320,000 were payable to Deloitte LLP in respect of non-audit services for the period ended 3 February 2024.(3) Since transition to IFRS 16 on 3 February 2019, lease rentals in relation to variable, rolling leases and short-term lease payments have been charged to the Consolidated Income Statement. The variable lease payments shown above relate to turnover rents which are impacted by changes in sales at certain stores where the lease includes an element of turnover rent. Rolling lease payments are in relation to leases where the Group has applied judgement to determine the lease term for certain lease contracts in which the Group is a lessee that either have no specified end date, or where the Group continues to occupy the property despite the contractual lease end date having passed.(4) Other operating income relates to income receivable for online and in-store advertising services, commission income, rental income, sub-lease payments receivable and amounts receivable not in the ordinary course of business.4. Adjusting ItemsFor the financial period ended 3 February 2024, the Group has updated the presentation of the Consolidated Income Statement to\ue61fa three-column format to show adjusting items against the relevant income statement line item. The term \u2018adjusting items\u2019, as\ue61fopposed to \u2018adjusted items\u2019 that was used in the prior financial period, has been updated as has the definition of adjusting items\ue61fto include the impairment of loan receivables not recoverable. These updates are intended to provide enhanced disclosure and greater clarity over what is classified as an adjusting item and, by being more specific in terms of defining the adjusting items, result in the provision of more relevant information with greater comparability between financial periods.The Group exercises judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and scale of impact of that item on the reported performance. In determining whether items should be presented as adjusting items, the Group considers items that are significant because of either their size or their nature which management believe would distort an understanding of earnings if not adjusted. In order for an item to be presented as an adjusting item, it should typically meet at least one of the following criteria: Impairments of tangible and intangible assets, investments and loan receivables not recoverable \u2013 Unusual in nature or outside the normal course of business (for example, the non-cash movement in the present value of put and call options) \u2013 Items directly incurred as a result of either an acquisition, an anticipated acquisition or a divestment, or\ue61farising from a major business change or\ue61frestructuring programme. The separate reporting of items, which are presented as adjusting items within the relevant category in the Consolidated Income Statement, helps provide an indication of the Group\u2019s trading performance in the normal course of business. The tax impact of\ue61fthese adjusting items is a tax credit of \u00a318.4 million (2023: \u00a32.4 million) as shown in Note 10 and on the face of the Consolidated Income\ue61fStatement.(1)Restated53 weeks to52 weeks to 3 February28\ue61fJanuary2024 2023Note\u00a3m\u00a3mImpairments of tangible and intangible assets and investments:(2)Impairments of tangible and intangible assets and investments13, 17 39.2 137.2Items as a result of acquisitions, divestments, major business changes or restructuring:(3)Divestment and restructuring38.3 129.6(4)Gain arising on deconsolidation(36.1) \u2013(5)Acquisition-related costs10.8 \u2013(6)Deferred consideration charge/(release)0.5 (12.5)Administrative expenses \u2013 Adjusting items 52.7 254.3Items that are unusual in nature or outside the normal course of business:Movement in present value of put and call options24b (5.5) 250.4Finance expenses \u2013 Adjusting items (5.5) 250.4(7)Impairments of loan receivables not recoverable58.8 \u2013Impairment loss on financial assets \u2013 Adjusting items 58.8 \u2013Adjusting items 106.0 504.7(1) Please refer to Note 39 for further details of the restatement.(2) The impairment of tangible and intangible assets and investments in the current period relates to the impairment of goodwill (\u00a312.2 million), fascia name (\u00a33.4 million), right-of-use assets (\u00a32.5 million), and property, plant and equipment (\u00a31.8 million) arising on the acquisition of Total Swimming Holdings Limited. The charge also includes goodwill impairment prior to the divestment of GymNation (\u00a37.9 million), the impairment of the Go Outdoors fascia (\u00a39.8 million) and impairment of the goodwill and fascia names on three non-core businesses (\u00a31.6 million). The impairment in the prior period primarily related to the goodwill and fascia name arising on the acquisition of Deporvillage (\u00a324.7 million), Hairburst (\u00a321.6 million), Leisure Lakes (\u00a321.1 million), Wheelbase (\u00a318.7 million), Bodytone (\u00a312.4 million), Missy Empire (\u00a310.2 million), Livestock (\u00a37.1 million), Wellgosh (\u00a31.0 million), Oi Polloi (\u00a30.7 million) and Philip Browne (\u00a30.1 million). In addition there was an impairment charge for the investment in Gym King of \u00a319.6 million.(3) During the current period, \u00a331.5 million of divestment costs (2023: \u00a3121.5 million) and \u00a36.9 million of restructuring charges (2023: \u00a38.1 million) were incurred.(4) A net gain of \u00a336.1 million arose following the deconsolidation of Sports Unlimited Retail (\u2018SUR\u2019) after the entity entered bankruptcy on 6 December 2023. From this point onwards the entity was no longer under the control of JD Sports Fashion Plc and was deconsolidated (see footnote (7) and Note 12 for further information). (5) Acquisition-related costs of \u00a310.8 million are in respect of the Groupe Courir acquisition which remains subject to review by the European Commission and hence as\ue61fat\ue61fthe date of this report, has not been concluded. (6) In the current period, the \u00a30.5 million is related to acquisition-related deferred consideration. In the prior period, this related to acquisition-related release of contingent consideration for Leisure Lakes (\u00a310.5 million) and Total Swimming Holdings Limited (\u00a32.0 million).(7) A \u00a357.9 million impairment loss arose on the loan owed by Sports Unlimited Retail to Iberian Sports Retail Group and Sprinter Megacentros del Deporte SLU, at the time the entity entered bankruptcy (see footnote (4)). The remaining \u00a30.9 million relates to other impairments.5. Remuneration of DirectorsFull disclosure of the Directors\u2019 remuneration is given in the Directors\u2019 Remuneration Report on\ue61fpages 117 to 130.53 weeks to52 weeks to 3 February 28\ue61fJanuary2024 2023\u00a3m\u00a3mDirectors' emoluments: As Non-Executive Directors 1.2 0.8As Executive Directors 3.4 6.1Pension contributions \u2013 \u20134.6 6.9During the period, there was one (2023: one) Director within the defined contribution pension scheme. Additional information in relation to the remuneration of key management personnel can be found in Note 34.6. Staff Numbers and CostsThe average number of persons employed by the Group (including Directors) during the period, analysed by category, was\ue61fas\ue61ffollows:53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023NumberNumberSales and distribution 75,491 71,744Administration 4,226 3,405Total average staff employed 79,717 75,149Full-time equivalents 53,499 51,297The aggregate payroll costs of these persons is charged to selling and distribution expenses and administrative expenses lines in the Consolidated Income Statement and is split as follows:53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023\u00a3m\u00a3mWages and salaries 1,352.9 1,156.0Social security costs 151.9 135.5Pension costs 23.2 20.1Share-based payments 2.6 0.1Other employed staff costs 20.2 18.61,550.8 1,330.3See Note 32 for details of the share-based payments made in the period.7. Finance Income Finance income is recognised in the Consolidated Income Statement on an effective interest method.53 weeks to52 weeks to 3\ue61fFebruary 28\ue61fJanuary20242023\u00a3m\u00a3mBank interest 35.8 7.1Other interest 3.4 1.3Finance income 39.2 8.48. Finance ExpensesFinance expenses comprise of interest payable on interest-bearing loans and borrowings and lease liabilities. The interest expense on borrowings is recognised using the effective interest method. The interest expense on lease liabilities is recognised over the lease periods so as to produce constant periodic rates of interest on the remaining balances of the liabilities.(1)Restated53 weeks to52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023Note\u00a3m\u00a3mOn bank loans and overdrafts 8.0 5.5Amortisation of facility fees 1.5 1.4Interest on lease liabilities16 84.4 68.9Movement in the present value of the put and call options (adjusting items)4 (5.5) 250.4Other interest 8.0 1.5Finance expenses 96.4 327.7(1) Please refer to Note 39 for further details of the restatement.9. Income Tax ExpenseThe total tax charge included in the Consolidated Income Statement consists of current and deferred tax. Current Income Tax Current tax is the expected tax payable on taxable income for the financial period, using the applicable enacted tax rates in each relevant jurisdiction. Tax expense is recognised in the Consolidated Income Statement except to the extent it relates to items recognised in the Consolidated Statement of Comprehensive Income or directly in the Consolidated Statement of Changes in Equity, in which case it is recognised in the relevant statement, respectively. Deferred TaxDeferred tax is accounted for using the balance sheet liability method, by providing for temporary differences that arise between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: \u2013 Goodwill not deductible for tax purposes. \u2013 The initial recognition of assets or liabilities that affect neither accounting nor taxable profit. \u2013 Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited directly to the Consolidated Statement of Changes in Equity or the Consolidated Statement of Comprehensive Income, in which case the deferred tax is recognised in the relevant statement, respectively. Deferred tax assets are reviewed at each reporting date. In considering their recoverability, the Group assesses the likelihood of them being recovered within a reasonably foreseeable timeframe and considers the future expected profit profile and business model of each relevant company or country, together with any legislative restrictions on use. This approach is consistent with that adopted for the assessment of other financial statement items, with the recognition period based on the appropriate jurisdictional tax rules. The estimates take account of the inherent uncertainties constraining the expected level of profit in some territories and any associated climate-related risks identified on page 60. Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to offset current taxation assets against current taxation liabilities and the intention is to settle these on a net basis. Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identified and it is probable that the Group will be required to settle that tax. Measurement is dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts, professional advisers and previous experience. Pillar Two Model RulesThe Group has continued to monitor developments in relation to the OECD\u2019s Two Pillar Solution to Address the Tax Challenges arising from the Digitalisation of the Economy (\u201cPillar Two Model Rules\u201d).The Pillar Two Model Rules have made considerable progress during the year and specific local legislation has been enacted across several territories in which the Group operates. The first accounting period in which these rules will apply to the Group will be the period ending 1 February 2025. The definition of a \u2018Group\u2019 requires the impact of the Pillar Two Model Rules to be calculated in conjunction with that of Pentland Group Holdings Limited and its subsidiaries (\u2018the Pentland Group\u2019). The Group is working with the Pentland Group to ensure it will be compliant. The Group has prepared a high-level assessment of the potential impact of the Pillar Two Model Rules on a stand-alone basis using\ue61finformation that was available at the time the Group financial statements were prepared. As the JD Group is the material component of the consolidated Pentland Group position, we would not expect the Pentland Group entities to have a material impact on the conclusion reached below.The Pillar Two Model Rules assessment was based on the position in the UK. The UK government enacted the Pillar Two Model Rules income taxes legislation on 11 July 2023, with the rules taking effect for accounting periods beginning on or after 1 January 2024. The transitional safe harbour tests within the Pillar Two Model Rules were applied during the assessment, followed by a high-level calculation of any top-up tax for jurisdictions where the safe harbour tests were not met. Under the legislation, JD Sports Fashion Plc will be required to pay top-up tax in the UK on the profits of its subsidiaries that are taxed at an effective tax rate of less than 15%. The principal jurisdictions in which exposures to this tax may exist include Ireland, Cyprus, Hungary and\ue61fBulgaria. Based on the financial forecasts for the period ended 1 February 2025, approximately 1.8% of the Group\u2019s annual profits for that period may be subject to a top-up tax. Prior to the application of the Pillar Two Model Rules, the Group would have expected these profits to be taxed at an average effective tax rate of 13.0%. As such, any top-up tax payable under the Pillar Two Model Rules is not expected to have a material impact on the Group\u2019s overall income tax charge. The Group continues to assess the impact of the Pillar Two Model Rules income taxes legislation on its future financial performance. It has also applied the temporary exemption issued by the IASB in May 2023 in respect of IAS 12 and has not recognised or disclosed information in respect of deferred tax assets and liabilities relating to Pillar Two Model Rules income taxes.(1)Restated53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023\u00a3m\u00a3mCurrent tax (2)UK corporation tax at 24.0% (2023: 19.0%)221.9 198.9Adjustment relating to prior periods (5.8) (6.5)Total current tax charge 216.1 192.4Deferred tax Deferred tax (origination and reversal of temporary differences) (2.5) 14.1Adjustment relating to prior periods (7.4) 7.7Total deferred tax (credit)/charge (9.9) 21.8Income tax expense 206.2 214.2(1)Restated53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023\u00a3m\u00a3m(2)Profit before tax multiplied by the standard rate of corporation tax 24.0% (2023: 19.0%) 194.7 92.5Effects of:(3)Expenses not deductible31.0 23.2(4)Put and call option movement not deductible(3.3) 47.5(5)Depreciation and impairment of non-qualifying non-current assets2.1 1.2(6)Non-qualifying profit on sale of PPE0.1 (0.2)(7)Utilisation of previously unrecognised tax losses(0.9) (4.0)(8)Non-taxable income(21.1) (4.0)(9)Effect of tax rates in foreign jurisdictions(10.3) 14.9(10)Research and development tax credits and other allowances(5.2) (10.4)(11)Adjustments related to prior periods(13.2) 1.2(12)Other differences in tax rate0.5 3.7(13)Non-qualifying impairment of goodwill on consolidation2.2 24.4(14)Change in unrecognised temporary differences12.9 7.2(15)Other taxes due16.7 17.0Income tax expense 206.2 214.2(1) Please refer to Note 39 for further details of the restatement.(2) The weighted standard rate of corporation tax for the period is 24% as the UK mainstream tax rate was 19% until 31 March 2023, when it increased to 25%.(3) Certain legal and professional fees, together with the losses incurred on the divestment of non-core businesses in the current period, are not deductiblefor\ue61ftax\ue61fpurposes. (4) The movements in the put and call options per Note 24b are not deductible for tax.(5) The depreciation adjustment relates to UK assets which are not eligible for capital allowances.(6) The loss relates to the sale of tangible assets which are not eligible for capital allowances.(7) Following a return to profitability of certain Group subsidiaries, brought forward losses have been utilised in the period and a deferred tax asset recognised in\ue61frespectof any remaining losses.(8) Non-taxable gain on deconsolidation of Sports Unlimited Retail Limited (see Note 4), the receipt of dividends and the release of deferred consideration which nolonger falls due.(9) A proportion of the Group\u2019s profits arise outside of the UK and are taxed at the prevailing tax rate. As the UK corporation tax rate has increased from 19% to 25% inthe period, the impact of overseas tax rates has reduced.(10) R&D and general business tax credits have been claimed in the US, Spain and Poland.(11) The prior period adjustment reflects net current and deferred tax movements between Group reporting provisions and submitted returns.(12) The adjustment reflects the difference between the deferred tax rate and corporate income tax rate. These differences have reduced as a result of the UK corporateincome tax increasing to 25% on 1 April 2023.(13) The impairment of goodwill on consolidation and investments in associates are non-deductible for corporate income tax purposes and does not attract deferred\ue61ftax.(14) The adjustment represents losses created in the period for which no deferred tax asset has been recognised, due to a lack of certainty over future taxable profitsarising (see Note 26).(15) Other taxes due are primarily in respect of US state taxes but also include local taxes payable in other overseas jurisdictions.10. Earnings Per Ordinary ShareBasic and Adjusted Earnings Per Ordinary ShareOn 20 December 2022, JD Sports Fashion Plc completed the placing of new ordinary shares in the capital of the Company. A\ue61ftotal\ue61fof 25,000,000 new ordinary shares were issued at par, increasing the total ordinary shares in issue to 5,183,135,745.The calculation of basic earnings per ordinary share at 3 February 2024 is based on the profit for the period attributable (1)to\ue61fequity\ue61fholders of the parent of \u00a3538.8 million (2023: \u00a3188.3 million restated) and a weighted average number of ordinary shares outstanding during the 53 week period ended 3 February 2024 of 5,183,135,745 (2023: 5,158,497,877). There have been no other transactions involving ordinary shares or potential ordinary shares in the period or since the period end date and the date of signing of these financial statements.Adjusted basic earnings per ordinary share have been based on the profit for the period attributable to equity holders of the parent for each financial period but excluding the post-tax effect of adjusting items. The Directors consider that this gives a\ue61fmore useful measure of the trading performance and profitability of the Group.53 weeks to52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023millionsmillionsIssued ordinary shares at beginning of period 5,183.1 5,158.1(2)Ordinary shares issued on 20 December 2022 \u2013 25.0Issued ordinary shares at end of period 5,183.1 5,183.1(1)Restated53 weeks to52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023Note\u00a3m\u00a3mProfit for the period attributable to equity holders of the parent 538.8 188.3Adjusting items 4 106.0 504.7Tax relating to adjusting items (18.4) (2.4)Profit for the period attributable to equity holders of the parent excluding adjusting items 626.4 690.6millions millionsWeighted average number of ordinary shares at end of the period (basic) 5,158.2 5,158.1Dilution \u2013 Effect of potentially dilutive share options and awards 0.7 \u2013Weighted average number of ordinary shares at the end of the period (diluted) 5,158.9 5,158.1Basic earnings per ordinary share 10.45p 3.65pDiluted earnings per ordinary share 10.45p 3.65pAdjusted basic earnings per ordinary share 12.14p 13.39pAdjusted diluted earnings per ordinary share 12.14p 13.39p(1) See Note 39 for further details of the restatement.(2) On 20 December 2022, a total of 25,000,000 ordinary shares of 0.05 pence each were issued at par. The shares were delivered to the JD Sports Employee Benefit Trust (\u2018Trust\u2019) and were issued, in part, to satisfy a buy-out award due to R\u00e9gis Schultz, the Group\u2019s Chief Executive Officer with an effective date of 5 September 2022 (see Note 5), of which a proportion of the award became vested in the period ended 3 February 2024 after certain continuous employment requirements were satisfied. In the same period, the remaining shares became dilutive.11.\u2002AcquisitionsBusiness CombinationsThe Group accounts for business combinations using the acquisition method when control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect the returns through its power over the entity.Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred.The consideration transferred in the acquisition is measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment; however, any resulting impairment will not be tax deductible. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in the Consolidated Income Statement.Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and the settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in the Consolidated Income Statement.The valuation techniques used for measuring the fair value of material assets acquired are as follows: \u2013 Assembled workforce \u2013 In accordance with IAS 38, the assembled workforce is not recognised as a separate intangible asset but is subsumed within goodwill. The assembled workforce is valued using the cost savings method, which estimates the costs saved by the acquirer from purchasing the asset vs. building or developing the asset internally. \u2013 Intangible assets (computer software) \u2013 The cost approach is used which reflects the amount that would be required to currently replace the service capacity of an asset (often referred to as current replacement cost). \u2013 Intangible assets (fascia names and brand names) \u2013 The relief from royalty method considers the discounted estimated royalty payments that are expected to be avoided as a result of the intangible assets being owned. \u2013 Inventories \u2013 The fair value is determined based on the estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to sell the inventories. \u2013 Leases \u2013 A right-of-use asset and lease liability are recognised, measured as if the acquired lease were a new lease at the date of\ue61facquisition. The fair value of the acquired leases is estimated by comparing the annual rent to a normalised rent level based on a market-oriented occupancy rate. The difference is calculated over the remaining lease term and discounted at the estimated pre-tax discount rate, adjusting the value of the right-of-use asset recognised under IFRS 16 \u2018Leases\u2019. The lease liability recognised is measured at the present value of the remaining lease payments, using a discount rate determined in accordance with IFRS 16 at the date of acquisition. \u2013 Owned property \u2013 The cost approach considers the cost to replace the existing property, less accrued depreciation, plus the fair value of the land. The value of the properties is derived by adding the estimated value of the land to the cost of constructing a reproduction or replacement for the improvements and then subtracting the amount of depreciation. \u2013 Property, plant and equipment \u2013 The depreciated replacement cost new valuation approach is utilised, reflecting adjustments for physical deterioration as well as functional and economic obsolescence. \u2013 Customer relationships \u2013 The excess earnings method is used to value these intangible assets on acquisition. This method considers the use of other assets in the generation of the projected cash flows of a specific asset to isolate the economic benefit\ue61fgenerated by the subject intangible asset. The contribution of other assets, such as fixed assets, working capital, workforce, and other intangible assets, to overall cash flows is estimated through contributory asset \u2018capital charges\u2019. The latter\ue61fadjustment is made to separate the value of the particular intangible asset from the portion of the purchase price that has\ue61falready been allocated to the net tangible assets and other intangible assets employed. Therefore, the value of the intangible asset is the present value of the after-tax cash flows potentially attributable to it, net of the return on fair value attributable to tangible and other intangible assets.Business combinations with no change in controlChanges in the group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The\ue61fcarrying amount of the group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the parent company.Current Period Acquisitions \u2013 Acquisition of Non-Controlling InterestsJD Sports Fashion Germany GmbHOn 25 April 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 20% of the issued share capital in its existing subsidiary JD\ue61fSports Fashion Germany GmBH (\u2018JD Germany\u2019) for a cash consideration of \u20ac7.2 million (\u00a36.1 million). At the date of acquisition the Group held a put and call option liability on the remaining 20% which carried a value of \u00a30.4 million (see Note 24). The Group now owns 100% of the issued share capital of JD Germany. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 25 April 2023 does not result in a change of control, this has been\ue61faccounted for as an equity transaction.JD Sports Fashion SDN BDH On 30 August 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 20% of the issued share capital in its existing subsidiary JD Sports Fashion SDN BDH (\u2018JD Malaysia\u2019) for a cash consideration of 195.5 million MYR (\u00a335.5 million). The Group now owns 100% of the issued share capital of JD Malaysia. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 30 August 2023 does not result in a change of control, this has been accounted for as an equity transaction.Iberian Sports Retail Group S.L.On 10 October 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 49.99% of the issued share capital in its existing subsidiary Iberian Sports Retail Group S.L. (\u2018ISRG\u2019) for a cash consideration of \u20ac500.1 million (\u00a3434.6 million). At the date of acquisition the Group held a put and call option liability on the remaining 49.99% which carried a value of \u00a3428.8 million (see Note 24). The Group now owns 100% of the issued share capital of ISRG. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 10 October 2023 does not result in a change of control, this has been accounted for as an equity transaction.Marketing Investment Group S.A. On 21 December 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 40% of the issued share capital in its existing subsidiary Marketing Investment Group S. A. (\u2018MIG\u2019) for a cash consideration of 343.2 million PLN (\u00a368.7 million). At the date of acquisition the Group held a put and call option liability on the remaining 40% which carried a value of \u00a366.7 million (see Note 24). The Group now owns 100% of the issued share capital of MIG. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 21 December 2023 does not result in a change of control, this has been accounted for as an equity transaction.Other Acquisitions of Non-Controlling InterestDuring the period ended 3 February 2024, the Group made four other acquisitions of non-controlling interests which were not material for a cash consideration of \u00a36.9 million. The table below presents the amounts recognised within retained earnings and non-controlling interest within the statement of changes in equity during the year.Non-controlling Retained earningsinterestTotal\u00a3m\u00a3m\u00a3mAcquisition of non controlling interest:ISRG 308.2 126.4 434.6JD Germany 10.9 (4.8) 6.1JD Malaysia 32.1 3.4 35.5MIG 44.0 24.7 68.7Other 7.2 (0.3) 6.9402.4 149.4 551.8Prior Period Acquisitions \u2013 52 weeks to 28 January 2023There were no significant acquisitions in the 52 week period ended 28 January 2023. The table below summarises the net assets acquired, consideration paid and goodwill arising on the acquisition in totality across all acquisitions in the period: Fair values acquired \u00a3mAcquiree\u2019s net assets at acquisition date:Intangible assets 6.6Property, plant and equipment 19.3Right-of-use assets 9.2Inventories 0.4Cash and cash equivalents 1.1Trade and other receivables 3.3Trade and other payables (11.6)Bank loans and overdrafts (3.8)Deferred tax liability (3.7)Lease liabilities (6.7)Provisions (0.5)Net identifiable assets 13.6Non-controlling interest (various) (1.6)Goodwill on acquisition 12.624.6Consideration \u2013 satisfied in cash 21.1Consideration \u2013 deferred 3.5Total consideration 24.6Total Swimming Holdings LtdOn 27 May 2022, JD Sports Fashion Plc completed, via its existing subsidiary JD Sports Gyms Limited, the acquisition of 60% of\ue61fthe issued share capital of Total Swimming Holdings Limited for an initial cash consideration of \u00a311.1 million. Total Swimming Holdings was founded by former Olympic swimmers Steve Parry, Rebecca Adlington and Adrian Turner to make swimming more accessible and includes Swim!, the first multi-site operator of dedicated children\u2019s \u2018learn to swim\u2019 centres in the UK. The acquisition provided a broadening of the Group\u2019s leisure interests, which now include gyms and pools.Additional deferred contingent consideration of up to \u00a34.0 million was payable if certain targets and performance criteria were achieved. The fair value of the contingent consideration as at the acquisition date was determined to be \u00a33.5 million. During the financial period ended 28 January 2023, one of the performance criteria for receiving the deferred consideration was not met. Since this was as a result of a post-acquisition event, the release of \u00a32.0 million of contingent consideration was taken through the Consolidated Income Statement (see Note 4) for the period ended 28 January 2023. The fair value of the remaining contingent consideration as at 3 February 2024 was determined to be \u00a31.4 million. Included within the fair value of the net identifiable assets on acquisition was an intangible asset of \u00a35.5 million representing the fascia names acquired on acquisition and \u00a31.1 million representing the customer relationships. The Board believes that the excess of consideration paid over net assets on acquisition of \u00a312.4 million is best considered as goodwill on acquisition representing the market position of the business, the assembled workforce and the potential future growth opportunities from opening new sites under the Swim! concept. As at the date of this report, the period in which measurement adjustments could be made has now closed on this acquisition and no further fair value measurement adjustments have been made.Included in the 52 week period ended 28 January 2023 was revenue of \u00a315.4 million and a profit before tax of \u00a30.1 million in respect of Total Swimming Holdings Limited.Other AcquisitionsDuring the 52 week period to 28 January 2023, the Group made two other acquisitions for total cash consideration of \u00a310 million, which were not material. The acquiree\u2019s net assets at acquisition related to these acquisitions are also included in the fair value table above.Full Period Impact of AcquisitionsHad the acquisitions of the entities acquired during the 52 week period to 28 January 2023 been affected at 30 January 2022, the\ue61frevenue and profit before tax of the Group for the 52 week period to 28 January 2023 would have been \u00a310.1 billion and \u00a3227.1 million respectively.JD Sports Fashion Korea IncOn 6 September 2022, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 50% of the issued share capital in its existing subsidiary\ue61fJD Sports Fashion Korea Inc (\u2018JD Korea\u2019) for a cash consideration of 26.1 billion KRW (\u00a316.4 million). The Group now owns 100% of the issued share capital of JD Korea. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the acquisition on 6 September 2022 does not result in a change of control, this has been accounted for as an equity transaction.After the period ended 28 January 2023, the Group announced that JD would be withdrawing from the South Korean market.Deporvillage S.L.On 14 October 2022, ISRG, the Group\u2019s existing intermediate holding company in Spain, acquired a further 18% of the issued share\ue61fcapital in its existing subsidiary Deporvillage S.L. (\u2018Deporvillage\u2019) for a cash consideration of \u20ac14.8 million (\u00a312.9 million) and\ue61fdeferred consideration of \u20ac5.0 million (\u00a34.3 million) subject to the non-controlling interests abiding by certain non-compete obligations. 50% of the deferred consideration was settled in the 53 week period to 3 February 2024 with the remaining 50% due\ue61fon the second anniversary of the completion date. ISRG now owns 98% of the issued share capital and at the date of the acquisition, the Group owned an effective shareholding of 49% of the issued share capital of Deporvillage. In accordance with IFRS\ue61f10, the Group had previously assessed and concluded that it controlled the subsidiary. As the acquisition on 14 October 2022 does not result in a change of control, this was accounted for as an equity transaction. Subsequent to the acquisition of the remaining 49.99% of ISRG on 10 October 2023, the Group now owns an effective shareholding of 98% of the issued share capital\ue61fin Deporvillage.12.\u2002DivestmentsOn 16 December 2022, the Group announced its plan to significantly simplify its business offering through the divestment of a number of non-core businesses in order to focus more fully on the opportunities across the rest of the Group. As a result, 16 businesses in total were divested for total cash consideration of \u00a318.8m received in the period ended 3 February 2024, with deferred consideration of \u00a32.0m.The Group completed the divestment of 12 businesses for \u00a314.7m at various dates in the period ended 3 February 2024: \u2013 Tessuti Group Limited (100% equity interest) \u2013 including its subsidiaries Tessuti Limited (87.5% equity interest), Tessuti (Ireland) Limited (87.5% equity interest), Tessuti Retail Limited (100% equity interest) and Prima Designer Limited (100% equity interest) (divested on 7 February 2023); \u2013 Choice Limited (87.5% equity interest) \u2013 including its subsidiary Choice 33 Limited (87.5% equity interest) (divested on 7 February 2023); \u2013 Giulio Limited (87.5% equity interest) \u2013 including its subsidiaries Giulio Fashion Limited (87.5% equity interest) and Giulio Woman Limited (87.5% equity interest) (divested on 7 February 2023); \u2013 R.D. Scott Limited (100% equity interest) (divested on 7 February 2023); \u2013 Catchbest Limited (80% equity interest) (divested on 7 February 2023); \u2013 Rascal Clothing Limited (75% equity interest) (divested on 6 February 2023); \u2013 Source Lab Limited (85% equity interest) (divested on 28 February 2023); \u2013 Topgrade Sportswear Holdings Limited including its subsidiaries Topgrade Sportwear Limited and GetTheLabel.com Limited (80% equity interest) (divested on 2 March 2023); \u2013 Woodlandslove Limited (80% equity interest) (divested on 9 March 2023); \u2013 80s Casual Classics Limited including its subsidiary Modern Casuals Limited (70% equity interest) (divested on 26 May 2023); \u2013 Bernard Esher Limited (80% equity interest) (divested on 4 July 2023); and \u2013 Hairburst Holding Group Limited including its subsidiaries Hair Burst Limited, JMH Cosmetics Limited and Mrblancteeth Limited (75% equity interest) (divested on 24 July 2023).In addition, on 23 May 2023, the Group disposed of Brand Stable Limited (49% equity interest) a fixed asset investment in a joint venture for cash consideration of \u00a30.5m. On 2 February 2024, the group sold 0.64% of its holding in Applied Nutrition Limited, while still retaining the Group as an associate, for cash consideration of \u00a31.6m. The consideration was received fully in cash during the period. Costs to sell amounted to \u00a30.3m.On 30 August 2023, the Group disposed of SEA Sports Fashion SDN BHD (60% equity interest). The total cash consideration was\ue61f\u00a31.Additionally, on 20 December 2023, the Group disposed of Kukri Sports Limited (75% equity interest) including its subsidiaries Kukri Asia Limited (100% equity interest), Kukri Sports Middle East JLT (100% equity interest, Kukri GB Limited (100% equity interest), Kukri PTE Limited (100% equity interest), Kukri NZ Limited (75% equity interest), Kukri Events Limited (100% equity interest), Kukri Sports Ireland Limited (100% equity interest), Frank Harrison Limited (90% equity interest), Kukri Sports Canada Inc (75% equity interest), Kukri (HK) Limited (100% equity interest), Kukri Australia Pty Limited (100% equity interest), Kukri (Shanghai) Limited (100% equity interest) and Squirrel Sports Limited (100% equity interest). The total consideration was \u00a32.5m, of which \u00a30.5m was deferred. Of the 16 divested businesses, seven were held-for-sale in the 2023 Consolidated Financial Statements (see Note 35). At the date of disposal, the carrying amounts of the 16 divested businesses\u2019 (including one joint venture and part of an associate \u2013 see Note 17) net assets were as follows:\u00a3mIntangible assets 20.6Property, plant and equipment 17.1Right-of-use assets 31.0Deferred tax assets 0.2Other non-current assets 0.4Investments 1.3Total non-current assets 70.6Inventories 63.0Trade and other receivables 19.8Income tax recoverable 0.1Cash and cash equivalents 77.7Total current assets 160.6Trade and other payables (174.4)Provisions (0.2)Lease liabilities (5.4)Total current liabilities (180.0)Deferred tax liabilities (1.1)Lease liabilities (27.6)Other payables and accrued expenses (1.2)Total non-current liabilities (29.9)Total assets less total liabilities 21.3Net assets disposed of (21.3)Total consideration received in cash 18.8Total deferred consideration 2.0Provision for additional onerous leases (1.7)Intercompany debt written off (7.1)Loss on disposal (9.3)Total consideration received in cash 18.8Cash and cash equivalents disposed of (77.7)Net cash paid (58.9)GymNationOn 1 November 2023, the Group disposed of GymNation Holding Ltd (78.2% equity interest) including its subsidiary GymNation LLC. The total consideration was \u00a334.2 million. The net assets of the business were classed as held for sale in the half-year results. At the date of the disposal, the carrying amounts of GymNation\u2019s net assets were as follows:\u00a3mIntangible assets 19.2Property, plant and equipment 6.8Right-of-use assets 19.2Total non-current assets 45.2Inventories 0.2Trade and other receivables 2.8Cash and cash equivalents 11.9Total current assets 14.9Trade and other payables (3.2)Borrowings (5.0)Lease liabilities (2.7)Total current liabilities (10.9)Lease liabilities (18.4)Other payables and accrued expenses (1.0)Total non-current liabilities (19.4)Total assets less total liabilities 29.8Net assets disposed of (29.8)Total consideration received in cash 34.2Gain on disposal 4.4Total consideration received in cash 34.2Cash and cash equivalents disposed of (11.9)Net cash received 22.3Focus Brands LimitedOn 24 January 2024, the Group disposed of Focus Brands Limited (100% equity interest) including its subsidiaries Focus Group Holdings Limited (100% equity interest), Focus International Limited (100% equity interest), Focus Sports & Leisure International Limited (100% equity interest), Focus Equipment Limited (100% equity interest), Focus International NL B.V. (100% equity interest) and Focus Italy S.p.a. (100% equity interest). The total consideration was \u00a38 million, of which \u00a35 million was deferred. This decision was made following the half-year announcement; therefore, the net assets were not classed as held for sale. At the date of the disposal, the carrying amounts of Focus Group\u2019s net assets were as follows:\u00a3mIntangible assets 0.7Property, plant and equipment 1.4Right-of-use assets 5.6Deferred tax assets 0.3Total non-current assets 8.0Inventories 12.2Trade and other receivables 11.2Income tax recoverable 0.6Cash and cash equivalents 13.2Total current assets 37.2Trade and other payables (7.9)Lease liabilities (1.2)Total current liabilities (9.1)Lease liabilities (4.6)Total non-current liabilities (4.6)Total assets less total liabilities 31.5Net assets disposed of (31.5)Total consideration received in cash 3.0Total deferred consideration 5.0Loss on disposal (23.5)Total consideration received in cash 3.0Cash and cash equivalents disposed of (13.2)Net cash paid (10.2)Sports Unlimited Retail B.VOn 6 December 2023, the Group made the decision to close the Sports Unlimited Retail B.V (\u2018SUR\u2019) business. On this date, the entity was put into bankruptcy and the control over the trade and assets of SUR was transferred to an independent trustee. No consideration was received. The net gain on disposal has been treated as an adjusting item (see Note 4). At the date of the disposal, the carrying amounts of SUR\u2019s net liabilities were as follows:\u00a3mProperty, plant and equipment 15.1Right-of-use assets 27.9Total non-current assets 43.0Inventories 12.6Trade and other receivables 4.3Cash and cash equivalents 7.3Total current assets 24.2Trade and other payables (73.5)Lease liabilities (10.1)Total current liabilities (83.6)Lease liabilities (18.0)Other payables and accrued expenses (1.7)Total non-current liabilities (19.7)Total assets less total liabilities (36.1)Net liabilities disposed of 36.1Gain on disposal 36.1Total consideration received in cash \u2013Cash and cash equivalents disposed of (7.3)Net cash paid (7.3)Prior Period DivestmentsFootasylumOn 5 August 2022, the Group disposed of its 100% equity interest in Footasylum and its associated subsidiaries to Aurelius Group for a cash consideration of \u00a337.5 million. The subsidiary was classified as held-for-sale in the 2022 Consolidated Financial Statements. The consideration was received fully in cash in 2022. At the date of disposal, the carrying amounts of Footasylum\u2019s net assets were as follows:\u00a3mIntangible assets 6.7Property, plant and equipment 27.0Right-of-use assets 79.1Deferred tax assets 0.2Total non-current assets 113.0Inventories 36.4Trade and other receivables 24.9Cash and cash equivalents 6.0Total current assets 67.3Trade and other payables (24.7)Other tax and social security (3.7)Accruals and deferred income (19.1)Borrowings (3.5)Lease liabilities (15.6)Income tax liabilities (1.0)Total current liabilities (67.6)Accruals and deferred income (5.6)Lease liabilities (59.8)Total non-current liabilities (65.4)Total assets less total liabilities 47.3Net assets disposed of (47.3)Costs to sell (5.0)Loss on disposal (14.8)Total consideration received in cash 37.5Cash and cash equivalents disposed of (6.0)Net cash received 31.5In the 26 weeks to 30 July 2022, an impairment of \u00a38.5 million was recognised in order to present the Footasylum assets held-for-sale at the lower of carrying value and fair value less costs to sell in accordance with IFRS 5. A further \u00a36.3 million loss has been recognised following the reversal of \u00a38.3 million of right-of-use assets depreciation in order to cease depreciating these assets at the point of classification as held-for-sale in accordance with IFRS 5 and the release of a \u00a32.0 million provision for costs to sell that is no longer required. This resulted in a higher loss on disposal of the assets of \u00a314.8 million when compared to the impairment of \u00a38.5 million recognised in the 26 week period ended 30 July 2022.Other Non-Core Fashion BusinessesOn 16 December 2022, the Group announced its plan to significantly simplify its fashion branded offer through the divestment of 15 UK-based non-core fashion businesses (\u2018Divested Businesses\u2019), for cash consideration of \u00a344.5 million, in order to focus more fully on the opportunities across the rest of the Group, in particular the international and digital expansion of the Group\u2019s core premium Sports Fashion fascias. Completion on the disposal of shares in eight of the Divested Businesses, and on the disposal of all of the debt owing to JD by the\ue61fDivested Businesses, took place immediately on exchange. The initial eight Divested Businesses were: \u2013 Base Childrenswear Limited (80% equity interest) \u2013 Dantra Limited (75% equity interest) \u2013 PG2019 Limited (100% equity interest) \u2013 Prevu Studio Limited (100% equity interest) \u2013 Nicholas Deakins Limited (100% equity interest) \u2013 Uggbugg Fashion Limited \u2013 including its subsidiary Missy Empire Limited (51% equity interest) \u2013 Clothingsites Holdings Limited \u2013 including its subsidiaries Clothingsites.co.uk Limited and Old\ue61fBrown\ue61fBag\ue61fClothing\ue61fLimited\ue61f(100% equity interest) \u2013 WHCO Limited \u2013 including its subsidiaries The Watch Shop Holdings Limited and Watch Shop Logistics Limited (100%\ue61fequity\ue61finterest).Other Non-Core Fashion Businesses continuedThe consideration was received fully in cash during the period ended 28 January 2023. At the date of disposal, the carrying amounts of the initial eight Divested Businesses net assets were as follows:\u00a3mIntangible assets 22.6Property, plant and equipment 3.9Right-of-use assets 6.5Total non-current assets 33.0Inventories 29.8Trade and other receivables 8.5Cash and cash equivalents 16.4Total current assets 54.7Trade and other payables (19.7)Provisions (0.1)Borrowings (11.6)Lease liabilities (7.4)Income tax liabilities (0.3)Total current liabilities (39.1)Other payables and accrued expenses (1.5)Total non-current liabilities (1.5)Total assets less total liabilities 47.1Total consideration received in cash 44.5Intercompany debt (86.0)Net assets disposed of (47.1)Costs to sell (0.6)Impairment of assets held-for-sale (Note 35) (17.5)Loss on disposal (106.7)Total consideration received in cash 44.5Cash and cash equivalents disposed of (16.4)Net cash received 28.1Divestment of Other Non-Controlling InterestsDuring the period ended 28 January 2023, JD Sports Fashion Plc divested 5% of Kukri Sports Limited and 10% of JD Canary Islands Sports SL as a result of options exercised by non-controlling interests in the subsidiaries. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiaries. As the divestment does not result in a change of control, this has been accounted for as an equity transaction.13. Intangible AssetsAcquisitionsThere have been no acquisitions of intangible assets in the current period. In the prior period, the acquisition of intangibles principally related to the acquisition of Total Swimming Holdings Limited (\u2018Swim!\u2019) alongside some smaller acquisitions. Further details, including the fair value of the assets acquired, are provided in Note 11.ImpairmentThe impairment in the current period relates to the goodwill and fascia values arising on the acquisition of the following groups of CGUs. The impairment charges per groups of CGUs, the carrying value of each group of CGUs and the recoverable amount has been detailed below: Goodwill - tested for impairments at an operating segment levelFor the period ended 3 February 2024Total Carrying value of Recoverableimpairment goodwill(1) amount (goodwill) (2)charge\u00a3m\u00a3m\u00a3m(3)Allsport0.8 \u2013 0.8(4)Gymnation7.9 \u2013 7.9(5)Swim!12.2 \u2013 12.220.9 \u2013 20.9(1) The carrying value is stated before the impairment was booked.(2) The recoverable amount of these group of CGUs was estimated based on their value-in-use, using discounted cashflows.(3) The impairment for Allsport results from the brand no longer being used, as it has been rebranded to JD UK, and therefore the remaining goodwill has been impaired.The Allsport brand is within the premium UK & ROI group of CGUs(4) The impairment for Gymnation results from the sale of the business in the current year. The Gymnation brand was within the other business group of CGUs.(5) Goodwill on Swim! is allocated and monitored independently as the business model is different to the rest of the businesses within the Group and there are no synergies that are shared with other businesses. As such, Swim! is tested for impairment separately.Fascia - tested for impairment at the fascia levelFor the period ended 3 February 2024Total Carrying value of Recoverableimpairment fascia(1) amount (fascia)(2)charge\u00a3m\u00a3m\u00a3mGo Outdoors 8.8 \u2013 8.8Livestock 0.8 \u2013 0.8(3)Swim!4.6 1.2 3.4Wheelbase 1.0 \u2013 1.015.2 1.2 14.0(1) The carrying value is stated before the impairment was booked.(2) The recoverable amount of the Fascia was estimated based on their value in use, using discounted cashflows.(3) For Swim! the carrying value of the Fascia has been disclosed. The overall carrying value, recoverable amount and impairment of Swim! is \u00a334.1m, \u00a314.2m and \u00a319.9m respectively. The \u00a319.9m relates to \u00a312.2m goodwill impairment, \u00a33.4m fascia impairment. \u00a32.5m PPE impairment and \u00a31.8m right of use asset impairment.Goodwill and Fascia impairmentsFor the period ended 28 January 2023Carrying value of Total Group ofRecoverableimpairment CGUs(1) amount(2)charge\u00a3m\u00a3m\u00a3mBodytone 31.4 19.0 12.4Deporvillage 142.5 117.8 24.7Hairburst 32.6 11.0 21.6Leisure Lakes 36.0 14.9 21.1Missy Empire 21.0 10.8 10.2Wheelbase 28.9 10.2 18.7Livestock 15.1 8.0 7.1Other 5.4 3.6 1.8312.9 195.3 117.6(1) The carrying value is stated before the impairment was booked.(2) The recoverable amount of the Fascia was estimated based on their value in use, using discounted cashflows.The impairment tables above have been presented on the updated group of CGU basis for the current period and on the previous basis for the prior period. For the current period, this is on an operating segment level for goodwill and fascia level for fascia intangibles. For the prior period, this has all been presented on a fascia Group of CGU level.The impairment charge in the current period is a result of impairment of Gymnation before divestment, negative growth in Outdoor retail stores and lower than anticipated trading results in the period for Livestock and Swim! since acquisition.Impairment of \u00a3117.6 million in the prior period was recognised against the goodwill and fascia intangibles, with the majority arising on\ue61fthe acquisition of Deporvillage, Hairburst, Leisure Lakes and Wheelbase.Cash-Generating UnitsThe Group considers each store to be a separate cash-generating unit (\u2018CGU\u2019). Property, plant and equipment, and right-of-use assets are tested for impairment at the CGU level as this is the level at which largely independent cash inflows are generated. Each of the CGUs (stores) operates under a fascia name and makes use of brand licences and therefore CGUs are grouped by fascia name for the purposes of considering fascia name and brand licence impairments. The Group allocates goodwill at the operating segment level, which represents a group of CGUs for the Group\u2019s retail operations. The Group\u2019s operating segments are Premium UK & ROI, Premium Europe, Premium North America, Premium Asia Pacific, Outdoor Retail, Other UK & ROI, Other Europe, Other North America and Other Asia Pacific. This has changed from 2023, where goodwill was previously assessed at the fascia level. In the current year, it has been concluded that goodwill should be assessed at the operating segment level as that is where the synergies arising from acquisitions are now expected to be realised. Brand licences and customer relationships have also been allocated to groups of CGUs where each operating segment represents a group of CGUs as that is the level where the benefits from those assets are expected to be derived.The recoverable amount of each CGU or group of CGUs is the higher of its value-in-use and its fair value less costs of disposal. Intangible Assets with Finite LivesFinite Lives, CGUs and Approach to ImpairmentIntangible assets with finite lives are tested for impairment only if indicators of impairment exist. At each reporting date, the Group reviews the carrying amounts of its fascia names and brand licences to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of these assets is determined based on value-in- use calculations. The use of this method requires the estimation of future cash flows expected to arise from the continuing operation of the group of CGUs and the choice of a suitable discount rate in order to calculate the present value. Impairment losses are recognised within administrative expenditure in the Consolidated Income Statement.Fascia NamesSeparately identifiable fascia names acquired are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. The initial fair value is determined by using a \u2018royalty relief\u2019 method of valuation. This is based on an estimation of future sales and the choice of a suitable royalty and discount rate in order to calculate the present value. This method involves calculating a net present value for each fascia name by discounting the projected future royalties expected using a finite useful economic life for each fascia. The future royalties are estimated by applying a suitable royalty rate to the sales forecast.Store and online fascia names are considered to have a finite useful economic life. The estimated useful economic lives are as\ue61ffollows: \u2013 Online fascia names 3 to 10 years \u2013 Store fascia names 5 to 10 years The factors that are considered when determining the useful life of each fascia name are as follows: \u2013 The strength of the respective fascia names in the relevant sector and geographic region where the fascia is located. \u2013 The history of the fascia names and that of similar assets in the relevant retail sectors. \u2013 The commitment of the Group to continue to operate these stores separately for the foreseeable future, including the ongoing investment in new stores and refurbishments. \u2013 The impact of increased competition in the marketplace as a result of reduced barriers to entry and its impact on the useful\ue61flife of online fascia names.The remaining useful economic lives of fascia names as at 3 February 2024 range over a period of four to eight years (2023:\ue61fthree\ue61fto ten\ue61fyears). Fascia names are all amortised over the useful economic life on a straight-line basis and the amortisation charge is included within administrative expenses in the Consolidated Income Statement.Brand Licences Brand licences are recognised when the Group enters into a licensing agreement with a brand to license their products in return for royalty payments across the term of the contract. On entering into the contract, the licence is assigned a cost based on the discounted contractual minimum royalty payments across the licence term. The cost of the licence is then simultaneously recognised as an intangible asset for the use of the brand licence and a liability for the royalty payments due. Brand licences are stated at cost less accumulated amortisation and impairment losses. Amortisation of brand licences is charged to the Consolidated Income Statement within cost of sales over the term to the licence expiry on a straight-line basis. The remaining useful economic lives of brand licences as at 3 February 2024 range over a period of three months to ten years (2023: three months to nine years). Brand licences are treated as corporate assets and are allocated to each CGU to the lowest level on a reasonable and consistent basis, which is considered to be at the store level. This is split evenly across each store that generates related revenue to approximate the allocation to a CGU.Customer RelationshipsCustomer relationships acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. Amortisation of customer relationships is charged to the Consolidated Income Statement within administrative expenses over the estimated useful life of one to five years on a straight-line basis. Customer relationships are allocated to a group of CGUs and tested annually for impairment and whenever there is an indication that these\ue61fmay be impaired. The group of CGUs has been identified to be at a fascia level.Brand NamesBrand names acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. Brand names separately acquired are stated at cost less accumulated amortisation and impairment losses. The useful economic life of each purchased brand name is considered to be finite and is typically between five and ten years. In determining the useful economic life of each brand name, the Board considers the market position of the brands acquired, the nature of the market that the brands operate in, typical product life-cycles of the brands and the useful economic lives of\ue61fsimilar assets that are used in comparable ways. Brand names are amortised on a straight-line basis over their useful economic lives and the amortisation charge is included within administrative expenses in the Consolidated Income Statement.Brand names are allocated to a group of CGUs and tested for impairment annually and whenever there is an indication that these may be impaired. Each of the CGUs operates under a fascia, and therefore the CGUs are grouped under the fascia names. Software DevelopmentSoftware development costs (including website development costs) are capitalised as intangible assets if the technical and commercial feasibility of the project has been demonstrated, the future economic benefits are probable, the Group has an intention and ability to complete and use or sell the software and the costs can be measured reliably. Costs that do not meet these\ue61fcriteria are expensed as incurred. Software development costs are stated at historic cost, less accumulated amortisation. Capitalised software costs comprise software under the control of the Group.Software development costs are all amortised over a period of two to seven years on a straight-line basis and the amortisation charge is included within administrative expenses in the Consolidated Income Statement. Software development includes \u00a3Nil (2023: \u00a3Nil) of internally generated software development. Directly attributable software development costs in relation to the configuration and customisation of cloud computing arrangements, including Software-as-a-Service (\u2018SaaS\u2019) are only capitalised to the extent they give rise to an asset controlled by the Group. Where control cannot be demonstrated, expenditure in relation to\ue61fsuch costs is expensed in the period it is incurred.Intangible Assets with Indefinite Lives GoodwillGoodwill and all intangible assets with an indefinite useful life as well as intangible assets not yet brought into use require an\ue61fannual impairment test. The Group performed its annual impairment test for the periods ending 3 February 2024 and 28 January 2023.Goodwill represents amounts arising on acquisition of subsidiaries. The Group measures goodwill at the acquisition date as: \u2013 the fair value of the consideration transferred; plus \u2013 the recognised amount of any non-controlling interests in the acquiree; plus \u2013 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2013 the net recognised amount of the identifiable assets acquired and liabilities assumed.When the excess is negative, the negative goodwill is recognised immediately in the Consolidated Income Statement.On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit/loss on disposal.Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to an operating segment and is tested annually for impairment and whenever there is an indication that the goodwill may be impaired. The recoverable amount is determined based on value-in-use calculations.(1)(1)(1)RestatedBrandBrandRestatedCustomer Software RestatedGoodwill licences names Fascia namesrelationshipsdevelopment Total \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost or valuation At 29 January 2022 (as reported) 1,185.9 22.1 22.9 525.0 11.7 113.7 1,881.3Effect of prior period restatement (Note 39) 34.2 \u2013 \u2013 6.9 \u2013 \u2013 41.1(1)At 29 January 2022 (restated) 1,220.1 22.1 22.9 531.9 11.7 113.7 1,922.4Additions \u2013 78.4 \u2013 \u2013 \u2013 19.9 98.3Acquisitions 12.6 \u2013 \u2013 5.5 1.1 \u2013 19.2(3)Reclassifications\u2013 \u2013 \u2013 \u2013 \u2013 (1.0) (1.0)Disposals \u2013 (3.8) \u2013 \u2013 \u2013 (7.7) (11.5)Divestments (Note 12) (55.5) (0.5) (0.7) (41.2) \u2013 (4.8) (102.7)Transfer to assets held-for-sale (Note\ue61f35) (9.6) \u2013 \u2013 (2.7) \u2013 (0.8) (13.1)Exchange differences 71.1 \u2013 \u2013 27.7 0.8 2.6 102.2(1)At 28 January 2023 (restated) 1,238.7 96.2 22.2 521.2 13.6 121.9 2,013.8Additions \u2013 73.0 \u2013 \u2013 \u2013 29.5 102.5(3)Reclassifications \u2013 \u2013 \u2013 (7.5) \u2013 (2.1) (9.6)Disposals \u2013 (0.6) \u2013 \u2013 \u2013 (7.1) (7.7)Divestments (Note 12) (58.0) \u2013 (0.7) (15.6) \u2013 \u2013 (74.3)Transfer to assets held-for-sale (Note\ue61f35) (7.4) \u2013 \u2013 \u2013 \u2013 (0.1) (7.5)Exchange differences (19.3) (0.1) \u2013 (6.6) (0.2) (1.6) (27.8)At 3 February 2024 1,154.0 168.5 21.5 491.5 13.4 140.5 1,989.4Amortisation and\ue61eimpairment At 29 January 2022 122.6 14.4 16.1 171.4 1.5 81.7 407.7Charge for the period \u2013 8.8 1.2 47.5 2.9 15.6 76.0(2)Impairments 109.2 \u2013 \u2013 8.4 \u2013 0.1 117.7(3)Reclassifications\u2013 \u2013 \u2013 \u2013 \u2013 0.8 0.8Disposals \u2013 (2.9) \u2013 \u2013 \u2013 (7.7) (10.6)Divestments (Note 12) (37.7) (0.3) (0.2) (38.5) \u2013 (1.4) (78.1)Transfer to assets held-for-sale (Note\ue61f35) (2.2) \u2013 \u2013 (1.3) \u2013 (0.4) (3.9)Exchange differences \u2013 \u2013 \u2013 2.2 \u2013 1.5 3.7At 28 January 2023 191.9 20.0 17.1 189.7 4.4 90.2 513.3Charge for the period \u2013 8.0 1.2 44.9 3.1 15.8 73.0(2)Impairments 20.9 \u2013 \u2013 14.0 \u2013 \u2013 34.9(3)Reclassifications \u2013 \u2013 \u2013 (7.5) \u2013 \u2013 (7.5)Disposals \u2013 (0.6) \u2013 \u2013 \u2013 (6.4) (7.0)Divestments (Note 12) (35.6) \u2013 (0.7) (6.7) \u2013 \u2013 (43.0)Exchange differences (0.2) \u2013 0.1 (2.3) (0.1) (1.1) (3.6)At 3 February 2024 177.0 27.4 17.7 232.1 7. 4 98.5 560.1Net book value At 3 February 2024 977.0 141.1 3.8 259.4 6.0 42.0 1,429.3(1)At 28 January 2023 (restated) 1,046.8 76.2 5.1 331.5 9.2 31.7 1,500.5(1)At 29 January 2022 (restated) 1,097.5 7.7 6.8 360.5 10.2 32.0 1,514.7(1) Please refer to Note 39 for further details of the restatement.(2) The impairment charge for the period is made up of adjusting items of \u00a334.9m (2023: \u00a3117.6m). See Note 4 for adjusting\ue61fitems.(3) Reclassifications on Fascia names are in relation to mis-classified impairments within the cost of assets which have been reclassified to the impairment financial line item. The remaining software reclassifications are movements from tangible assets. These net to \u00a3Nil across the reclassification lines within Notes 14, 15, 16 and 18.(4) The total net book value divested in the year ended 3 February 2024 is \u00a340.5 million (see Note 12). Within this value \u00a39.0m was classified as held-for-sale in the 52\ue61fweek period ended 28 January 2023 and \u00a331.3m has been divested in the 53 week period ended 3 February 2024.Disposal of Nil Net Book Value Assets No Longer in UseFollowing on from a review undertaken in the previous financial period, a review of the intangible asset records was carried out in\ue61fthe 53 week period ended 3 February 2024 to identify fully amortised assets no longer in use by the Group. The result of the review is a disposal of \u00a35.2m (2023: \u00a37.7m) of cost and accumulated amortisation for assets no longer in use.Carrying Value by Operating SegmentThe carrying amount of goodwill by operating segment, along with the key assumptions used in the value-in-use calculation, is\ue61fas\ue61ffollows:(1)RestatedGoodwill total goodwillReportable2024 2023Segment\u00a3m\u00a3mPremium UK & ROI Sports Fashion 26.9 26.6Premium North America Sports Fashion 775.3 790.4Premium Europe Sports Fashion 12.3 13.0Other UK & ROI Sports Fashion 2.7 2.7Other Europe Sports Fashion 139.7 141.4Other Businesses Sports Fashion 15.3 67.9Outdoor Retail Outdoors 4.8 4.8977.0 1,046.8(1) Please refer to Note 39 for further details of the restatement.Below we have presented the key assumptions used in the goodwill impairment models.For the 53 week period ended 3 February 2024Impairment model assumptions usedPre-tax ReportableGrowthdiscountSegment rate(1) Gross margin rate rate(1)Premium UK & ROI Sports FashionGross margins assumed to be consistent with 1.1%historic levels and the approved budget for 2025. 13.5%Premium North America Sports FashionGross margins assumed to be consistent with 5.6%historic levels and the approved budget for 2025. 12.8%Premium Europe Sports Fashion Gross margins assumed to be consistent with 10.9%historic levels and the approved budget for 2025. 13.2%(2)Other UK & ROISports Fashion Gross margins assumed to be consistent with (2.0)%historic levels and the approved budget for 2025. 13.7%Other Europe Sports Fashion Gross margins assumed to be consistent with 6.8%historic levels and the approved budget for 2025. 12.1%Other Businesses Sports Fashion Gross margins assumed to be consistent with 1.4%historic levels and the approved budget for 2025. 11.1%Outdoor retail OutdoorGross margins assumed to be consistent with (1.0)%historic levels and the approved budget for 2025. 13.5%(1) Growth rates and discount rates have not been presented for both Premium Asia Pacific and Other Asia Pacific, this is due to there being no intangible assets to assess as part of an impairment model.13. Intangible Assets continuedFor the 52 week period ended 28 January 2023Impairment model assumptions usedGrowthPre-tax discountReportablerate rate Segment2023 Gross margin rate2023Cosmos Sports Fashion 3.3% Gross margins assumed to be consistent with 13.6%historic levels and the approved budget for 2024.Deporvillage Sports Fashion 5.8% Increase by 5% in the short term to reflect improvements in 11.8%distribution and changes in product strategy.DTLR Sports Fashion 3.1% Gross margins assumed to be consistent with 12.8%historic levels and the approved budget for 2024.Finish Line Sports Fashion 1.0% Gross margins assumed to be consistent with 13.2%historic levels and the approved budget for 2024.Go Outdoors Outdoor 3.1% Increase by 2% in the short term to reflect improvements in 16.3%distribution and changes in product strategy.GymNation Sports Fashion 2.1% Gross margins assumed to be consistent with 12.2%historic levels and the approved budget for 2024.JD Gyms Sports Fashion 1.2% Gross margins assumed to be consistent with 14.4%historic levels and the approved budget for 2024.Leisure Lakes Outdoor 4.2% Increase by 3.7% in the short term to reflect improvements in 14.6%distribution and changes in product strategy.MIG Sports Fashion 4.4% Gross margins assumed to be consistent with 12.6%historic levels and the approved budget for 2024.Shoe Palace Sports Fashion 4.7% Gross margins assumed to be consistent with 12.6%historic levels and the approved budget for 2024.Sport Zone Sports Fashion 2.4% Gross margins assumed to be consistent with 12.0%historic levels and the approved budget for 2024.Total Swimming Sports Fashion 12.3% Increase by 6% in the short term 15.0%Groupto reflect changes in business strategy.Other Sports Fashion &1% \u2013 5% A range of gross margin assumptions, from 11.0% \u2013 16.0%Outdoorbroadly consistent and movements of -2% to +2.5% in the short-term to reflect historic margin movements and changes in strategy for stock and merchandising.Key Assumptions Used in Value-In-Use Calculations and Sensitivity to Changes in AssumptionsThe calculation of value-in-use for CGUs and groups of CGUs is most sensitive to the following assumptions: \u2013 Gross margins \u2013 Discount rates \u2013 Growth ratesThe cash flow projections used in the value-in-use calculations are all based on the Group\u2019s three-year Board approved forecast. The forecasts are extrapolated based on estimated long-term average growth rates. Estimates are based on past experience and expectations of future changes in the market, including the prevailing economic climate and global economy, competitor activity, market dynamics, changing customer behaviours, structural challenges facing retail and the resilience afforded by the Group\u2019s operational scale.Gross MarginsGross margins are based on the same values as forecast in the Board approved budget. These are generally expected to remain constant over the three year forecast period.Discount RatesDiscount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u2018WACC\u2019).Growth RatesThe short-term revenue growth rate is based on the Board approved average annual growth rates for the three year period following the 53 week period ending 3 February 2024. The long-term revenue growth rate is the rate used thereafter, which is an estimate of the growth based on past experience within the Group, taking account of economic growth forecasts for the relevant sector and geography. The long-term growth rates have been compared to published industry research and the lower of the growth rates have been used in the value-in-use calculation.Sensitivity AnalysisThe Group has carried out sensitivity analysis on the reasonably possible changes in key assumptions in the impairment tests for:(a) each operating segment to which goodwill has been allocated; and (b) for each group of CGUs at a fascia level. Management has\ue61fconsidered the possibility of each business achieving less revenue and gross profit % than forecast. Whilst any reduction in revenue would be partially offset by a reduction in revenue-related costs, management would also take actions to mitigate the loss\ue61fof gross profit by reducing other costs. With regard to the assessment of value-in-use of all groups CGUs and operating segments with headroom, management believes that there are no reasonably possible changes in any of the key assumptions which would cause the carrying value to materially exceed its recoverable amount and we do not consider this to be a critical estimate. Management does not consider there to be a reasonably possible change in any of the key assumptions in the group of CGUs, or with\ue61fimpairment charges that would materially increase the impairment recognised in the period other than for the outdoor retail segment.Sensitivity analysis has been performed, and there are no intangibles which would be materially impacted by reasonably possible changes to key assumptions that would have a material impact on the carrying value of intangibles. This is due to the significant headroom identified from the VIU calculations. 14. Property, Plant and EquipmentOwned AssetsItems of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Where parts of an\ue61fitem of property, plant and equipment have different useful economic lives, they are accounted for as separate items.Depreciation Depreciation is charged to the Consolidated Income Statement over the estimated useful life of each part of an item of property, plant and equipment. The estimated useful economic lives are as follows: \u2013 Freehold land \u2013 not depreciated \u2013 Long leasehold and freehold properties \u2013 2% per annum on a straight-line basis \u2013 Improvements to short leasehold properties \u2013 life of lease on a straight-line basis \u2013 Computer equipment \u2013 3\u20134 years on a straight-line basis \u2013 Fixtures and fittings \u2013 5\u20137 years, or length of lease if shorter, on a straight-line basis \u2013 Motor vehicles \u2013 25% per annum on a reducing balance basisThe Group reviews the estimated residual values and expected useful lives of assets at least annually. In particular, the Group considers the impact of health, safety and environmental legislation in its assessment of expected useful lives and estimated residual values. Furthermore, the Group considers climate-related matters, including physical and transition risks. Specifically, the\ue61fGroup determines whether climate-related legislation and regulations might impact either the useful life or residual values, e.g.\ue61fby imposing additional energy efficiency requirements on the Group\u2019s buildings and office properties.DisposalsGains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in the Consolidated Income Statement either within other income or\ue61fother\ue61fexpenses.Impairment of Property, Plant and Equipment and Non-Current Other AssetsProperty, plant and equipment and non-current other assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of an asset or a cash-generating unit is not recoverable. The Group treats each store as a separate cash-generating unit (\u2018CGU\u2019) for impairment testing of property, plant and equipment and right-of-use assets as this is the\ue61flevel at which largely independent cash flows are generated. Judgement is required as to whether online sales (and associated costs) could be attributed to stores for the purposes of impairment testing when calculating the value-in-use of each store CGU and, as such, the Group does not include these items in the calculation of the value-in-use of each store CGU. The recoverable amount of each store CGU is the higher of its value-in-use and its fair value less costs of disposal. Impairment losses recognised in\ue61fprior periods are assessed at each reporting period date for any indications that the loss has decreased or no longer exists. An impairment loss\ue61fis\ue61freversed if there has been a sustainable change in the estimates used to determine the recoverable amount. An\ue61fimpairment loss is\ue61freversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would\ue61fbe held (net\ue61fof\ue61fdepreciation) if no impairment had been realised. Discount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u201cWACC\u201d).Impairment charges of \u00a39.5million (2023: \u00a31.5 million) relate to all classes of property, plant and equipment in store CGUs\ue61fwhere there has been an impairment indicator and following which a full impairment review has been performed. The loss is based on the specific revenue streams and costs attributable to the store CGU. Assets in impaired store CGUs are written down to their recoverable amount which is calculated\ue61fas the higher of the fair value less costs to sell and value-in-use.Included within the depreciation charge for the period ended 3 February 2024 is accelerated depreciation of \u00a30.7 million (2023: \u00a32.0 million) following a review of the useful economic life of certain items of property, plant and equipment and assets\ue61fcapitalised.14. Property, Plant and Equipment continuedFreehold land, long leasehold Improvements to and freehold short leasehold Assets under Fixtures and Computer Motor properties properties construction fittings equipment vehiclesTotal \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 29 January 2022 70.5 229.0 16.4 905.6 109.4 3.9 1,334.8Additions 5.6 65.7 24.9 202.4 27.0 1.0 326.6Disposals (4.5) (32.7) (0.4) (102.6) (41.8) (0.7) (182.7)Divestments (Note 12) (1.3) (0.1) 1.3 (6.3) (2.0) (0.1) (8.5)(2)Reclassifications 12.0 4.7 (19.5) (9.1) 4.7 2.9 (4.3)Acquisitions 15.5 0.4 \u2013 3.3 0.1 \u2013 19.3Exchange differences 1.1 14.1 1.1 24.7 2.0 0.2 43.2Transfer to assets held-for-sale (Note 35) (2.5) (3.6) \u2013 (26.9) (2.1) (0.1) (35.2)At 28 January 2023 96.4 277.5 23.8 991.1 97. 3 7.1 1,493.2Additions 12.5 122.3 56.5 303.2 34.0 1.3 529.8Disposals (0.5) (16.6) (0.3) (32.3) (2.5) (0.8) (53.0)Divestments (Note 12) \u2013 (0.1) \u2013 (37.4) (7.9) (0.3) (45.7)(2)Reclassifications (4.0) 12.3 (15.7) (10.0) (1.3) (0.1) (18.8)Exchange differences (1.2) (6.1) (1.4) (15.2) (1.9) (0.2) (26.0)Transfer to investment property (Note 15) (4.8) \u2013 \u2013 \u2013 \u2013 \u2013 (4.8)Transfer to assets held-for-sale (Note 35) \u2013 \u2013 \u2013 (1.7) (0.4) \u2013 (2.1)At 3 February 2024 98.4 389.3 62.9 1,197.7 117.3 7.0 1,872.6Depreciation and impairment At 29 January 2022 13.1 69.7 \u2013 489.1 73.0 1.4 646.3Charge for the period 4.1 36.4 \u2013 105.2 15.1 1.2 162.0Disposals (1.9) (27.2) \u2013 (99.4) (41.4) (0.7) (170.6)(2)Reclassifications 4.3 0.7 \u2013 (14.1) (1.2) 1.8 (8.5)Divestments (Note 12) (0.6) (0.1) \u2013 (1.5) (0.6) \u2013 (2.8)(1)Impairment charge for the period \u2013 1.3 \u2013 0.2 \u2013 \u2013 1.5Exchange differences 0.3 4.2 \u2013 2.2 0.9 0.1 7.7Transfer to assets held-for-sale (Note 35) (1.8) (1.4) \u2013 (13.4) (1.4) \u2013 (18.0)At 28 January 2023 17.5 83.6 \u2013 468.3 44.4 3.8 617.6Charge for the period 3.8 43.2 \u2013 111.1 18.6 1.1 177.8Disposals (0.3) (12.6) \u2013 (29.1) (2.2) (0.7) (44.9)(2)Reclassifications \u2013 \u2013 \u2013 0.3 (0.3) \u2013 \u2013Divestments (Note 12) \u2013 (0.1) \u2013 (18.2) (4.0) (0.2) (22.5)(1)Impairment charge for the period \u2013 \u2013 \u2013 9.5 \u2013 \u2013 9.5Exchange differences (0.3) (2.1) 0.1 (10.0) (0.9) (0.3) (13.5)Transfer to investment property (Note 15) (1.7) \u2013 \u2013 \u2013 \u2013 \u2013 (1.7)Transfer to assets held-for-sale (Note 35) \u2013 \u2013 \u2013 (1.3) (0.3) \u2013 (1.6)At 3 February 2024 19.0 112.0 0.1 530.6 55.3 3.7 720.7Net book value At 3 February 2024 79.4 277.3 62.8 667.1 62.0 3.3 1,151.9At 28 January 2023 78.9 193.9 23.8 522.8 52.9 3.3 875.6At 29 January 2022 57.4 159.3 16.4 416.5 36.4 2.5 688.5(1) The impairment charge for the period is made up of adjusting items of \u00a32.5 million (2023: \u00a3Nil) and non-adjusting items of \u00a37.0 million (2023: \u00a3Nil). See Note 4 for adjusting items.(2) Reclassifications relate to mis-classified assets which have been reclassified to the correct financial line item. These net to \u00a3Nil across the reclassification lines within Notes 13, 14, 18 and 25.The total net book value divested of property, plant and equipment in the year ended 3 February 2024 is \u00a340.4 million (see Note 12). Within this value \u00a317.2 million was classified as held-for-sale at 28 January 2023 and \u00a323.2 million has been divested in the year ended 3 February 2024.15. Investment PropertyInvestment property, which is property held to earn rental income, is stated at cost less accumulated depreciation and impairment losses. Investment property is depreciated over a period of 50 years on a straight-line basis, with the exception of freehold land, which is not depreciated. An external valuation to determine the fair value is prepared every three years by persons having the appropriate professional experience. When an external valuation is not prepared, an annual assessment is conducted using\ue61finternal\ue61fexpertise. Total\u00a3mCostAt 28 January 2023 \u2013Transfer from Property, Plant and Equipment (Note 14) 4.8At 3 February 2024 4.8Depreciation and impairmentAt 28 January 2023 \u2013Transfer from Property, Plant and Equipment (Note 14) 1.7At 3 February 2024 1.7Net book valueAt 3 February 2024 3.1At 28 January 2023 \u2013The investment properties relate to properties leased to Focus Brands Limited (\u00a34.2 million) and Kukri Sports Limited (\u00a30.6 million). The shareholdings of both companies were disposed of during the period ended 3 February 2024. Prior to disposal\ue61fof the investment in these entities, these properties had been shown in Property, Plant and Equipment (Note 14). Based on an external valuation prepared as at 31 December 2021, the fair value of these investment properties as at that date was \u00a35.8 million. This valuation was prepared in accordance with the relevant sections and standards contained within the current edition of the RICS Valuation \u2013 Professional Standards, incorporating the International Valuation Standards Global and UK editions (the \u201cRed Book\u201d).The properties are two years into a three-year valuation cycle and, accordingly, an external valuation of the properties will be obtained for the period ended 1 February 2025. Given the non-volatile nature of the property, a three-year external valuation cycle\ue61fis deemed appropriate by the Directors. The Directors deem this to be a Level 3 input under the Group\u2019s fair value hierarchy (see Note 23).16. LeasesAccounting PolicyThe Group leases assets which consist of properties, vehicles and equipment. The most significant leases in size for the Group\ue61fare its retail stores, offices and warehouses. Some leases include an option to renew the lease for an additional number\ue61fof years after the end of the non-cancellable period. Some leases provide for additional rent payments that are based\ue61fon changes in local price indices.The Group assesses whether a contract is, or contains, a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a\ue61fcontract conveys the right to control the use of an identified asset, the Group assesses whether the following criteria apply: \u2013 The contract involves the use of an identified asset \u2013 this may be specified explicitly or implicitly and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified. \u2013 The Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of\ue61fuse. \u2013 The Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases, the decision about how and for what purpose the asset is used is predetermined. The Group has the right to direct the use of the asset if either: \u2013 the Group has the right to operate the asset; or \u2013 the Group designed the asset in a way that predetermines how and for what purpose it will be used.At inception, or on reassessment of a contract that contains a lease component, the Group allocates the consideration in\ue61fthe\ue61fcontract to each lease component on the basis of its relative stand-alone price. On transition to IFRS 16, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applied IFRS 16 only to contracts that were previously identified as leases. Therefore, the definition\ue61fof a lease under IFRS 16 has been applied only to contracts entered into or changed on or after 3 February 2019, as this was the transition date.As a LesseeThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. Lease liabilities are measured at the present value of the remaining lease payments, discounted at the Group\u2019s incremental borrowing rate for the relevant subsidiary in which the lease represents a contractual commitment. Right-of-use assets are measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments plus any initial direct costs incurred less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. A right-of-use asset\u2019s useful economic life is determined on the same basis as for land and buildings recognised in property, plant and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted at the rate implicit in the lease. If the rate implicit in the lease is not readily available, then payments are discounted using the Group\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise the following: fixed payments, including in-substance fixed payments; \u2013 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; and \u2013 lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change\ue61fin future lease payments arising from a change in index or rate, a change in the estimate of the amount expected to\ue61fbe\ue61fpayable under a residual value guarantee, or as appropriate in the assessment of whether a purchase or extension option\ue61fis\ue61freasonably certain to be exercised.The Group\u2019s incremental borrowing rate is the rate that the Group would have to pay for a loan of a similar term, and with similar security, to obtain an asset of similar value. The incremental borrowing rate is determined based on a series of inputs including: the term, the risk determined by the Yield to Maturity (YTM) ratio on \u2018BBB\u2019 rated corporate bonds and a credit risk adjustment based on the Group\u2019s bond yields. Corporate bond rates are a comparable reflection of the risk level of the Group and hence more suitable than government bond rates for discounting the Group\u2019s lease liabilities.Where revised lease terms involve a change in the scope of a lease, or the consideration for a lease, that was not part of the\ue61foriginal terms and conditions of the lease, then these changes are accounted for as a lease modification. Any revised consideration and/or revised lease length is taken into account in a remeasurement calculation that includes a revised discount rate at the effective date of the modification of terms. The revised discount rate is determined as the lessee\u2019s incremental borrowing rate at the effective date of the modification.The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Management exercises judgement in determining whether these extension and termination options are reasonably certain to be exercised.The Group has also applied judgement to determine the lease term for some lease contracts in which it is a lessee that either have no specified end date, or where the Group continues to occupy the property despite the contractual lease end date having passed. In determining the lease term, the Group takes into consideration its commercial strategy on a store-by-store basis and the future intentions of the Group regarding the duration of continuing occupation of the property. For lease contracts falling into these parameters, the associated lease liability is calculated at the present value of the minimum lease payments over the estimated lease term, discounted at the Group\u2019s incremental cost of borrowing. A corresponding right-of-use asset is also recognised.The Group presents right-of-use assets that do not meet the definition of investment property separately on the face of the Consolidated Statement of Financial Position. The Group presents lease liabilities separately within the Consolidated Statement of\ue61fFinancial Position.Short-term LeasesThe Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.Payments Expensed to the Group Income Statement:Variable lease payments, short-term lease payments, rolling lease payments and non-lease service components have been charged to the Consolidated Income Statement. The variable lease payments that are charged to the Consolidated Income Statement are those which are impacted by changes in sales at certain stores where the lease includes an element of turnover rent. Rolling lease payments are in relation to leases where the Group has applied judgement to determine the lease term for certain lease contracts in which the Group is a lessee that either have no specified end date, or where the Group continues to occupy the\ue61fproperty despite the contractual lease end date having passed.As a LessorThe Group sub-leases a small number of properties. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and\ue61frewards incidental to ownership of the underlying asset. If this is the case, the lease is a finance lease. If not, then it is an\ue61foperating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major\ue61fpart of the economic life of the asset.When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with\ue61freference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sub-lease as an operating lease.The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of other income. The Group as a LesseeThe Group leases many assets, including land and buildings, vehicles, machinery and IT equipment. Information about leases for which the Group is a lessee is presented below.The carrying amount of\ue61fthe\ue61fright-of-use asset is as follows:(1)(1)RestatedRestated20242023 2022 \u00a3m\u00a3m\u00a3mRight-of-use assets 2,296.6 2,181.8 2,075.9(1) Please refer to Note 39 for further details of the restatement.Right-of-use Assets(1)Restated(1)(1)RestatedPlant & RestatedProperty vehicles Total\u00a3m\u00a3m\u00a3mCostAt 29 January 2022 2,909.6 10.2 2,919.8Effects of prior period restatement 43.3 \u2013 43.3(1)At 29 January 2022 \u2013 Restated2,952.9 10.2 2,963.1Additions 395.3 14.6 409.9Additions \u2013 on acquisition 13.1 \u2013 13.1Transfer to assets held-for-sale (Note 35) (40.5) (0.2) (40.7)Disposals (38.3) (1.0) (39.3)Divestments (Note 12) (8.8) (0.2) (9.0)Remeasurement adjustments 54.2 (0.2) 54.0(3)Reclassifications 5.3 \u2013 5.3Foreign exchange retranslation 134.6 \u2013 134.6(1)At 28 January 2023 \u2013 Restated3,467.8 23.2 3,491.0Additions 569.8 23.0 592.8Transfer to assets held-for-sale (Note 35) (0.2) \u2013 (0.2)Disposals (71.7) (2.1) (73.8)Divestments (Note 12) (96.3) \u2013 (96.3)Remeasurement adjustments 79.3 (9.8) 69.5(3)Reclassifications 3.7 17.6 21.3Foreign exchange retranslation (43.2) (0.5) (43.7)At 3 February 2024 3,909.2 51.4 3,960.6Depreciation and impairment At 29 January 2022 880.5 6.7 887.2Depreciation charge for the period 389.6 5.6 395.2Transfer to assets held-for-sale (Note 35) (9.8) (0.1) (9.9)Depreciation on disposals (6.8) (0.4) (7.2)Divestments (Note 12) (1.9) \u2013 (1.9)Impairment 4.8 \u2013 4.8Foreign exchange retranslation 41.0 \u2013 41.0At 28 January 2023 1,297.4 11.8 1,309.2Depreciation charge for the period 399.6 13.7 413.3Depreciation on disposals (38.2) (1.2) (39.4)Divestments (Note 12) (43.4) \u2013 (43.4)Impairment 16.4 \u2013 16.4Remeasurement adjustments \u2013 3.2 3.2Foreign exchange retranslation 4.7 \u2013 4.7At 3 February 2024 1,636.5 27.5 1,664.0Net book valueAt 3 February 2024 2,272.7 23.9 2,296.6(1)At 28 January 2023 \u2013 Restated2,170.4 11.4 2,181.8(1)At 29 January 2022 \u2013 Restated2,072.4 3.5 2,075.9(1) Please refer to Note 39 for further details of the restatement.(2) The impairment charge for the period is made up of adjusting items of \u00a31.8 million (2023: \u00a34.5 million) and non-adjusting items of \u00a314.6 million (2023: \u00a30.3 million). See Note 4 for adjusting\ue61fitems.(3) Reclassifications relate to mis-classified assets which have been reclassified to the correct financial line item. These net to \u00a3Nil across the reclassification lines within Notes 13, 14, 18 and 25.Lease modifications have been accounted for by remeasuring the right-of-use asset and corresponding lease liability for any\ue61fchange in lease length and total consideration, recalculated using a revised discount rate of the lessee\u2019s incremental borrowing rate at the effective date of the modification. Other remeasurement adjustments to the right-of-use asset predominantly relate to deferred income and rolling leases. Valuation of the Group\u2019s rolling leases as at 3 February 2024 is\ue61f\u00a371.9 million (2023: \u00a349.3 million).The total net book value divested in the year ended 3 February 2024 is \u00a383.7 million (see Note 12). Within this value \u00a330.8 million was classified as held-for-sale in the 52 weeks ended 28 January 2023 and \u00a352.9 million has been divested in the year ended 3 February 2024.Impairment of Right-of-use AssetsThe Group treats each store as a separate cash-generating unit (\u2018CGU\u2019) for impairment testing of property, plant and equipment and right-of-use assets as this is the level at which largely independent cash inflows are generated. Each CGU is tested\ue61ffor impairment at the balance sheet date if any indicators of impairment have been identified. Right-of-use assets have been tested for impairment by comparing the carrying amount of each CGU with its recoverable amount determined from value-in-use calculations.The value-in-use of each CGU has been calculated using discounted cash inflows derived from the Group\u2019s latest Board approved plan, taking into account the projected impact of future sales growth, and reflects historic performance and knowledge of the\ue61fcurrent market, together with the Group\u2019s views on the future achievable growth. Cash flows beyond the plan period are extrapolated using growth rates appropriate to each store\u2019s location. Cash flows have been included for the\ue61fremaining lease life\ue61ffor\ue61fthe specific store.The key assumptions on which the forecast cash flows of the CGUs are based include revenue and the pre-tax discount rates. Other assumptions in the model relate to gross margin, cost inflation and longer-term growth rates.The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, which has been calculated using the capital asset pricing model, the inputs of which include the risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta). Where the recoverable amount was less than the carrying value of the CGU, an impairment of property, plant and equipment and right-of-use assets was recorded. The Group has recognised an impairment charge of \u00a316.4 million (2023: \u00a34.8 million) against right-of-use assets as a result of impairment testing.Lease LiabilitiesThe Group presents lease liabilities separately within the Consolidated Statement of Financial Position. The carrying amount of the\ue61flease liabilities as at 3 February 2024 is shown below, along with a maturity analysis of contractual undiscounted cash flows to\ue61fwhich the Group is committed. As at 3 February 2024, the weighted average discount rate applied to the lease portfolio of the Group is\ue61f3.9% (2023: 3.2%).(1)(1)RestatedRestated2024 2023 2022\u00a3m\u00a3m\u00a3mMaturity analysis \u2013 contractual undiscounted cash flowsWithin one year 489.8 475.2 414.5Later than one year and not later than two years 440.0 411.0 384.6Later than two years and not later than three years 386.4 355.6 331.6Later than three years and not later than four years 334.4 308.5 283.5Later than four years and not later than five years 295.8 256.5 240.3After five years 999.3 877.7 865.5Total undiscounted lease liabilities 2,945.7 2,684.5 2,520.0(1)(1)RestatedRestated2024 2023 2022\u00a3m\u00a3m\u00a3mCurrent 415.9 430.1 384.6Non-current 2,068.1 1,953.9 1,901.6Lease liabilities included in the Consolidated Statement of Financial Position 2,484.0 2,384.0 2,286.2(1) Please refer to Note 39 for further details of the restatement. (1)(1)RestatedRestated2024 2023 2022\u00a3m\u00a3m\u00a3mOpening balance (restated) 2,384.0 2,286.2 1,929.8Additions 592.8 420.3 574.0Acquisitions \u2013 2.7 271.7Interest on lease liabilities 84.4 68.9 59.5Repayments of lease liability (484.4) (461.9) (415.7)(2)Liability adjustments (51.8) (27.9) (92.1)Foreign exchange retranslation (41.0) 95.7 (41.0)Closing balance (restated) 2,484.0 2,384.0 2,286.2(1) Please refer to Note 39 for further details of the restatement.(2) Liability adjustments include (\u00a355.0) million for divestments (2023: (\u00a37.4) million), (\u00a337.4) million for disposals (2023: (\u00a340.7) million) and (\u00a30.2) million for transfers to liabilities held-for-sale (2023: (\u00a332.1) million), see notes 12 for divestments and 35 for held-for-sale. There are also \u00a340.8 million (2023: \u00a352.3 million) for remeasurement adjustments.Amounts recognised in the Consolidated Statement of Cash Flows and their categorisation are below:53 weeks to 52 weeks to 3 February 28\ue61fJanuary 20242023\u00a3m\u00a3mRepayments of principal portion of lease liability (Cash flows from financing activities) 400.0 393.0Interest on lease liabilities (Cash flows from operating activities) 84.4 68.9Expenses relating to short-term leases (Net operating costs) 2.0 3.8Variable lease payments (Net operating costs) 104.5 91.3Total cash outflow for leases 590.9 557.0Amounts recognised in the Consolidated Income Statement:53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023\u00a3m\u00a3mDepreciation expense of right-of-use assets 413.3 395.2Interest on lease liabilities 84.4 68.9Variable lease payments not included in the measurement of lease liabilities 104.5 91.3Income from subleasing right-of-use assets (1.2) (1.3)Expenses relating to short-term leases 2.0 3.8Impairment of right-of-use assets 16.4 4.8Property LeasesThe Group leases buildings for its office space, retail stores and warehouses. These leases typically run for a period of four years. Some leases include an option to renew the lease for an additional number of years after the end of the non-cancellable period. Some require the Group to make payments that relate to the property taxes levied on the lessor and insurance payments made by the lessor. Some properties leased by the Group provide for additional rent payments that are based on changes in local price indices or\ue61fsales that the Group makes at the leased store in the period. In respect of contracts linked to store sales, initial recognition of the lease liability is measured at the present value of the minimum lease payments specified in the contract excluding the element linked to sales, since the variable element of these payments is not based on an index or rate. Where the variable element of the payments is based on an index or rate, initial and subsequent measurement of the lease liability includes these\ue61findex linked payments.The Group sub-leases some of its properties under operating leases.Other LeasesThe Group leases vehicles and equipment (including IT equipment) with lease terms of three to five years. The Group as a LessorThe Group leases out residential and office properties. The Group has classified these leases as operating leases, because they\ue61fdo not transfer substantially all the risk and rewards incidental to the ownership of the assets. Lease income from lease contracts in which the Group acts as a lessor amounted to \u00a31.2 million (2023: \u00a31.3 million).17. Investments in Associates and Joint VenturesAccounting PolicyThe Group\u2019s interests in equity-accounted investees comprise interests in associates and interests in joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial\ue61fand operating policies. A joint venture is an arrangement in which the Group has joint control over the financial\ue61fand\ue61foperating policies.Interests in associates and joint ventures are accounted for using the equity method and are initially recognised at cost and subsequently a provision for impairment is recognised where appropriate. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and\ue61fother comprehensive income of equity-accounted investees, until the date on which significant influence or joint control\ue61fceases. Transactions and balances with associates and joint ventures are undertaken on an arm\u2019s length basis. Outstanding balances are unsecured (unless otherwise stated) and will be settled in cash.20242023\u00a3m\u00a3mInterest in associates 33.2 28.1Interest in joint ventures 10.3 10.743.5 38.8Associates Joint venturesTotal\u00a3m\u00a3m\u00a3mNet book valueAt 29 January 2022 28.2 28.0 56.2Additions \u2013 2.8 2.8(1)Disposals(2.1) \u2013 (2.1)Impairments (Note 4) \u2013 (19.6) (19.6)Share of profit 3.8 1.1 4.9Dividends received (1.8) (1.6) (3.4)At 28 January 2023 28.1 10.7 38.8(2)Disposals(1.6) (1.3) (2.9)Share of profit 6.7 0.9 7.6At 3 February 2024 33.2 10.3 43.5(1) On 6 January 2023, the Group sold its entire 40% investment in The Couture Club Limited (including its 75% owned subsidiary, Il Sarto Milano Limited) and on 25 January 2023, the Group sold its 25% holding in Mallet Footwear Limited.(2) On 23 May 2023 the Group sold its entire 49% investment in Brand Stable Limited. On 2 February 2024, the Group sold 0.64% of its holding in Applied Nutrition Limited, leaving a 31.36% investment being held by JD Sports Fashion Plc.AssociatesThe Group has an equity interest in a single associate. On 7 May 2021, the Group acquired a 32% ownership interest in, and has significant influence over, Applied Nutrition Limited (\u2018Applied Nutrition\u2019). On 2 February 2024, the Group sold 0.64% of its holding in Applied Nutrition Limited, which did not impact its influence over the entity. Applied Nutrition is a sports nutrition brand which operates via a trading website. The following table summarises the financial information of Applied Nutrition Limited as included in its own financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in Applied Nutrition Limited.20242023\u00a3m\u00a3mNon-current assets 1.5 1.0Current assets 51.4 24.3Current liabilities (6.4) (6.1)Net assets (100%) 46.5 19.2Group's share of net assets (31.36%) 14.6 6.1Goodwill and other intangibles 18.6 22.0Carrying amount of interest in associate 33.2 28.1Revenue 82.1 45.7Profit and total comprehensive income (100%) 20.9 10.1Group's share of total comprehensive income (31.36%) 6.7 3.2Joint VenturesThe Group has equity interests in a number of joint ventures. These are made up of Gym King \u00a33.5 million (2023: \u00a33.6 million), JD Indonesia \u00a36.1 million (2023: \u00a35.2 million) and Other \u00a30.7 million (2023: \u00a31.9 million). On 10 May 2021, the Group acquired a 40% ownership interest in, and has joint control of, Gym King (Holdings) Limited (\u2018Gym\ue61fKing\u2019). Gym King is an athleisure brand and one of the Group\u2019s suppliers. The following table summarises the financial information of Gym King and its subsidiaries, as included in its own financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in\ue61fGym\ue61fKing.20242023\u00a3m\u00a3mNon-current assets 0.2 0.3Current assets 10.4 11.0Current liabilities (2.1) (3.2)Non-current liabilities \u2013 \u2013Net assets (100%) 8.5 8.1Group\u2019s share of net assets (40%) 3.4 3.3Elimination of unrealised profit on downstream sales \u2013 \u2013Goodwill and other intangibles 0.1 0.3Carrying amount of interest in joint venture 3.5 3.6Revenue 17.4 24.1Profit and total comprehensive income (100%) \u2013 (0.5)Group's share of total comprehensive income (40%) \u2013 \u2013Dividends received by the Group \u2013 0.4On 28 July 2021, the Group acquired a 51% ownership interest in PT JD Sports Fashion and a 49% ownership in PT JD Sports Fashion Distribution (collectively \u2018JD Indonesia\u2019). The Group has significant influence over both entities. JD Indonesia is a joint venture for the distribution and retail of Sports Fashion footwear and apparel in Indonesia.The following table summarises the financial information of JD Indonesia as included in its own financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in JD Indonesia:20242023\u00a3m\u00a3mNon-current assets 8.5 7.1Current assets 12.1 10.1Current liabilities (5.8) (4.0)Non-current liabilities (3.1) (2.9)Net assets (100%) 11.7 10.3Group\u2019s share of net assets (49% \u2013 51%) 5.8 5.1Elimination of unrealised profit on downstream sales \u2013 \u2013Goodwill and other intangibles 0.3 0.1Carrying amount of interest in joint venture 6.1 5.2Revenue 24.9 12.1Profit and total comprehensive income (100%) 1.7 0.5Group's share of total comprehensive income (49% \u2013 51%) 0.8 0.2Dividends received by the Group \u2013 \u201318. Other AssetsKey MoneyMonies paid in certain countries to give leaseholders access to retail locations are capitalised within non-current assets. Key money\ue61fis stated at historic cost less impairment losses. These assets are not depreciated as past experience has shown that the\ue61fkey money is recoverable on disposal of a retail location and is deemed to have an indefinite useful economic life but will be impaired if evidence exists that the market value is less than the historic cost. Gains/losses on key money from the\ue61fsubsequent disposal of\ue61fthese retail locations are recognised in the Consolidated Income Statement. Within key money are amounts due within one year of \u00a30.9 million (2023: \u00a3Nil). Deposits Money paid in certain countries as deposits to store landlords as protection against non-payment of rent is capitalised within non-current assets. Deposits are assessed for recoverability on leased stores once the store is expected to close and a provision for the impairment of these deposits is established when there is objective evidence that the landlord will not repay the deposit in\ue61ffull.\ue61fWithin Deposits are amounts due within one year of \u00a35.5 million (2023: \u00a38.8 million).Key money Deposits Total\u00a3m\u00a3m\u00a3mCost At 29 January 2022 22.9 38.2 61.1Additions 0.1 12.7 12.8Disposals \u2013 (1.8) (1.8)(1)Reclassifications (8.5) \u2013 (8.5)Exchange differences (0.9) 0.2 (0.7)At 28 January 2023 13.6 49.3 62.9Additions 0.3 9.9 10.2Disposals (2.1) (10.6) (12.7)Divestments \u2013 (0.4) (0.4)(1)Reclassifications (0.2) (0.2) (0.4)Exchange differences \u2013 (2.1) (2.1)At 3 February 2024 11.6 45.9 57.5Depreciation and impairment At 29 January 2022 4.0 0.1 4.1(1)Reclassifications (0.8) \u2013 (0.8)Impairments 3.0 \u2013 3.0Exchange differences (0.3) \u2013 (0.3)At 28 January 2023 5.9 0.1 6.0Disposals (2.8) \u2013 (2.8)At 3 February 2024 3.1 0.1 3.2Net book value At 3 February 2024 8.5 45.8 54.3At 28 January 2023 7.7 49.2 56.9At 29 January 2022 18.9 38.1 57.0(1) Reclassifications relate to mis-classified assets which have been reclassified to the correct financial line item. These net to \u00a3Nil across the reclassification lines within Notes 13, 14, 16, and 25.19. Inventories2024 2023 \u00a3m\u00a3mFinished goods and goods for resale 1,592.7 1,466.4The cost of inventories recognised as expenses and included in cost of sales for the 53 weeks ended 3 February 2024 was (1)\u00a35,494.0 million (2023: \u00a35,247.4 million as restated ).Included within inventories is \u00a32.4 million of deferred supplier rebates (2023: \u00a32.4 million).At the period end, net inventories of \u00a314.8 million (2023: \u00a352.7 million) were transferred to assets held-for-sale (see Note 35). The Group had \u00a370.6 million (2023: \u00a373.5 million) of stock provisions at the end of the period, the movement on this provision is\ue61fshown below:\u00a3mAt 29 January 2022 91.5Created 42.3Released (4.4)Utilised (43.8)Divested (1.0)Transferred to held-for-sale (7.0)Other (1.2)Foreign exchange (2.9)At 28 January 2023 73.5Created 52.3Released (7.8)Utilised (45.5)Divested (3.2)Other (1.2)Foreign exchange 2.5At 3 February 2024 70.6(1) Please refer to Note 39 for further details of the restatement.20. Trade and Other ReceivablesCredit RiskThe Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. The trade receivables balances are typically held by the wholesale businesses within the Group. Each subsidiary establishes a\ue61fcredit policy under which each new customer is analysed individually for creditworthiness before the payment and delivery terms and conditions are offered. The Group review includes financial statements, credit agency information and industry information. Each subsidiary limits its credit exposure by setting payment periods and, in certain circumstances, these are approved by Group management. Customers are monitored by taking into account their credit characteristics: whether they are a wholesale or retail customer, their geographic location, industry, trading history with the Group and existence of previous financial difficulties. Expected Credit Loss AssessmentEach subsidiary within the Group allocates each exposure to a credit risk grade based on the data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and available press information about customers) and by applying experienced credit judgement. An allowance matrix is used to measure the expected credit losses (\u2018ECLs\u2019) of trade receivables from smaller customers, which comprise a large number of small balances. Loss rates are based on actual credit loss experience over the past five years, factoring in other information such as current conditions, age of the customer relationship and the view of the economic conditions over the expected lives of the receivables. The Group recognises loss allowances for ECLs on financial assets measured at amortised cost and measures the loss allowances at an amount equal to the lifetime ECLs for trade receivables.2024 2023 \u00a3m\u00a3mCurrent assets Trade receivables 37. 3 62.4Other receivables 37.4 48.2Forward contract asset 2.8 13.7Prepayments 147.4 121.5Accrued income 1.7 2.8Right of return asset 26.4 15.2253.0 263.8Non-current assetsLoans to associates and joint ventures \u2013 7.6Interest rate swap 0.7 \u2013Forward contract asset \u2013 0.80.7 8.4The following table provides information about the exposure to credit risk and expected credit losses for trade receivables as at 3 February 2024:2024 2023Weighted Gross Weighted Gross average loss carrying Loss average carrying Loss rateamount allowanceNetloss rate amountallowanceNet%\u00a3m\u00a3m\u00a3m%\u00a3m\u00a3m\u00a3mNot past due 0.0% 27.2 \u2013 27.2 0.5% 42.5 (0.2) 42.3Past due 0 - 30 days 0.0% 2.3 \u2013 2.3 0.8% 11.8 (0.1) 11.7Past due 31 \u2013 60 days 0.0% 2.7 \u2013 2.7 2.9% 3.4 (0.1) 3.3Past due 61 \u2013 90 days 0.0% 0.3 \u2013 0.3 4.8% 2.1 (0.1) 2.0More than 90 days past due 15.8% 5.7 (0.9) 4.8 35.4% 4.8 (1.7) 3.12.4% 38.2 (0.9) 37. 3 3.4% 64.6 (2.2) 62.4At 3 February 2024, the exposure to credit risk for trade receivables by geographic region was as follows:2024 2023Loss GrossLoss allowanceNetGrossallowanceNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK & ROI 12.9 (0.2) 12.7 23.1 (0.3) 22.8Europe 11.6 (0.6) 11.0 28.0 (1.8) 26.2North America 4.9 \u2013 4.9 2.5 \u2013 2.5Rest of world 8.8 (0.1) 8.7 11.0 (0.1) 10.9Total 38.2 (0.9) 37. 3 64.6 (2.2) 62.4At 3 February 2024, the exposure to credit risk for trade receivables by type of counterparty was as follows:2024 2023Loss GrossLoss allowanceNetGrossallowanceNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mWholesale customers 12.0 (0.5) 11.5 22.5 (0.6) 21.9Retail customers 4.1 (0.1) 4.0 13.0 (0.6) 12.4End user customers 2.4 \u2013 2.4 0.2 \u2013 0.2(1)Other19.7 (0.3) 19.4 28.9 (1.0) 27.9Total 38.2 (0.9) 37. 3 64.6 (2.2) 62.4(1) Other includes amounts owed by associates and joint ventures, supplier rebates, amounts owed by suppliers for contributions towards marketing promotion costs, amounts owed by Macy\u2019s relating to Finish Line sales in Macy\u2019s stores and amounts owed relating to liquidated stock.At 3 February 2024, the carrying amount of the trade receivables due from the Group\u2019s most significant customer was \u00a34.2 million (2023: \u00a35.7 million).Movement on the provision is shown below:\u00a3mAt 29 January 2022 2.1Created 1.8Released (0.3)Utilised (0.7)Reclassified (0.6)Foreign exchange (0.1)At 28 January 2023 2.2Created 0.3Released (0.6)Utilised (0.9)Reclassified (0.1)At 3 February 2024 0.9The other classes within trade and other receivables do not contain impaired assets.21. Cash and Cash EquivalentsCash and cash equivalents comprise cash balances, credit card receipts and call deposits with an original maturity of three months or less, are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.Cash equivalents are held for the purposes of meeting the Group\u2019s short-term liquidity needs. Bank overdrafts are included as a component of cash and cash equivalents for the purpose of the Consolidated Statement of\ue61fCash\ue61fFlows, as these are used as an integral part of the Group\u2019s cash management.(1)Restated20242023 \u00a3m\u00a3mCash at bank and in hand 435.2 818.6Cash equivalents 50.0 48.3Other short term deposits < 3 months 667.5 641.11,152.7 1,508.0(1) Please refer to Note 39 for further details of the restatement.At the period end, cash and cash equivalents of \u00a38.8 million (2023 restated: \u00a374.5 million) were transferred to assets held-for-sale (see\ue61fNote\ue61f35). 22. Interest-Bearing Loans and BorrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Following the initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective interest basis.20242023 \u00a3m\u00a3mCurrent liabilitiesBank overdrafts 59.9 33.6Bank loans 33.0 41.6Bank loans and overdrafts 92.9 75.2Non-current liabilitiesBank loans 36.6 38.0The following provides information about the contractual terms of the Group\u2019s interest-bearing loans and borrowings. For more information about the Group\u2019s exposure to interest rate risk, see Note 23.Bank Facilities As at 3 February 2024, the Group had a syndicated committed \u00a3700 million bank facility expiring on 6 November 2026, which\ue61fwas\ue61fextended in the previous financial year for a period of two years with no changes to existing terms (previous expiry 6 November 2024). The Group is subject to covenants on consolidated total net assets, net debt leverage and a fixed charge cover. Under this facility, a maximum of 15 drawdowns can be outstanding at any time, with drawdowns made for a period of one, two, three or six months, with interest currently payable at a rate of SONIA (Sterling Overnight Index Average) plus a margin of 0.9% (2023: SONIA plus a\ue61fmargin of 0.9%). The arrangement and underwriting fee payable on the facility is 1.0% and the commitment fee on the undrawn element of the facility is 35% of the applicable margin rate. As at\ue61f3 February 2024, this facility encompassed cross guarantees between the Company, Blacks Outdoor Retail Limited, JD Sports Fashion SRL (Italy), Go Outdoors Retail Limited, Genesis Holdings, Inc., Genesis Topco, Inc. Shoe Palace Corporation, The Finish Line Inc, The Finish Line USA Inc, DTLR Inc, Genesis Finco Limited, Spodis SA, JD Sports Fashion Aus Pty and JD Sports Fashion (Ireland) Limited.At 3 February 2024, \u00a3Nil was drawn down on this facility (2023: \u00a3Nil).The Group\u2019s second principal bank facility is a syndicated Asset Based Lending Facility in the US, which has a maximum revolving advance amount of approximately $300 million and expires on 24 September 2026 (2023: $300 million). At 3 February 2024, $12.5 million was\ue61fdrawn down on this facility (2023: $Nil). There are no covenants on this facility and the facility is only available to the Genesis Topco Inc group of companies. As at\ue61f3 February 2024, this facility encompassed cross guarantees between the companies in the Genesis Topco Inc subgroup. Bank Loans and OverdraftsThe bank loans and overdrafts attract interest rates ranging from 0.3% to 8.3%. The overdrafts are repayable on demand and the bank loans are repayable over periods between three and 59 months. Included within bank loans and overdrafts are bank loans of \u00a369.6 million (2023: \u00a379.6 million) and overdrafts of \u00a359.9 million (2023: \u00a333.6 million). The maturity of the bank loans and overdrafts is as follows:2024 2023 \u00a3m\u00a3mWithin one year 92.9 75.2Between one and five years 35.7 38.0Due in more than five years 0.9 \u2013129.5 113.223. Financial InstrumentsFinancial assets and financial liabilities are recognised in the Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to\ue61fthe cash flows from the financial assets expire or are transferred. Financial liabilities are derecognised when the obligation specified in the contract is discharged, is cancelled or expires.The Group recognises the following financial instruments on its balance sheet.At fair value through 2024 At amortised cost profit or loss \u00a3m\u00a3m\u00a3mFinancial assets Cash and cash equivalents 1,152.7 1,152.7 \u2013Deposits 45.8 45.8 \u2013Trade receivables 37.3 37.3 \u2013Other receivables 37. 4 37.4 \u2013Accrued income 1.7 1.7 \u2013Foreign exchange forward contracts \u2013 non-hedged 2.8 \u2013 2.8Interest rate swap 0.7 \u2013 0.7Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (2.0) \u2013 (2.0)Trade payables (782.8) (782.8)Other payables and accrued expenses (455.7) (455.7) \u2013Other payables \u2013 non-current (155.4) (155.4) \u2013Lease liabilities (2,484.0) (2,484.0) \u2013Contingent consideration \u2013 current (0.2) \u2013 (0.2)Contingent consideration \u2013 non-current (2.0) \u2013 (2.0)Interest-bearing loans and borrowings \u2013 current (92.9) (92.9) Interest-bearing loans and borrowings \u2013 non-current (36.6) (36.6) Put and call options held by non-controlling interests (809.8) (809.8) \u2013Restated(1)At fair value through 2023 At amortised cost profit or loss \u00a3m\u00a3m\u00a3mFinancial assets Cash and cash equivalents 1,508.0 1,508.0 \u2013Deposits (Note 18) 49.2 49.2Trade receivables 62.4 62.4 \u2013Other receivables 48.2 48.2 \u2013Accrued Income 2.8 2.8 \u2013Foreign exchange forward contracts \u2013 non-hedged 14.5 \u2013 14.5Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (30.4) \u2013 (30.4)Trade payables (723.7) (723.7)Other payables and accrued expenses (509.0) (509.0) \u2013Other payables \u2013 non-current (89.3) (89.3) \u2013Lease liabilities (2,384.0) (2,384.0) \u2013Contingent consideration \u2013 current (0.2) \u2013 (0.2)Contingent consideration \u2013 non-current (5.2) \u2013 (5.2)Interest-bearing loans and borrowings \u2013 current (75.2) (75.2) Interest-bearing loans and borrowings \u2013 non-current (38.0) (38.0) \u2013Put and call options held by non-controlling interests (1,104.7) (1,104.7) \u2013(1) Please refer to Note 39 for further details of the restatement.Financial AssetsThe Group\u2019s financial assets are non-derivative and derivative financial assets. The non-derivative assets are initially recognised at fair value and subsequently measured at amortised cost because they are held to collect contractual cash flows that are principal and interest on the principal amount outstanding. Credit loss allowance is calculated using lifetime expected credit losses for trade\ue61freceivables and contract assets and as 12-months expected credit loss for other assets. Cash and cash equivalents comprise short-term cash deposits with major clearing banks earning floating rates of interest based upon bank base rates or rates linked to\ue61fSONIA, SOFR (Secured Overnight Financing Rate) and EURIBOR (Euro Interbank Offered Rate).The currency profile of cash and cash equivalents is shown below:Restated (1)20242023 \u00a3m\u00a3mCash and cash equivalents Sterling 202.5 677.7Euros 359.6 386.5US Dollars 472.1 294.7Australian Dollars 55.4 81.4Malaysian Ringgit 12.2 11.8Swedish Krona 1.2 11.7Danish Krone 8.2 7.6Singapore Dollars 3.1 3.7Other 38.4 32.9Total 1,152.7 1,508.0(1) Please refer to Note 39 for further details of the restatement.The currency profile of trade receivables is shown below:2024 2023 \u00a3m\u00a3mTrade receivables Sterling 17.6 24.5Euros 10.2 21.2US Dollars 8.6 11.8Other 0.9 4.9Total 37.3 62.4Financial LiabilitiesThe currency profile of interest-bearing loans and borrowings is shown below:20242023 \u00a3m\u00a3mInterest-bearing loans and borrowings Sterling 5.7 5.8Euros 73.7 89.5Polish Zloty 39.6 8.9US Dollars \u2013 4.7Other 10.5 4.3Total 129.5 113.2The currency profile of trade payables is shown below:20242023 \u00a3m\u00a3mTrade payables Sterling 206.5 228.8Euros 216.3 199.4US Dollars 298.7 217.9Australian Dollars 17.0 20.3Polish Zloty 26.6 31.0Canadian Dollars 9.9 8.8Other 7.8 17.5Total 782.8 723.7Risk ManagementThe Group\u2019s operations expose it to a variety of financial risks that include the effects of changes in exchange rates, interest rates, credit risk and its liquidity position. The Group manages these risks through the use of derivative instruments, which are reviewed on a regular basis. Derivative instruments are not entered into for speculative purposes. There are no concentrations of risk in the period to 3 February 2024 (28 January 2023: None).Interest Rate RiskThe Group finances its operations by a mixture of equity and bank borrowings. The Group\u2019s borrowings are at floating rates. Interest rate risk therefore arises from bank borrowings. At the period end, the Group did not hold any floating rate deposits. The Directors continue to be mindful of the potential volatility in base rates, but at present do not consider a long-term interest rate hedge to be necessary given the inherent short-term nature of both the revolving credit facility and Asset Based Lending Facility. This position is reviewed regularly, along with the level of facility required.The Group has potential bank floating rate financial liabilities on the \u00a3700 million syndicated committed facility and the $300 million Asset Based Lending Facility together with overdraft facilities in subsidiary companies (see Notes 21 and 22). At\ue61f3 February\ue61f2024, \u00a3Nil was drawn down from the \u00a3700 million committed facility. $12.5 million of the $300 million Asset Based\ue61fLending Facility was drawn down at 3 February 2024 (2023: $Nil). A change of 1.0% in the average interest rates during the period, applied to the Group\u2019s floating interest rate loans and borrowings\ue61fas at the reporting date, would change profit before tax by \u00a30.3 million (2023: \u00a30.3 million) and would change equity\ue61fby \u00a30.3 million (2023: \u00a30.3 million). The calculation is based on any floating interest rate loans and borrowings drawn down\ue61fat\ue61fthe\ue61fperiod end date. Calculations are performed on the same basis as the prior period and assume that all other variables\ue61fremain unchanged. Foreign Currency RiskForeign Currency TranslationTransactions denominated in foreign currencies are translated into Sterling at the exchange rate prevailing on the date of the\ue61ftransaction. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rate of exchange at\ue61fthe reporting date. Exchange differences in monetary items are recognised in the Consolidated Income Statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at\ue61fthe dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the\ue61fexchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in Other Comprehensive Income or profit or loss are\ue61falso recognised in Other Comprehensive Income or profit or loss, respectively).On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into Sterling at the rate of\ue61fexchange at the reporting date. Income and expenses are translated at the average exchange rate for the accounting period. Foreign currency differences are recognised in Other Comprehensive Income and are presented in the foreign currency translation reserve.Derivative Financial InstrumentsThe Group uses derivative financial instruments to hedge its exposure to foreign exchange risks arising from operational activities. In accordance with its Treasury Policy, the Group does not hold or issue derivative financial instruments for trading purposes. Derivative financial instruments are accounted for as held for trading instruments and are recognised initially at fair value and remeasured at each period end. The gain or loss on remeasurement to fair value is recognised immediately in the Consolidated Income Statement. The fair value is the price that would have been received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Hedging of Monetary Assets and LiabilitiesWhere a derivative financial instrument is used to hedge the foreign exchange exposure of a recognised monetary asset or\ue61fliability,\ue61fno hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the Consolidated Income\ue61fStatement.The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than Pound Sterling. The currencies giving rise to this risk are the Euro and US Dollar, with sales made in both Euros and US Dollars and purchases made in both\ue61fEuros and US Dollars (principal exposure). To protect its foreign currency position, the Group sets a buying rate in each country for the purchase of goods in US Dollars at the start of the buying season (typically six to nine months before the product actually starts to appear in the stores) and then enters into a number of local currency/US Dollar contracts whereby the minimum exchange rate on the purchase of Dollars is guaranteed. Our European supply chain strategy has continued to reduce the Sterling/Euro exposure as the European Distribution Centres increasingly source the goods in Euros and create a natural hedge. Surplus Euros are also used to fund the international store developments across Europe, thus alleviating the need for local third-party financing.As at 3 February 2024, the fair value of these instruments were assets of \u00a33.5 million (2023: \u00a314.5 million) and liabilities of \u00a32.0 million (2023: \u00a330.4 million). The net asset of \u00a31.5 million is split as \u00a30.8 million due within one year and the remaining \u00a30.7 million is due between one and two years (2023: net liability of \u00a315.9 million split as \u00a310.9 million due within one year and \u00a35.0 million due between one and two years). A gain of \u00a316.6 million (2023: loss of \u00a332.2 million) has been recognised in cost of sales within the Consolidated Income Statement for the change in\ue61ffair value of these instruments.We have considered the credit risk of the Group\u2019s and counterparty\u2019s credit risk and this is not expected to have a material effect on the valuation of these options.The Group has considered the impact of a 10.0% strengthening or weakening of Sterling relative to the following currencies as\ue61fat\ue61fthe reporting date. The reduction to profit before tax illustrates the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. The reduction in equity illustrates the impact of the translation of\ue61fthe Group\u2019s subsidiaries whose functional currencies are different to the Group\u2019s presentational currency of Sterling plus the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. A 10.0% strengthening would have reduced profit before tax and equity as follows:Profit before tax Equity2024202320242023\u00a3m\u00a3m\u00a3m\u00a3mEuros 13.6 4.7 57.8 43.7US Dollars 13.1 2.0 167.3 141.4Australian Dollars 2.1 2.0 4.6 6.5Other 2.2 2.1 16.1 6.131.0 10.8 245.8 197.7Hedging of Monetary Assets and Liabilities continuedA 10.0% weakening of Sterling relative to the following currencies as at the reporting date would have increased profit before tax and equity as follows:Profit before tax Equity2024202320242023\u00a3m\u00a3m\u00a3m\u00a3mEuros 16.6 5.8 70.6 53.4US Dollars 16.1 2.5 204.5 172.8Australian Dollars 2.5 2.4 5.6 8.0Other 2.7 2.6 19.8 7.937.9 13.3 300.5 242.1Calculations are performed on the same basis as the prior period and the method assumes that all other variables remain\ue61funchanged.Credit RiskCredit risk arises from the possibility of customers and counterparties failing to meet their obligations to the Group. Investments of cash surpluses, borrowings and derivative instruments are made through major clearing banks, which must\ue61fmeet minimum credit ratings as required by the Board.All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and a provision is made for impairment where amounts are not thought to be recoverable (see\ue61fNote 20). At the reporting date, there were no significant concentrations of credit risk, and receivables which are not impaired are believed to be\ue61frecoverable.The Group considers its maximum exposure to credit risk to be equivalent to total trade and other receivables (excluding prepayments, accrued income and right of return assets) of \u00a377.5 million (2023: \u00a3124.3 million) and cash and cash equivalents of\ue61f\u00a31,152.7 million (2023: \u00a31,508.0 million).The table below provides details of cash and cash equivalents by long-term credit rating of investment-grade rated counterparties2024 2023 \u00a3m\u00a3mCash and cash equivalents 1,152.7 1,508.0A1 434.8 701.6A2 225.2 208.1A3 102.1 2.2Aa1 111.2 121.0Aa2 68.8 163.1Aa3 134.1 137.9AAA \u2013 100.2Ba1 1.3 0.2Baa1 41.0 60.6Baa2 34.2 13.1Liquidity RiskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages its cash and borrowing requirement to minimise net interest expense, whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of\ue61fthe business. The forecast cash and borrowing profile of the Group is monitored on an ongoing basis, to ensure that adequate headroom remains under committed borrowing facilities. Further, the Board regularly reviews the current financial position and performance and assesses the future prospects of the Group. As part of this assessment, the Board reviews the Group\u2019s income and expenditure projections, cash flows and other key financial ratios along with the potential impact of, and challenges presented by, the principal risks outlined on pages 44 to 55. The Group\u2019s strategy along with the factors likely to affect the development, performance and position of the businesses are\ue61fdetailed throughout the Strategic Report on pages 1 to 93. In accordance with the requirements of the UK Corporate Governance Code, the Board has assessed the viability of the Group for a period of three years to 30 January 2027. See pages 54 and 55 for the Group\u2019s Going Concern and Viability Statement.The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and\ue61fundiscounted. 2024 0\u20133 months 3\u201312 months1\u20132 years2\u20135 years > 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instruments Bank loans and overdrafts 132.5 55.0 35.8 31.9 8.9 0.9(1)Trade and other payables 1,401.9 1,144.8 93.6 25.5 69.3 68.7(2)Lease liabilities2,945.7 122.5 367.3 440.0 1,016.6 999.3(3)Put and call options899.7 \u2013 \u2013 176.1 723.6 \u2013Derivative financial instruments Forward contracts (gross cash outflow) 137.8 40.6 97.2 \u2013 \u2013 \u20135,517.6 1,362.9 593.9 673.5 1,818.4 1,068.9(1) Trade and other payables exclude accruals related to salaries, as these are non-financial instruments. (2) This is the undiscounted value of the lease liabilities (see note 16).(3) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.Restated(1)20230\u20133 months 3\u201312 months1\u20132 years2\u20135 years> 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instruments Bank loans and overdrafts 115.0 46.4 29.8 18.8 20.0 \u2013(2)Trade and other payables1,341.7 861.1 371.6 12.1 36.3 60.6(3)Lease liabilities2,684.5 118.8 356.4 411.0 920.6 877.7(4)Put and call options1,279.7 \u2013 216.8 23.6 774.2 265.1Derivative financial instruments (5)Forward contracts (gross cash outflow) 1,906.0 173.1 917.1 815.8 \u2013 \u20137,326.9 1,199.4 1,891.7 1,281.3 1,751.1 1,203.4(1) Please refer to Note 39 for further details of the restatement.(2) The prior period has been restated to remove salary accruals from the trade and other payables balance.(3) This is the undiscounted value of the lease liabilities (see note 16).(4) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.(5) Comparatives have been re-presented on a gross basis, whereas previously this has been presented on a net basis.Fair ValuesThe fair values together with the carrying amounts shown in the Statement of Financial Position as at 53 weeks to 3 February 2024 are as\ue61ffollows:Carrying amount Fair value 20242024 Note\u00a3m\u00a3mTrade and other receivables 20 77.5 77.5Cash and cash equivalents 21 1,152.7 1,152.7Interest-bearing loans and borrowings \u2013 current 22 (92.9) (92.9)Interest-bearing loans and borrowings \u2013 non-current 22 (36.6) (27.6)(1)Trade and other payables \u2013 current(1,238.4) (1,238.4)(1)Trade and other payables \u2013 non-current(155.4) (155.4)(293.1) (284.1)Unrecognised gain (9.0)(1) Trade and other payables included contingent consideration of \u00a32.2 million (2023: \u00a35.4 million) split between current of \u00a30.2 million (2023: \u00a30.2 million) and non-current of \u00a32.0 million (2023: \u00a35.2 million). The comparatives at 28 January 2023 are as follows:Restated(1)CarryingRestated(1) amount Fair value 2023 2023 Note\u00a3m\u00a3mTrade and other receivables 20 124.3 124.3Cash and cash equivalents 21 1,508.0 1,508.0Interest-bearing loans and borrowings \u2013 current 22 (75.2) (75.2)Interest-bearing loans and borrowings \u2013 non-current 22 (38.0) (29.1)(2)Trade and other payables \u2013 current(1,232.7) (1,232.7)(2)Trade and other payables \u2013 non-current(89.3) (89.3)197.1 206.0Unrecognised gain (8.9)(1) Please refer to Note 39 for further details of the restatement.(2) The prior period has been restated to remove salary accruals from the trade and other payables balance. No salary accruals are included in the non-current trade and other payables figure.The carrying value and fair value of the put/call option liability is approximately equal, please refer to Note 24(b) for further information in respect of measurement.In respect of the Group\u2019s non-current financial assets and liabilities as at 3 February 2024 and 28 January 2023, the fair value has been calculated by discounting contractual cash flows using a discount rate of 9.9% (2023: 9.2%) which reflects the current market assessments of the time value of money and the specific risks applicable to the liability. The valuations were categorised as level 2 in the fair value hierarchy as significant inputs to valuations are observable.Fair Value HierarchyAs at 3 February 2024, the Group held non-hedged foreign exchange forward contracts as well as contingent consideration which were carried at fair value on the Consolidated Statement of\ue61fFinancial\ue61fPosition. The Group uses the following hierarchy for determining and disclosing the fair value of financial instrument by\ue61fvaluation\ue61ftechnique:Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.Level 3: Techniques which use inputs that have a significant affect on the recorded fair value that are not based on observable market data.Fair valueLevel 1Level 2Level 33 February 2024\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged 2.8 \u2013 2.8 \u2013Interest rate swap 0.7 \u2013 0.7 \u2013Financial liabilities at fair value through profit or loss Foreign exchange forward contracts \u2013 non-hedged (2.0) \u2013 (2.0) \u2013Contingent consideration \u2013 current (0.2) \u2013 \u2013 (0.2)Contingent consideration \u2013 non-current (2.0) \u2013 \u2013 (2.0)Restated(1)Fair valueLevel 1Level 2Level 3At 28 January 2023\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged 14.5 \u2013 14.5 \u2013Financial liabilities at fair value through profit or loss Foreign exchange forward contracts \u2013 non-hedged (30.4) \u2013 (30.4) \u2013Contingent consideration \u2013 current (0.2) \u2013 \u2013 (0.2)Contingent consideration \u2013 non-current (5.2) \u2013 \u2013 (5.2)(1) Please refer to Note 39 for further details of the restatement.24. Trade and Other Payables and Put and Call Option LiabilitiesTrade and other payables are non-interest-bearing and are stated at their cost. Restated (1)Restated (1)20242023 2022 \u00a3m\u00a3m\u00a3mCurrent liabilities Trade payables 782.8 723.7 526.6Other payables and accrued expenses 474.9 548.0 591.7Forward contract liability 2.0 24.6 3.1Refund liabilities 53.7 30.8 27.2Other tax and social security costs 132.7 144.1 130.9Trade and other payables 1,446.1 1,471.2 1,279.5Non-current liabilities Other payables and accrued expenses 155.4 96.6 8.7Forward contract liability \u2013 5.8 1.9Other payables 155.4 102.4 10.6(1) Please refer to Note 39 for further details of the restatement.Restated (1)Restated (1)20242023 2022 \u00a3m\u00a3m\u00a3mCurrent liabilities \u2013 184.4 97.1Non-current liabilities 809.8 920.3 762.0Total put and call option liabilities 809.8 1,104.7 859.1(1) Please refer to Note 39 for further details of the restatement.24a. Trade and Other Payables and accrued expensesOther payables and accrued expenses include the following:Reebok brand licenceIn December 2021, the Group signed a contract with ABG Reebok LLC to license the Reebok brand in various territories. The\ue61fagreement became effective during the 52 week period ended 28 January 2023. As a result, the Group has recognised an\ue61fintangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 10 year term of \u00a373.0 million.Hoodrich brand licenceIn December 2023, the Group signed a contract with Hoodrich Limited to license the Hoodrich brand in various territories. The\ue61fagreement became effective during the 52 week period ended 3 February 2024. As a result, the Group has recognised an intangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 7 year term of \u00a358.9 million.24b. Put and Call Option LiabilitiesPut and call options are in place over all or part of the remaining non-controlling interest shareholding in various subsidiaries. The Group recognises put and call options over non-controlling interests in its subsidiary undertakings as a liability in the Consolidated Statement of Financial Position at the present value of the estimated exercise price of the put and call option. The only material put and call option remaining as at 3 February 2024 is Genesis at \u00a3763.5 million (2023: Genesis (restated) \u00a3782.9million).The Group has used a third-party valuation expert to estimate the present value of the Group\u2019s material put and call option liabilities using a Monte-Carlo simulation model, applying a geometric Brownian motion to\ue61fproject the share price and an arithmetic Brownian motion for the projection of EBITDA. The option formula and multiple are usually stated in the option agreement allowing the strike price to be calculated from the simulated EBITDA; however, in the absence of a specified formula or\ue61fmultiple, we estimate this based on current evidence in the Mergers and Acquisitions market and the Group past experience of\ue61fmultiples paid for similar businesses. Upon initial recognition of put and call options, a corresponding entry is made to Other Equity (put and call option reserve), and for subsequent changes on remeasurement of the liability the corresponding entry is\ue61fmade to adjusting items in the Consolidated Income Statement.Inputs to the Monte-Carlo simulation modelsThe Group has used the Board approved 3-year plan to estimate profit and cash flow forecasts for future periods. In estimating the present value of the Group\u2019s material put and call option liabilities, the key inputs to the Monte-Carlo simulation models are: \u2013 The EBITDA forecasts and growth assumptions for future periods including forecast net cash/debt and forecast capital expenditure, working capital movements and taxation. \u2013 The EBITDA which is projected using an Arithmetic Brownian Motion using EBITDA drift. The drift for each time period is\ue61festimated from forecast EBITDA and its standard deviation is estimated from historical EBITDA data. \u2013 The risk-free discount rates, reflecting the current market assessment of the time value of money, used to discount the purchase price (subject to the option pricing cap as defined in the shareholder agreement) to present value. Other OptionsWithin other options the two largest value options at FY24 are Cosmos \u00a323.7 million (2023 (restated): \u00a318.1 million) and DTLR \u00a313.9 million (2023 (restated): \u00a311.2 million). Due to the value of these other options, management has used a third party valuation\ue61fspecialist to value these options. The valuation technique is consistent with\ue61fthat outlined above for material options. The remaining options are valued in house, and total \u00a346.3 million (2023 (restated):\ue61f\u00a363.0 million).Marketing Iberian Sports Investment Group Retail Group Genesis Topco Inc S.A.Total (\u2018ISRG\u2019) (\u2018Genesis\u2019)(\u2018MIG\u2019)Other Liability \u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 30 January 2022 119.0 520.3 51.9 73.5 764.7Effect of prior period restatement 58.2 \u2013 \u2013 36.2 94.4At 30 January 2022 \u2013 restated (1)177.2 520.3 51.9 109.7 859.1Acquisitions \u2013 restated \u2013 \u2013 \u2013 14.1 14.1Options lapsed and disposed during the period \u2013 \u2013 \u2013 (17.6) (17.6)Increase/(decrease) in the present value of the\ue61fexisting\ue61foption\ue61fliability \u2013 restated(1)29.2 262.6 0.5 (43.2) 249.1At 28 January 2023 \u2013 restated(1)206.4 782.9 52.4 63.0 1,104.7Acquisitions (Note 11) 428.8 \u2013 \u2013 \u2013 428.8Options lapsed and disposed during the period (196.7) \u2013 \u2013 (5.0) (201.7)Other movements \u2013 \u2013 \u2013 (13.2) (13.2)Options bought out (Note 33) (434.6) \u2013 (68.7) \u2013 (503.3)(Decrease)/increase in the present value of the\ue61fexisting\ue61foption\ue61fliability (3.9) (19.4) 16.3 1.5 (5.5)At 3 February 2024 \u2013 763.5 \u2013 46.3 809.8(1) Please refer to Note 39 for further details of the restatement.ISRG Put OptionFollowing the receipt of a formal buy / sell notice on 13 April 2023 from Balaiko Firaja Invest, S.L. and Sonae Holdings, S.A. (together the \u2018Minority Parties\u2019), who collectively held 49.99% of Iberian Sports Retail Group, S.L. (\u2018ISRG\u2019), the Group was engaged\ue61fin formal discussions with the Minority Parties with regards to the future ownership structure of ISRG. As a result, the put\ue61foption related to ISRG of \u00a3196.7 million lapsed with a corresponding entry to put and call option reserve of \u00a346.0 million and brought forward retained earnings of \u00a3150.7 million. On 7 July 2023, the Group announced its intention to acquire the remaining 49.99% shares in ISRG for a total consideration of \u00a3428.8 million. As a result, the Group recognised a put option liability with a corresponding entry to put and call option reserve amounting to \u00a3428.8 million. On 10 October 2023, the Group bought out the ISRG put option liability at the completion of the acquisition of the 49.99% shares in ISRG (see Note 11).MIG Put and Call OptionOn 17 July 2023, the Group amended the MIG shareholders agreement and as a result there was a modification to the put and call option for the Group to acquire, or be required to acquire the full 40% shareholding in MIG currently held by the non-controlling interests and therefore remeasured the MIG put and call option liability and disclosed as an increase in the present value of the existing option liability of \u00a316.3 million with corresponding entry to adjusting items (see Note 4). On 21 December 2023, the Group bought out the MIG put and call option liability at the completion of the acquisition of the 40% shares in MIG (see Note 11).Sensitivity Analysis \u2013 Genesis Put and Call OptionSensitivity analysis was performed over the key variable inputs to the valuation of the Genesis put and call option. The key variable input was determined to be the EBITDA forecasts per the Board approved 3-year plan. 10% was determined to be a reasonably possible change for the EBITDA forecasts included in the approved cash flow forecasts, reflecting recent experience in levels of forecasting accuracy.The result was that: \u2013 A reduction of 10% to the forecast EBITDA would result in a reduction to the put and call option liability of \u00a391.8 million.Option DetailsCurrent options \u2013 Options detailsRecognised atShort-term 3 FebruaryEBITDA growth Discount rate 2024Company Options in existence Exercise periods Methodology Maximum priceassumptionsapplied\u00a3mGenesis Topco Put option The put options The option The option 6.4% \u2013 12.5% 3.3% \u2013 4.8% 763.5Inc.whereby JD are\ue61fexercisable price is price shall\ue61fnot Sports Fashion within 30 calendar calculated exceed Plc may be days after the based on a \u00a31.46\ue61fbillion.required to determination of\ue61fthe multiple of acquire the final put/call value earnings remaining 20% for the financial before of\ue61fthe issued period. The first interest, tax, share capital of put\ue61fperiod will depreciation Genesis Topco occur\ue61fafter the and Inc in four determination of the amortisation equal\ue61ftranches put/call value for the for the with\ue61fthe ability financial period relevant to roll\ue61fover a ending on 1 financial tranche that has February 2025.period, less not previously The final put option post-closing been subject to can be exercised cash and the exercise of a within a period of 30 debt.put\ue61foption.calendar days after the end of the fiscal period ending 1 February 2028.Other put option liabilities 46.3Total liability 809.825. Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event, it is more likely than not that an outflow of economic benefits will be required to settle the obligation and the obligation can be estimated reliably.Property ProvisionWithin the property provision, management has provided for expected dilapidations on stores and warehouses. This provision covers expected dilapidation costs for any lease considered onerous, any related to stores recently closed, stores which are\ue61fplanned to close or are at risk of closure and those under contract but not currently in use. Management maintains all properties to a high standard and carries out repairs whenever necessary during the Group\u2019s tenure. Therefore, if there is no risk of closure, any provision would be\ue61fminimal and management does not consider it necessary to hold dilapidation provisions for these properties. The unwind of the provision will be dependent on management\u2019s decision about when a premises may be vacated, this would typically be over a five to\ue61fseven year period.Other ProvisionsOther provisions comprises various other trade provisions and legal costs. The provisions are estimated based on accumulated experience, supplier communication and management approved forecasts. The unwind of the provision will be dependent on when the expected costs are incurred, this would typically be over a one to\ue61ftwo year period.Onerous Contract ProvisionWithin the onerous contract provision, management has provided against the minimum contractual cost for the remaining term on a non-cancellable logistics services contract for the Azambuja warehouse in Portugal within the Sport Zone division. The provision will be unwound over the remaining period ending 30 September 2030.Property Other Onerous contract provisionprovisionsprovisionTotal\u00a3m\u00a3m\u00a3m\u00a3mBalance at 29 January 2022 18.2 9.8 5.1 33.1Provisions reclassified from accruals 0.9 \u2013 \u2013 0.9Provisions acquired in the period 0.5 \u2013 \u2013 0.5Provisions transferred to held-for-sale (Note 35) (0.4) \u2013 \u2013 (0.4)Provisions divested in the period (Note 12) (0.1) \u2013 \u2013 (0.1)Provisions released during the period (1.5) (5.0) (0.8) (7.3)Provisions created during the period 4.5 1.8 \u2013 6.3Provisions utilised during the period (0.7) (1.5) \u2013 (2.2)Balance at 28 January 2023 as reported 21.4 5.1 4.3 30.8Provisions reclassified from accruals (1)\u2013 \u2013 (0.1) (0.1)Provisions divested in the period (Note 12) (0.2) \u2013 \u2013 (0.2)Provisions released during the period (1.3) (0.7) (0.1) (2.1)Provisions created during the period 1.7 2.9 3.3 7.9Provisions utilised during the period (0.6) (3.2) (3.3) (7.1)Balance at 3 February 2024 21.0 4.1 4.1 29.2(1) Reclassifications relate to mis-classified assets which have been reclassified to the correct financial line item. These net to \u00a3Nil across the reclassification lines within Notes 13, 14, 16, and 18.Provisions have been analysed between current and non-current as follows: Restated(1)2024 2023 \u00a3m\u00a3mCurrent 7. 5 9.7Non-current 21.7 21.129.2 30.8(1) Please refer to Note 39 for further details of the restatement.26. Deferred Tax Assets and LiabilitiesDeferred tax assets and liabilities are attributable to the following:Assets Assets Liabilities Liabilities NetNet 2024 2023 2024 20232024 2023 \u00a3m\u00a3m\u00a3m \u00a3m\u00a3m\u00a3mProperty, plant and equipment 3.8 2.1 (68.9) (57.9) (65.1) (55.8)Employee benefits 12.4 13.1 \u2013 \u2013 12.4 13.1Property 32.2 31.0 (0.5) (0.4) 31.7 30.6Specific trade provisions 8.5 12.3 \u2013 \u2013 8.5 12.3Losses 10.1 5.0 \u2013 \u2013 10.1 5.0Fascia names \u2013 \u2013 (66.3) (85.0) (66.3) (85.0)Other 3.7 2.6 (0.9) (0.1) 2.8 2.5Tax assets/(liabilities) 70.7 66.1 (136.6) (143.4) (65.9) (77.3)In accordance with IAS 12, UK deferred tax has been recognised at the enacted rate of 25% at the balance sheet date. Deferred tax is recognised at the local enacted rate for overseas territories.The table above shows the split of the deferred tax balance by category. The Consolidated Statement of Financial Position shows the position after the legally enforceable right of offset. This results in an asset of \u00a323.8 million (2023: \u00a312.9 million) and a liability of \u00a389.7 million (2023: net liability \u00a390.2 million) in the Consolidated Statement of Financial Position. This reflects the net position of \u00a365.9 million liability (2023: \u00a377.3 million liability) shown in the table above. Movement in deferred tax during the periodSpecific Employee trade Fascia PPEbenefits Propertyprovisions Lossesnames Other TotalBalance as at 29\ue61fJanuary\ue61f2022 (9.8) \u2013 \u2013 \u2013 6.5 (97.6) 55.2 (45.7)Recognised on acquisition/(divestment) (0.2) (0.1) (1.9) \u2013 0.3 (2.3) 0.5 (3.7)Recognised in income statement (34.4) (2.1) 4.1 (3.1) (1.9) 16.3 (0.7) (21.8)Reclassification (9.3) 15.2 27.9 15.5 0.2 2.9 (52.4) \u2013Foreign exchange movement (2.1) 0.1 0.5 (0.1) (0.1) (4.3) (0.1) (6.1)Balance as at 28\ue61fJanuary\ue61f2023 \u2013 Restated(1)(55.8) 13.1 30.6 12.3 5.0 (85.0) 2.5 (77.3)Reclassification 0.8 \u2013 (0.8) \u2013 \u2013 \u2013 \u2013 \u2013Disposed during the period 0.1 \u2013 \u2013 \u2013 \u2013 0.8 \u2013 0.9Recognised in income statement (11.2) (0.5) 1.7 (2.0) 5.2 16.7 \u2013 9.9Foreign exchange movement 1.0 (0.2) 0.2 (1.8) (0.1) 1.2 0.3 0.6Balance as at 3\ue61fFebruary\ue61f2024 (65.1) 12.4 31.7 8.5 10.1 (66.3) 2.8 (65.9)(1) Please refer to Note 39 for further details of the restatement.As at 3 February 2024, the Group had not recognised deferred income tax liability (2023: \u00a3Nil) in respect of taxes that would be payable on the unremitted earnings of certain overseas subsidiaries. At this date, the unrecognised gross temporary differences in\ue61frespect of overseas subsidiaries was \u00a31,344.2 million (2023 restated: \u00a31,600.6 million). Deferred tax is not provided on these differences as: i) No withholding tax is due under domestic tax legislation or the relevant tax treaty with the UK; orii) Withholding is recoverable in the UK; and/oriii) Management has the ability to control any future reversal and does not consider such a reversal to be probable.Unrecognised Deferred Tax AssetsIn line with its accounting policy, deferred tax assets have not been recognised on gross timing differences of \u00a392.8 million (2023: \u00a3100.2 million) as there is uncertainty over the timing of their utilisation. Additional information in relation to unrecognised deferred tax is shown in the table below. GrossTax Gross Tax Amount Effected Amount Effected 2024 202420232023 \u00a3m \u00a3m \u00a3m\u00a3mProperty, plant and equipment 6.8 1.9 11.1 2.9Property 0.6 0.1 \u2013 \u2013Specific trade provisions 1.8 0.5 \u2013 \u2013Losses 83.6 20.7 89.1 29.3Tax assets 92.8 23.2 100.2 32.2Tax Losses Carried Forward To assess the recoverability of potential deferred tax assets arising on carry forward tax losses, both the historic profitability of the entity and the forecast financial performance for the next financial year are reviewed. Consideration is given to the reasons behind the historic losses, i.e. whether they arose due to one-off events, such as the lockdown of stores due to COVID restrictions, or longer-term factors, such as initial organic growth in a new jurisdiction.Where forecasts reflect a return to profitability, the key drivers are challenged and assessed. If there is sufficient evidence that it is \u2018more likely than not\u2019 that future taxable profits will exist against which unused tax losses may be offset, a deferred tax asset will be recognised. The Group has recognised deferred tax assets on gross losses of \u00a340.2 million (2023: \u00a319.5 million) as outlined in the table below. 20242023\u00a3m\u00a3mGross amount Tax effected Gross amount Tax effectedTax losses expiring:Within 10 years \u2013 \u2013 \u2013 \u2013More than 10 years 0.6 0.2 0.1 \u2013Available indefinitely 39.6 9.9 19.4 5.0Total 40.2 10.1 19.5 5.020242023Recognised tax losses (gross) \u00a3m \u00a3mIberian Sports Retail Group SL 14.6 \u2013Sprinter Megacentros Del Deporte SLU 10.7 \u2013JD Sports Fashion B.V. 8.0 11.7Sport Zone Canarias SL 0.6 3.4Swim Sports Company Limited 4.8 2.1Other 1.5 2.3Total 40.2 19.5In line with its accounting policy, deferred tax assets have not been recognised on gross losses of \u00a383.6 million (2023: \u00a389.1 million) as there is uncertainty over the timing of their utilisation. These losses are outlined in the table below. 20242023\u00a3m\u00a3mGross amount Tax effected Gross amount Tax effectedTax losses expiring:Within 10 years 22.1 4.7 16.4 3.4More than 10 years 16.1 4.2 17.3 4.3Available indefinitely 45.4 11.8 55.4 21.6Total 83.6 20.7 89.1 29.32024 2023 \u00a3m\u00a3mJD Sports Fashion Germany B.V. & Co. KG 10.0 \u2013JD Size GmbH 6.0 4.9JD Sports Fashion AT GmbH 8.1 6.4JD Sports Fashion Sweden AB 11.1 8.4JD Sports Fashion Korea Inc 17.5 14.1JDSF Retail (Canada) Inc 16.1 11.3JD Sports Fashion Finland OY 3.1 3.7JD Sports (Thailand) Limited \u2013 4.2Sports Unlimited Retail B.V. \u2013 26.0Tiso Group Limited and its subsidiaries 2.7 3.0Total Swimming Holdings Limited and its subsidiaries 3.9 \u2013Other 5.1 7.1Total 83.6 89.127. Capital and ReservesIssued Ordinary Share CapitalOn 20 December 2022, JD Sports Fashion Plc completed the placing of new ordinary shares in the capital of the Company. A total of 25,000,000 new ordinary shares were issued, increasing the total ordinary shares in issue to 5,183,135,745.The total number of authorised ordinary shares was 6,240 million (2023: 6,240 million) with a par value of 0.05 pence per share (2023: 0.05 pence per share). All issued shares are fully paid.The capital structure of the Group consists of equity attributable to equity holders of the parent, comprising issued share capital, share premium and retained earnings. The Group is not subject to any externally imposed capital requirements.It is the Board\u2019s policy to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The processes for managing the Group\u2019s capital levels are that the Board regularly monitors the net cash/debt in the business, the working capital requirements and the forecast cash flows. Based on this analysis, the Board determines the appropriate return to equity holders while ensuring sufficient capital is retained in the business to meet its strategic\ue61fobjectives. Full disclosure on the rights attached to shares is provided in the Directors\u2019 Report.Number of OrdinaryShareordinary shares share capital premium millions\u00a3m\u00a3mAt 29 January 2022 5,158.1 2.5 467.5Shares issued on 20 December 2022 25.0 \u2013 \u2013At 28 January 2023 5,183.1 2.5 467.5At 3 February 2024 5,183.1 2.5 467.5Net Debt to Capital RatioThere were no changes to the Group\u2019s approach to capital management during the period. The Board monitors capital using a net debt to equity ratio calculated as follows:Restated20242023\u00a3m\u00a3mNet debt (Note 33) 1,452.0 914.7Capital:Net debt (as above) 1,452.0 914.7Equity (calculated as 5,183.1 million shares in issue multiplied by 113.0 pence per share (1)(2023: 5,183.1 million shares in issue multiplied by 161.6 pence per share)) 5,856.9 8,375.9Total capital 7,308.9 9,290.6Net debt to capital ratio 19.9% 9.8%(1) Share prices taken as at 3 February 2024 and 28 January 2023 respectively.Foreign Currency Translation ReserveThe foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.Other EquityPut and Call Option ReservePut and call options over non-controlling interests are accounted for using the present value method. Upon initial recognition of\ue61fthe put or call option liability, a corresponding entry is made to Put and Call Option reserve, and for subsequent changes on\ue61fremeasurement of the liability, the corresponding entry is made to adjusting items in the Consolidated Income Statement (see\ue61fNote 24).Share-Based Payment ReserveThe Company had four share schemes in operation during the financial year, all of which are primarily equity-settled schemes (save for a proportion of cash-settled awards granted under the JD Sports Fashion Plc LTIP (2022)). Upon initial recognition, an entry is made to Other Equity, and for subsequent changes on\ue61fremeasurement of the liability, the corresponding entry is made to the Consolidated Income Statement (see Note 32).28. Non-Controlling InterestsThe following disclosure provides summarised financial information for investments that have non-controlling interests (\u2018NCI\u2019). NCI\ue61fis initially measured at the proportionate interest in identifiable net assets of the acquiree (see Note 11 for more detail on Acquisitions of Non-Controlling Interest in the period). The table below provides a list of\ue61fthe subsidiaries which include NCI at 3 February 2024 and 28 January 2023:Net income Net income attributable to attributable to NCI for 53\ue61fweeks NCI for 52\ue61fweeks NCI at NCI at ending NCI at ending NCI at 3 February 28 January 3 February3 February 28 January28 JanuaryCountry of 20242023 20242024 2023 2023incorporation%%\u00a3m\u00a3m\u00a3m\u00a3mName of subsidiary: Genesis Topco Inc US 20.0% 20.0% 46.3 384.8 46.1 343.5Iberian Sports Retail Spain/(1)Group\ue61fSL Portugal0.0% 49.99% 13.0 \u2013 29.6 123.8Marketing Investment PolandGroup\ue61fS.A.0.0% 40.0% 2.8 \u2013 3.4 21.5(2)Other Various5% \u2013 43% 1.5%\u201340% 4.1 2 7.4 5.1 25.166.2 412.2 84.2 513.9(1) Includes subsidiaries with indirect holding of <50% incorporated in Spain.(2) Other includes subsidiaries incorporated in the UK, Canada, Canaries, Cyprus, Germany, Greece, India, Malaysia and the US.The following table summarises the information relating to each of the remaining Group subsidiaries that has material NCI.Genesis Topco Inc Genesis Topco Inc (sub-group) (sub-group) 20242023Summarised Statement of Financial Position\u00a3m\u00a3mCurrent assets 1,049.7 799.7Non-current assets 1,905.7 1,765.4Total assets 2,955.4 2,565.1Current liabilities (666.4) (513.6)Non-current liabilities (573.8) (527.8)Net assets 1,715.2 1,523.7Genesis Topco Inc Genesis Topco Inc (sub-group) (sub-group) 53 weeks to 52 weeks to 3 February28\ue61fJanuary 20242023Summarised results of operations\u00a3m\u00a3mRevenue 3,443.0 3,068.5Profit for the period, net of tax 214.5 267.129. DividendsDividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group and Company financial statements in the period in which it is approved.After the reporting date, the following dividend was proposed by the Directors and will be payable to all shareholders on the register at 12 July 2024. The dividends were not provided for at the reporting date.53 weeks to 52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023\u00a3m\u00a3m0.60 pence per ordinary share (2023: 0.67 pence) 31.1 34.6Dividends on Issued Ordinary Share Capital53 weeks to 52 weeks to 3\ue61fFebruary28\ue61fJanuary 2024 2023\u00a3m\u00a3mFinal dividend of 0.67 pence (2023: 0.35 pence) per qualifying ordinary share paid in respect of prior period, but not recognised as a liability in that period 34.618.1 Interim dividend of 0.30 pence (2023: 0.13 pence) per qualifying ordinary share paid in respect of\ue61fcurrent\ue61fperiod 15.5 6.750.1 24.830. CommitmentsAs at 3 February 2024, the Group had entered into contracts to purchase property, plant and equipment as follows:20242023\u00a3m\u00a3mContracted 58.8 29.031. Pension SchemesThe Group operates defined contribution pension schemes, the assets of which are held separately from those of the Group in\ue61findependently administered funds. Obligations for contributions to the defined contribution schemes are recognised as an\ue61fexpense in the Consolidated Income Statement when incurred.The pension charge for the period represents contributions payable by the Group of \u00a323.2 million (2023: \u00a320.1 million) in\ue61frespect\ue61fof employees. Disclosure of the pension contributions payable in respect of the Directors is included in the Directors\u2019 Remuneration Report on pages 117 to 130. The amount owed to the schemes at the period end was \u00a36.9 million (2023: \u00a36.1 million).32. Share-Based PaymentsThe share-based payment expense for the year is \u00a32.6 million (2023: \u00a30.2 million), which is made up of share option schemes, share awards and cash-settled awards. Of this amount, \u00a32.1 million (2023: \u00a30.1 million) will be settled in equity (see Note 27) and \u00a30.5 million (2023: \u00a3Nil) in cash.As at the reporting date, there was no liability arising from cash-settled share-based payments (2023: \u00a3Nil).Share Option and Share SchemesThe Company had three share schemes in operation during the financial year, all of which are primarily equity-settled schemes (save for a proportion of cash-settled awards granted under the JD Sports Fashion Plc LTIP (2022)).1. The JD Sports Fashion Plc LTIP (2021) permits the grant of a hybrid of cash and options in respect of ordinary shares to selected Executives. Options are normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The vesting of options will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.2. The JD Sports Fashion Plc LTIP (2022) permits the grant of a hybrid of cash and options in respect of ordinary shares to selected Executives. Options are normally exercisable between the vesting date(s) set at grant and 5 years from the date of grant for nil consideration. The vesting of options will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.3. JD Sports Fashion Plc LTIP (2023) permits the grant of share options in respect of ordinary shares, share awards and cash-settled awards to selected executives. Options are normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The vesting of options, share awards and cash-settled awards will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.4. The Deferred Bonus Plan permits the grant of options in respect of ordinary shares to selected Senior Executives as a proportion of annual bonus following the completion of a required service period and is dependent on the achievement of corporate performance and individual targets. Options are normally exercisable between three and 10 years from the date of grant for nil consideration. There are no awards in the period in relation to this scheme but the details are included as the scheme has been established in the period.The following tables reconcile the number of share options outstanding and the weighted average exercise price (\u2018WAEP\u2019):53 week period ended 3 February 2024Long-Term Long-Term Long-Term Incentive Plan (2021)Incentive Plan (2022)Incentive Plan (2023)Options WAEP (\u00a3) Options WAEP (\u00a3) Options WAEP (\u00a3)Outstanding as at 29 January 2023 53,225 \u2013 \u2013 \u2013 \u2013 \u2013Options granted \u2013 \u2013 980,100 \u2013 20,750,183 \u2013Options forfeited \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Options exercised \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Options expired \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Outstanding as at 3 February 2024 53,225 \u2013 980,100 \u2013 20,750,183 \u2013Exercise price (pence) \u2013 \u2013 \u2013Exercisable at 3 February 2024 \u2013 \u2013 \u2013Weighted average remaining contractual (1)life (years)2.6 3.6 2.5Range of exercise price \u2013 \u2013 \u2013(1) Contractual life represents the period from award to the vesting date. Certain schemes may be exercised later than the vesting date at the discretion of the individual.52 week period ended 28 January 2023Long-Term Long-Term Incentive Plan (2021)Incentive Plan (2022)Options WAEP (\u00a3) Options WAEP (\u00a3)Outstanding as at 29 January 2022 462,500 \u2013 \u2013 \u2013Options granted \u2013 \u2013 \u2013 \u2013Options forfeited (409,275) \u2013 \u2013 \u2013Options exercised \u2013 \u2013 \u2013 \u2013Options expired \u2013 \u2013 \u2013 \u2013Outstanding as at 28 January 2023 53,225 \u2013 \u2013 \u2013Exercise price (pence) \u2013 \u2013 \u2013 \u2013Exercisable at 28 January 2023 \u2013 \u2013 \u2013 \u2013Long-Term Incentive Plan (2021) Long-Term Incentive Plan (2022)(1)Weighted average remaining contractual life (years)3.6 \u2013(1) Contractual life represents the period from award to the vesting date. Certain schemes may be exercised later than the vesting date at the discretion of the individual.The number and weighted average fair value (\u2018WAFV\u2019) of share awards granted during the financial year were:53 week period ended 52 week period ended 3 February 202428 January 2023(1) (2)(1) (2)Number of WAFVNumber of WAFVshares(pence)shares(pence)Long-Term Incentive Plan (2021) 53,225 113.0 53,225 113.0Long-Term Incentive Plan (2022) 980,100 129.0 \u2013 \u2013Long-Term Incentive Plan (2023) \u2013 equity-settled 20,750,183 129.0 \u2013 \u2013Deferred Bonus Plan \u2013 \u2013 \u2013 \u2013(1)Buy-out awards 541,183 140.7 996,066 114.4(1) Buy-out awards granted to selected Executives during the year. Further details of these are set out below.(2) The weighted average fair value (\u2018WAFV\u2019) price is calculated as the share price at the grant date less dividends foregone over the expected life of the award.Buy-out awardsSelected Executives were granted buyout awards during the year in respect of awards forfeited from their previous employer on\ue61fcommencement of employment with the Group. Buy-out awards are typically structured as restricted shares such that a proportion of the overall award is used to settle the tax and social security due on the award, with the net number of restricted shares subject to continued employment over a specified period. These restrictions fall away evenly over the service period and therefore the share-based payment expense has been spread over the service period.No share-based awards were modified during the financial year.As disclosed in an RNS announcement published on 13 January 2023, R\u00e9gis Schultz received a buyout award in respect of the cash\ue61fannual bonus he forfeited from his previous employer on commencement of his employment with the Group. The gross value of the award was \u00a32.2 million and, in line with the Group\u2019s Remuneration Policy, the net value of \u00a31.1 million (after the application of tax and social security) was delivered in shares in order to give R\u00e9gis Schultz a stake in the business and align with the interests of\ue61fshareholders. During the period ended 3 February 2024, further buy-out awards were issued to Dominic Platt (gross value \u00a30.3 million) and other key management personnel (gross value \u00a30.9 million).Cash Settled AwardsThe number and weighted average fair value of cash-settled awards granted during the financial year were:53 weeks endingFinancial year ending3 February 2024 28 January 2023Number of shares Number of sharesLong-Term Incentive Plan (2022) \u2013 cash-settled 3,276,854 \u201333. Analysis of Net DebtNet debt consists of cash and cash equivalents together with other borrowings from bank loans and overdrafts, other loans, loan notes, lease liabilities and similar hire purchase contracts.As reportedRestated(1)On Restated(1)At 30 Prior period At 30 acquisition/Non-cash At 28 January restatement (1)January disposal of FX movements January 2022 2022 2022 subsidiaries Cash flow movement(2)2023 \u00a3m \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m Cash and cash equivalents 1,314.0 \u2013 1,314.0 1.1 205.8 (12.9) \u2013 1,508.0 Overdrafts (33.6) \u2013 (33.6) \u2013 \u2013 \u2013 \u2013 (33.6)Cash and cash equivalents (3)held-for-sale \u2013 \u2013 \u2013 \u2013 74.5 \u2013 \u2013 74.5Cash and cash equivalents for the purposes of the Consolidated Statement of Cash Flows 1,280.4 \u2013 1,280.4 1.1 280.3 (12.9) \u2013 1,548.9Bank loans (94.5) \u2013 (94.5) (3.8) 21.9 (3.2) \u2013 (79.6)Lease liabilities (restated(1)) (2,242.9) (43.3) (2,286.2) (2.7) 393.0 (95.7) (392.4) (2,384.0)Total liabilities from financing activities (2,337.4) (43.3) (2,380.7) (6.5) 414.9 (98.9) (392.4) (2,463.6)Net (debt)/cash (1,057.0) (43.3) (1,100.3) (5.4) 695.2 (111.8) (392.4) (914.7)As reportedRestated(1)At 28 Prior period At 28 On Non-cash At 3 January restatement (1)January acquisition of FX movements February 2023 2023 2023 subsidiaries Cash flow movement(2)2024 \u00a3m \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m Cash and cash equivalents 1,582.5 (74.5) 1,508.0 \u2013 (326.6) (28.7) \u2013 1,152.7 Overdrafts (33.6) \u2013 (33.6) \u2013 (25.3) (1.0) \u2013 (59.9)Cash and cash equivalents (3)held-for-sale \u2013 74.5 74.5 \u2013 (65.7) \u2013 \u2013 8.8Cash and cash equivalents for the purposes of the Consolidated Statement of Cash Flows 1,548.9 \u2013 1,548.9 \u2013 (417.6) (29.7) \u2013 1,101.6(4)Bank loans (79.6) \u2013 (79.6) 5.0 5.8 (0.8) \u2013 (69.6)Lease liabilities (restated(1)) (2,339.2) (44.8) (2,384.0) \u2013 400.0 41.0 (541.0) (2,484.0)Total liabilities from financing activities (2,418.8) (44.8) (2,463.6) 5.0 405.8 40.2 (541.0) (2,553.6)Net (debt)/cash (869.9) (44.8) (914.7) 5.0 (11.8) 10.5 (541.0) (1,452.0)(1) Please refer to Note 39 for further details of the restatement.(2) Other movements for the period ended 3 February 2024 include additional lease drawdowns of \u00a3592.8 million and remeasurements credit of \u00a351.8m (at 28 January 2023 this includes \u00a3420.3 million of lease drawdowns and credit of \u00a327.9 million).(3) See Note 35 for details of assets held-for-sale.(4) \u00a35 million relates to the divestment of Gymnation. See Note 12 for further details.In addition to the liabilities included in the table above, the Group has accrued put and call option liabilities at 3 February 2024 of\ue61f\u00a3809.8 million (2023: \u00a31,104.7 million). \u00a3551.8 million is included in financing activities in the Consolidated Statement of Cash Flows for the acquisition of non-controlling interest (NCI). Of this cash outflow \u00a3503.3 million relates to the purchase of NCI where the\ue61fGroup held put and call options on the minority interest. The remaining \u00a348.5 million is related to acquisition of NCI with no\ue61fassociated put and call options.In addition to the liabilities included in the table above the Group had accrued put and call option liabilities at 28 January 2023 of\ue61f\u00a31,104.7 million (2022: \u00a3859.1 million). \u00a329.3 million is included in financing activities in the Consolidated Statement of Cash Flows for the acquisition and divestment of NCI. Of this cash outflow \u00a314.1 million (restated) relates to the purchase of NCI where the Group held put and call options on the minority interest. The remaining \u00a315.2 million is related to acquisition of NCI with no associated put and call\ue61foptions.34. Related Party Transactions and BalancesTransactions and balances with each category of related parties during the period are shown below. Outstanding balances are unsecured (unless otherwise\ue61fstated) and will be settled in cash.Transactions with Related Parties who are not Members of the GroupPentland Group LimitedDuring the financial period, Pentland Group Limited and its subsidiaries owned 51.6% (2023: 51.6%) of the issued ordinary share capital of JD Sports Fashion Plc. The Group made purchases of inventory from Pentland Group Limited in the period and the Group also sold inventory to Pentland Group Limited. The Group also paid royalty costs to Pentland Group Limited for the use of\ue61fa\ue61fbrand. During the period, the Group entered into the following transactions with Pentland Group Limited:Income from Expenditure with Income from Expenditure with related partiesrelated partiesrelated partiesrelated parties2024202420232023\u00a3m\u00a3m\u00a3m\u00a3mSale of inventory 0.3 \u2013 1.2 \u2013Purchase of inventory \u2013 (32.3) \u2013 (43.3)Royalty costs \u2013 (5.1) \u2013 (4.0)Marketing costs \u2013 \u2013 \u2013 (0.4)Dividends \u2013 (26.0) \u2013 (12.8)At the end of the period, the following balances were outstanding with Pentland Group Limited:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related partiesrelated partiesrelated partiesrelated parties2024202420232023\u00a3m\u00a3m\u00a3m\u00a3mTrade receivables/(payables) \u2013 (1.3) 0.4 (4.9)Associates and Joint VenturesDuring the period, the Group entered into the following transactions with its associates and joint ventures:Income from Expenditure with Income from Expenditure with related partiesrelated partiesrelated partiesrelated parties2024202420232023\u00a3m\u00a3m\u00a3m\u00a3mSale of inventory \u2013 \u2013 0.1 \u2013Purchase of inventory \u2013 (3.3) \u2013 (12.4)Recharge of expenses 1.9 \u2013 2.6 \u2013Dividends and distributions received \u2013 \u2013 3.4 \u2013At the end of the period, the Group had the following balances outstanding with its associates and joint ventures:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related partiesrelated partiesrelated partiesrelated parties2024202420232023\u00a3m\u00a3m\u00a3m\u00a3mTrade receivables 3.8 \u2013 2.9 \u2013Loans receivable in less than 1 year 0.4 \u2013 0.2 \u2013Loans receivable in more than 1 year \u2013 \u2013 7.6 \u2013Trade payables \u2013 \u2013 \u2013 (1.0)Other receivables from associates and joint ventures relate to costs incurred by the Group on behalf of these entities, which have then been recharged. The loan receivable in less than one year of \u00a30.4 million (2023: \u00a30.2 million) is presented within other receivables within current assets. In addition to the above transactions a number of non-controlling interest buyout transactions occurred in the course of the financial period, as disclosed in Note 11.Transactions with Directors and Key Management PersonnelDuring the period, the Group entered into the following transactions with its key management personnel:Income from Expenditure with Income from Expenditure with related parties related parties related parties related parties 2024 2024 20232023 \u00a3m\u00a3m \u00a3m\u00a3mProperty rental \u2013 10.8 \u2013 10.8At the end of the period, the Group had the following balances outstanding with its key management personnel:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related parties related parties related parties related parties 202420242023 2023 \u00a3m \u00a3m\u00a3m\u00a3mTrade receivables/(payables) \u2013 0.9 \u2013 0.6Transactions with Directors and Key Management PersonnelMembers of the Board of Directors and Executive Committee of JD Sports Fashion Plc are deemed to be key management personnel. The Executive Committee are comprised Heads of Centres of Excellence and Heads of Business Units as outlined on pages 98 to 99.Cost of key management personnel compensation for the financial year is as follows: 2024 2023 \u00a3m\u00a3mSalaries and short-term benefits 13.1 16.3Pensions and cash in lieu of pensions 0.1 0.113.2 16.4Attributable to:The Board of Directors (including Non-Executive Directors) 4.6 6.9Executive Committee (members not on the Board of Directors) 8.6 9.513.2 16.4At 3 February At 28 January 20242023Number of key management personnel (Executive committee) 11 13The JD FoundationThe JD Foundation receives its income from, but is independent of, JD Sports Fashion Plc. The Foundation is dependent on all\ue61fincome net of VAT arising from the sale of single-use carrier bags in JD stores in England, Scotland, Wales, Northern Ireland and\ue61fother European countries, as well as micro-donations from customers at the store point of sale and colleague donations and\ue61ffundraising.During the period, the Group entered into the following transactions with The JD Foundation:Income from Expenditure with Income from Expenditure with related parties related parties related parties related parties 2024 2024 20232023 \u00a3m\u00a3m \u00a3m\u00a3mDonations \u2013 (2.6) \u2013 (1.7)35. Held-for-saleMainline Menswear Holdings LimitedMainline Menswear Holdings Limited (\u2018Mainline Menswear\u2019) was classified as held-for-sale at 3 February 2024 in line with the conditions of IFRS 5. As at 3 February 2024, the sale process was ongoing and Mainline Menswear and its associated subsidiaries were held at the lower of carrying value or fair value less costs to sell. A reconciliation is provided in the table below. Mainline Menswear Holdings and its subsidiary Mainline Menswear Limited specialise in the retail of premium branded Men\u2019s apparel and footwear. The group forms part of the Sports Fashion segment (see Note 2) and was initially marketed for sale in July\ue61f2023. Included in the 53 week period ended 3 February 2024 was revenue of \u00a375.2 million and a profit before tax of \u00a310.8 million in\ue61frespect of Mainline Menswear Holdings and its subsidiaries.As at 3 February 2024\u00a3mIntangible assets 7.5Property, plant and equipment 0.5Right-of-use assets 0.2Inventories 14.8Trade and other receivables 1.9Income tax receivable 0.1Cash and cash equivalents 8.8Assets held-for-sale 33.8Lease liabilities (0.2)Trade and other payables (8.0)Liabilities held-for-sale (8.2)Non-Core Fashion BusinessesSeven of the Group\u2019s non-core fashion businesses were held-for-sale as at 28 January 2023. In addition, the Group agreed to the sale of Source Lab Limited (\u2018Source Lab\u2019) to its non-controlling interest prior to 28 January 2023 and this completed on 28 February 2023. Therefore this business also was held-for-sale as at 28 January 2023. All businesses formed part of the Sports Fashion reportable segment (see Note 2).As at 3 February 2024, the divestments had all taken place (see Note 12 for more detail on the divestments).Included in the 52 week period ended 28 January 2023 was revenue of \u00a3223.8 million and a loss before tax of \u00a36.9 million in respect of the non-core fashion entities held for sale. There was also revenue of \u00a37.0 million and a profit before tax of \u00a30.6 million in respect of Source Lab.Included in the 53 week period ended 3 February 2024 was revenue of \u00a34.6 million and a loss before tax of \u00a30.2 million in respect of the non-core fashion entities held for sale. There was also revenue of \u00a30.5 million and a profit before tax of \u00a30.1 million in respect of Source LabAs at 28 January 2023, the non-core fashion businesses and Source Lab were held at the lower of carrying value or fair value less costs to sell. A reconciliation is provided in the table below. Restated (1)As at Non-core fashion 28 January businessesSource Lab2023\u00a3m\u00a3m\u00a3mIntangible assets 9.2 \u2013 9.2Property, plant and equipment 17.1 0.1 17.2Right-of-use assets 30.8 \u2013 30.8Inventories 51.9 0.8 52.7Trade and other receivables 11.9 1.2 13.1Cash and cash equivalents 72.3 2.2 74.5Assets held-for-sale 193.2 4.3 197.5Lease liabilities (32.1) \u2013 (32.1)Trade and other payables (131.7) (1.4) (133.1)Provisions (0.4) \u2013 (0.4)Liabilities held-for-sale (164.2) (1.4) (165.6)(1) Please refer to Note 39 for further details of the restatement.Restated (1)As at 28 January 2023Reconciliation to lower of fair value less costs to sell or carrying value\u00a3mNet assets held-for-sale 31.9Intercompany liabilities currently eliminating on consolidation (9.9)Impairment to lower of fair value less costs to sell (Note 12) (17.5)Cash consideration due to be received on completion 4.5(1) Please refer to Note 39 for further details of the restatement36. Contingent Liabilities Accounting policiesContingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote but is not considerable probable or cannot be fully measured.Claims and LitigationThe activities of the Group are overseen by regulators around the world and, whilst the Group strives to ensure full compliance with all its regulatory obligations, periodic reviews are inevitable, which may result in a financial penalty. If the risk of a financial penalty arising from one of these reviews is more than remote but not probable or cannot be measured reliably then the Group will disclose this matter as a contingent liability. If the risk of a financial penalty is considered probable and can be measured reliably then the Group would make a provision for this matter.CMA Investigation On 23 September 2021, the CMA launched an investigation under section 25 of the Competition Act 1998 into suspected breaches of competition law by Leicester City Football Club Limited and JD Sports Fashion Plc (\u2018JD\u2019), together with their affiliates. In the period ended 28 January 2023, the Group reported that there was insufficient certainty that a liability would arise and no provision was made in the financial accounts. On 31 July 2023, the CMA issued a decision finding that JD and Leicester City Football Club Limited broke competition law; however, on the basis that JD reported the conduct to the CMA, no fine was issued to JD. 37. Post Balance Sheet EventsDisposal of 50.1% Shareholding in Bodytone On 7 March 2024, Iberian Sports Retail Group SL (\u2018ISRG\u2019) disposed of its 50.1% shareholding in Bodytone International Sport SL. The shares were sold back to founder management, for total consideration of \u20ac2.4 million. The divestment aligns with the Group\u2019s four strategic pillars.Franchise agreement with The Foschini Retail GroupOn 8 March 2024, JD Sports Fashion Plc signed a franchise agreement with Foschini Retail Group (Pty) Limited (a subsidiary of\ue61fThe Foschini Group Limited) to expand the JD footprint into the South African market.Acquisition of the Trade and Assets of Simply GymsOn 18 March 2024, JD Gyms acquired the trade and assets of four \u2018Simply Gym\u2019 sites from Bay Leisure Limited for \u00a33.4 million (of\ue61fwhich\ue61f\u00a30.7 million was deferred). The sites will be converted to JD Gyms under a phased conversion programme.Acquisition of the Minority Shareholdings in Sport Zone Canaries (40%) and JD Canaries (10%)On 8 April 2024, JD Spain Sports Fashion 2010 SL acquired the 10% minority shareholding in JD Canary Islands Sports SL, (\u2018JD\ue61fCanary\u2019) and SDSR \u2013 Sports Division SR, S.A. (\u2018Sport Zone Portugal\u2019) acquired the 40% minority shareholding in Sport Zone Canarias (SL). Total consideration for both shareholdings was \u20ac19.9m. The JD Canary acquisition aligns with the JD Brand First strategy, whilst the Sport Zone Portugal acquisition promotes the JD Complementary Concepts.Acquisition of 100% of Hibbett, Inc.On 23 April 2024, the Group entered into a binding agreement to acquire 100% of Hibbett, Inc. (\u2018Hibbett\u2019), a company listed on the Nasdaq Stock Market, for $87.50 per share. Genesis Holdings Inc. will acquire 100% of the shares in Hibbett. The Group will fund the total consideration payable of c.$1,083 million (c.\u00a3878 million), and expects to refinance Hibbett, Inc.\u2019s existing debt, through a combination of existing US cash resources of $300 million and a $1,000 million extension to\ue61fthe Group\u2019s existing bank facilities pending finance approval.38. Subsidiary Undertakings (including Joint Ventures and Associates)The following companies were the subsidiary undertakings of JD Sports Fashion Plc at 3 February 2024:Ownership and Place of voting rights Name of subsidiaryregistration Registered address Nature of business and\ue61foperation interest2Squared Agency Limited UK Hollinsbrook Way, Pilsworth, Distributor of fashion apparel 100%Bury,\ue61fLancashire, BL9 8RR and accessories 24Sevenbikes Ltd^UK Hollinsbrook Way, Pilsworth, Dormant company 100%05625983~Bury, Lancashire, BL9 8RRA Number of Names Limited UK Hollinsbrook Way, Pilsworth, Wholesale of clothing 100%Bury,\ue61fLancashire, BL9 8RR and\ue61ffootwear ActivInstinct Holdings Limited UK Hollinsbrook Way, Pilsworth, Intermediate holding\ue61fcompany 100%08582215~Bury,\ue61fLancashire, BL9 8RR ActivInstinct Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%04478999~Bury,\ue61fLancashire, BL9 8RR Aghoco 1966 LimitedUK Hollinsbrook Way, Pilsworth, Dormant company 100%12970515~Bury,\ue61fLancashire, BL9 8RR Allsports.co.uk Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%01000415~Bury,\ue61fLancashire, BL9 8RR Alpine Bikes Limited^ UK 41 Commercial Street, Leith, Dormant company 100%SC157993~Edinburgh, EH6 6JD Alpine Group (Scotland) Limited^UK 41 Commercial Street, Leith, Intermediate holding\ue61fcompany 100%SC295847~Edinburgh, EH6 6JD AAN USA Holdings, Inc^US 5601 Democracy Drive, Sale of sports nutrition 31%Suite 135, Plano, supplements to trade Texas 75024and\ue61fonlineA AN USA LLC^US 5601 Democracy Drive, Dormant company 31%04592862~Suite 135, Plano, Texas 75024AApplied Nutrition LimitedUK 2 Trio, Acornfield Road, Manufacture of 31%Knowsley, L33 7UGother\ue61ffood\ue61fproductsArk Fashion Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%08568543~Bury,\ue61fLancashire, BL9 8RR Aspecto Holdings Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%09691172~Bury,\ue61fLancashire, BL9 8RR Aspecto Trading Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%07543166~Bury,\ue61fLancashire, BL9 8RR Athleisure Limited UK Hollinsbrook Way, Pilsworth, Intermediate holding\ue61fcompany 100%02641165~Bury,\ue61fLancashire, BL9 8RR BASS (UK) Limited^ UK Hollinsbrook Way, Pilsworth, Provide swimming lessons in 57%Bury,\ue61fLancashire, BL9 8RR partnership with private gymsBecky Adlington Group Holdings UK Hollinsbrook Way, Pilsworth, Dormant company 57%Limited^Bury,\ue61fLancashire, BL9 8RR09573022~Becky Adlington Training Limited^ UK Hollinsbrook Way, Pilsworth, Training academy used to 57%Bury,\ue61fLancashire, BL9 8RRprovide swimming teachers for the GroupBlacks Outdoor Retail Limited UK Hollinsbrook Way, Pilsworth, Retailer of outdoor footwear, 100%Bury,\ue61fLancashire, BL9 8RR apparel and\ue61fequipment Bodytone International Sport\ue61fS.L.^ Spain Calle Leg\u00f3n, 180 \u2013 30500, Molina Manufacture and distribute 50%de\ue61fSegura, Murcia professional fitness equipment Caplan Land & Estates UK 398 Ecclesall Road, Sheffield, South Dormant company 100%Commercial Properties LimitedYorkshire, S11 8PJ08191010~Champion Retail Limited^ ROI 3 Burlington Road, Dublin 4, Retailer of sports and\ue61fleisure 100%D04RD68goods Champion Sports ROI 3 Burlington Road, Dublin 4, Dormant company 100%(Holdings)\ue61fUnlimited^ D04RD68462028~Champion Sports Group Limited^ ROI 3 Burlington Road, Dublin 4, Intermediate holding\ue61fcompany 100%D04RD68Champion Sports Ireland ROI 3 Burlington Road, Dublin 4, Retailer of sports and\ue61fleisure 100%Unlimited^ D04RD68goods Ownership and Place of voting rights Name of subsidiaryregistration Registered address Nature of business and\ue61foperation interestChampion Sports ROI 3 Burlington Road, Dublin 4, Dormant company 100%Newco Limited^ D04RD68 470824~Cloggs Online LimitedUK Hollinsbrook Way, Pilsworth, Dormant company 100%08316456~Bury,\ue61fLancashire, BL9 8RR Cosmos Sport Commercial, Hotel Greece 148, 62 Martiron Ave. 71303, Retailer of sports inspired 80%and Tourism Soci\u00e9t\u00e9 Anonyme Kaminia, Heraklion, Cretefootwear and apparel Cosmossport Trading Cyprus 11 Michail Paridi, 1095, Nicosia Retailer of sports inspired 80%(Cyprus)\ue61fLimited^ footwear and apparel Deporvillage S.L.^ Spain Pla\u00e7a de la Ciencia 1 Local 4, Edifici Retailer of sports and\ue61fleisure 98%Impuls, Manresa, 08240, Barcelona goods DTLR, Inc^ US 1300 Mercedes Drive, Hanover, Athletic footwear and apparel 79%MD\ue61f21076streetwear retailer Duffer of St George Limited UK Hollinsbrook Way, Pilsworth, Licensor of a fashion brand 100%06732497~Bury,\ue61fLancashire, BL9 8RR Exclusive Footwear Limited UK Hollinsbrook Way, Pilsworth, Dormant company 90%05432008~Bury,\ue61fLancashire, BL9 8RR Finish Line Transportation, Inc^ US 3308 N. Mitthoeffer Rd, Retailer of sports and leisure 80%Indianapolis, IN 46235inspired goodsFirst Sport Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%01652620~Bury,\ue61fLancashire, BL9 8RR Footpatrol London 2002 LimitedUK Hollinsbrook Way, Pilsworth, Dormant company 100%09304910~Bury,\ue61fLancashire, BL9 8RR Genesis Finco Limited UK Hollinsbrook Way, Pilsworth, Intermediate holding\ue61fcompany 100%11358451~Bury,\ue61fLancashire, BL9 8RR Genesis Holdings Inc^ US 3308 N. Mitthoeffer Rd, Intermediate holding\ue61fcompany 80%Indianapolis, IN 46235 Genesis Topco Inc US 3308 N. Mitthoeffer Rd, Intermediate holding\ue61fcompany 80%Indianapolis, IN 46235 George Fisher Holdings Limited^ UK 41 Commercial Street, Leith, Intermediate holding\ue61fcompany 100%Edinburgh, EH6 6JD George Fisher Limited^ UK Hollinsbrook Way, Pilsworth, Retailer of outdoor footwear, 100%Bury,\ue61fLancashire, BL9 8RR apparel and\ue61fequipment Go Outdoors Equestrian Limited^UK Hollinsbrook Way, Pilsworth, Dormant company 100%12491970~Bury,\ue61fLancashire, BL9 8RR Go Outdoors Retail Limited UK Hollinsbrook Way, Pilsworth, Retailer of outdoor leisure 100%Bury,\ue61fLancashire, BL9 8RR equipment and apparel Graham Tiso Limited^ UK 41 Commercial Street, Leith, Retailer of outdoor footwear, 100%Edinburgh, EH6 6JD apparel and\ue61fequipment Helium Miracle 311 Limited^UK Hollinsbrook Way, Pilsworth, Dormant company 95%12696940~Bury,\ue61fLancashire, BL9 8RR Henleys Clothing Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%08347754~Bury,\ue61fLancashire, BL9 8RR Hip (Birmingham) Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%13060074~Bury,\ue61fLancashire, BL9 8RR Hip Store Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%09034290~Bury,\ue61fLancashire, BL9 8RR Iberian Sports Retail Group SL Spain Pol\u00edgono Industrial de las Atalayas, Intermediate holding\ue61fcompany 100%Avenida Euro, N2, Alicante 03114 Infinities Retail Group UK Hollinsbrook Way, Pilsworth, Intermediate holding\ue61fcompany 100%Holdings\ue61fLimited Bury,\ue61fLancashire, BL9 8RR 09854624~Infinities Retail Group Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%07751522~Bury,\ue61fLancashire, BL9 8RR J D Sports Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%03146423~Bury,\ue61fLancashire, BL9 8RR Jandernama SL Spain Pol\u00edgono Industrial de las Atalayas, Intermediate holding\ue61fcompany 100%Avenida Euro, N2, Alicante 03114 JD Canary Islands Sports SL^ Spain Pol\u00edgono Industrial de las Atalayas, Retailer of sports inspired 90%Avenida Euro, N2, Alicante 03114 footwear and apparel Ownership and Place of voting rights Name of subsidiaryregistration Registered address Nature of business and\ue61foperation interestJD Newco 2 Limited UK Hollinsbrook Way, Pilsworth, Bury, Intermediate holding\ue61fcompany 100%12659278~Lancashire, BL9 8RR JD Size GmbH Germany Neusser Stra\u00dfe 93, 50670 Cologne Retailer of sports inspired 100%footwear and apparel JD Spain Sports Fashion 2010 SL^ Spain Pol\u00edgono Industrial de las Atalayas, Retailer of sports inspired 100%Avenida Euro, N2, Alicante 03114 footwear and apparel JD Sports (Thailand) Limited^ Thailand Room No. TT04 No. 1106 Sukhumvit Retailer of sports inspired 100%Road, Phrakhanong Sub-district, footwear and apparel Klongtoey District, Bangkok JD Sports Active Limited UK Hollinsbrook Way, Pilsworth, Franchising company 100%Bury,\ue61fLancashire, BL9 8RR JD Sports Fashion (France) SAS France Wood Park \u2013 Parc d\u2019Affaires du Intermediate holding\ue61fcompany 100%Ch\u00e2teau Rouge \u2013 274 bis avenue de la Marne \u2013 59700 Marcq-en-BaroeulJD Sports Fashion AT GmbH Austria Vienna CityTax Steuerberater Retailer of sports inspired 100%GmbH, Untere Donaustra\u00dfe 13-15, footwear and apparel 1020 WienJD Sports Fashion Aus Pty^ Australia Level 12, 338 Pitt Street, Sydney, Retailer of sports inspired 100%NSW, 2000footwear and apparel JD Sports Fashion Belgium B.V. Belgium Wiegstraat 21, 2000 Antwerpen Retailer of sports inspired 100%footwear and apparel JD Sports Fashion B.V. Netherlands Oosteinderweg 247 B 1432 AT Retailer of sports inspired 100%Aalsmeerfootwear and apparel JD Sports Fashion Denmark APS Denmark C/o Harbour House, Sundkrogsgade Retailer of sports inspired 100%21, 2100 Copenhagenfootwear and apparel JD Sports Fashion Finland OY Finland C/o Intertrust Finland Oy, Retailer of sports inspired 100%Lautatarhankatu 6, 00580, Helsinki footwear and apparel JD Sports Fashion Germany B.V. Germany Neusser Stra\u00dfe 93, 50670 Cologne Retailer of sports inspired 100%& KG^ footwear and apparel JD Sports Fashion Holdings Australia Level 12, 338 Pitt Street, Sydney, Intermediate holding\ue61fcompany 100%Aus\ue61fPty NSW, 2000JD Sports Fashion India LLP India B-808 The Platina, Gachibawli, Outsourced multichannel\ue61f 100%Hyderabad, Telangana, 500032 operations JJD Sports Fashion Israel Ltd^Israel HaMelacha 8 Holon, 5881504 Intermediate holding\ue61fcompany 60%JD Sports Fashion Israel (2021) Israel HaMelacha 8 Holon, 5881504 Retailer of sports inspired 60%JLimited Partnership^footwear and apparelJD Sports Fashion Korea Inc Korea 6F Yoonik Bldg. 430 Eonju-ro, Dormant company 100%Gangnam-gu, Seoul JD Sports Fashion NZ Pty New Anderson Lloyd, Level 12 Otago Retailer of sports inspired 100%Limited^ Zealand House, Cnr Moray Place & Princes footwear and apparel Street, Dunedin, 9016 JD Sports Fashion PTE LTD^ Singapore 190 Middle Road, 14-05, Fortune Retailer of sports inspired 100%Centre, 188979 footwear and apparel JD Sports Fashion SDN BHD Malaysia Suite D23, 2nd Floor, Plaza Retailer of sports inspired 100%Pekeliling, No. 2, Jalan Tun Razak, footwear and apparel 50400 Kuala LumpurJD Sports Fashion SRL Italy Via Alessandro Manzoni n. 38. Retailer of sports inspired 100%Milano, 20121footwear and apparel JD Sports Fashion Sweden AB Sweden C/o Intertrust CN (Sweden) AB, Retailer of sports inspired 100%PO\ue61fBox 16285, 103 25 Stockholmfootwear and apparel JD Sports Gyms Acquisitions UK Hollinsbrook Way, Pilsworth, Dormant company 95%Limited^ Bury,\ue61fLancashire, BL9 8RR 07409928~JD Sports Gyms Limited UK Hollinsbrook Way, Pilsworth, Operator of fitness centres 95%Bury,\ue61fLancashire, BL9 8RR JDSF B.V. Netherlands Neusser Stra\u00dfe 93, 50670 Cologne Intermediate holding company 100%JDSF Holdings (Canada) Inc^ Canada 1200 Waterfront Centre, Intermediate holding\ue61fcompany 64%200\ue61fBurrard Street, Vancouver\ue61fBC\ue61fV6C\ue61f3L6 JDSF Retail (Canada) Inc^ Canada 1200 Waterfront Centre, Retailer of sports inspired 70%200\ue61fBurrard Street, footwear and apparel Vancouver\ue61fBC\ue61fV6C\ue61f3L6 Ownership and Place of voting rights Name of subsidiaryregistration Registered address Nature of business and\ue61foperation interestJohn David Sports Fashion ROI 3 Burlington Road, Dublin 4, Retailer of sports inspired 100%(Ireland) Limited D04RD68footwear and apparel Land and Estates Commercial UK Hollinsbrook Way, Pilsworth, Dormant company 100%Properties (Coatbridge) Limited^Bury,\ue61fLancashire, BL9 8RR06248607~Land & Estates Commercial UK Hollinsbrook Way, Pilsworth, Dormant company 100%Properties LimitedBury,\ue61fLancashire, BL9 8RR07575663~Mainline Menswear Holdings UK Hollinsbrook Way, Pilsworth, Intermediate holding\ue61fcompany 80%#LimitedBury,\ue61fLancashire, BL9 8RR #Mainline Menswear Limited^ UK Hollinsbrook Way, Pilsworth, Retailer of premium 80%Bury,\ue61fLancashire, BL9 8RR men\u2019s\ue61ffashion apparel and\ue61ffootwear Marathon Sports Limited^ ROI 3 Burlington Road, Dublin 4, Dormant company 100%NI029105~D04RD68Marketing Investment Group BH Bosnia and Sarajevo-Centar, Sarajevo, Retailer of sports inspired 100%dru\u0161tvo sa ograni\u010denom HerzegovinaKotromani\u0107a br. 48footwear and apparelodgovorno\u0161\u0107u^Marketing Investment Group Bulgaria 53\u0410 Nikola Y. Vaptsarov Blvd., 1407 Retailer of sports inspired 100%Bulgaria EOOD^ Promishlena zona Hladilnika, Sofia footwear and apparel Marketing Investment Group CR Croatia Zagreb (City of Zagreb) Horvatova Retailer of sports inspired 100%d.o.o. za trgovinu^ulica 80Afootwear and apparelMarketing Investment Group Czech Jakubsk\u00e1 647/2, Star\u00e9 M\u011bsto, 110 Retailer of sports inspired 100%Czech s.r.o.^ Republic 00, Praha footwear and apparel Marketing Investment Group Estonia Harju maakond, Tallinn, Kesklinna Retailer of sports inspired 100%Estonia O\u00dc^ linnaosa, Narva mnt 5, 10117 footwear and apparel Marketing Investment Group Hungary Horv\u00e1t utca 14-24 4 .em. 2, Retailer of sports inspired 100%Hungary Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 Budapest, 1027footwear and apparel T\u00e1rsas\u00e1g^ Marketing Investment Group S.A. Poland ul. Prof. Micha\u0142a \u017byczkowskiego 10, Retailer of sports inspired 100%31-864 Krak\u00f3wfootwear and apparel Marketing Investment Group SL, Slovenia Tr\u017ea\u0161ka cesta 515, 1351 Brezovica pri Retailer of sports inspired 100%prodaja \u0161portne opreme in obla\u010dil, Ljubljanifootwear and appareld.o.o.^Marketing Investment Group Slovakia Michalsk\u00e1 7, 811 03 Bratislava Retailer of sports inspired 100%Slovakia s. r. o.^ footwear and apparel Marketing Investment Group SR Serbia Belgrade, Bulevar Mihajla Pupina Retailer of sports inspired 100%doo Belgrade^165G, Belgrade-New Belgrade, footwear and apparelNew Belgrade, 11000 BelgradeJMarshall Artist Holdings Limited UK 97 Alderley Road, Wilmslow, Intermediate holding\ue61fcompany 25%England, SK9 1PTMIG Marketing Investment Group Austria Mahlerstra\u00dfe 13/1B, 1010 Vienna Retailer of sports inspired 100%Austria GmbH^ footwear and apparel MIG Marketing Investment Group Germany Dr. Hans-Lebach-Str. 2, 15537 Erkner Retailer of sports inspired 100%GmbH^ footwear and apparel MIG Marketing Investment Group Romania Calea Floreasca 169, Corp P1, Etaj 3, Retailer of sports inspired 100%R O S R L^ Camera 10, Bucuresti 077190footwear and apparel MIG Wholesale sp\u00f3\u0142ka z. o.o.^ Poland ul. Prof. Micha\u0142a \u017byczkowskiego 10, Wholesale of clothing 100%31-864 and\ue61ffootwear Millets Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%07924256~Bury,\ue61fLancashire, BL9 8RR myBox Spolka z.o.o^ Poland Logistyczna 9, 26-060 Ch\u0119ciny Logistics company 100%Nanny State Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%07274022~Bury,\ue61fLancashire, BL9 8RR Naylor's Equestrian LLP^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%OC327916~Bury,\ue61fLancashire, BL9 8RR NiceKicks Holdings LLC^ US 755 Jarvis Drive, Morgan Hill, Retailer of athletic footwear 80%CA\ue61f95037 and streetwear apparel NQ Retail Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%05171531~Bury,\ue61fLancashire, BL9 8RR Ownership and Place of voting rights Name of subsidiaryregistration Registered address Nature of business and\ue61foperation interestOnepointfive Ventures Limited^ Canada 1200 Waterfront Centre, Retailer of fashion apparel\ue61fand 64%200\ue61fBurrard Street, Vancouver footwear BC\ue61fV6C\ue61f3L6 OneTrueSaxon Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%08064557~Bury,\ue61fLancashire, BL9 8RR Open Fashion Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%08596324~Bury,\ue61fLancashire, BL9 8RR PCPONE Unlimited^ ROI 3 Burlington Road, Dublin 4, Intermediate holding\ue61fcompany 100%382427~D04RD68Pear Sports LLC^ US 3308 N. Mitthoeffer Rd. Retailer of sports and leisure 2%Indianapolis, IN 46235inspired goodsPeter Werth Limited^ UK 41 Commercial Street, Leith, Dormant company 100%SC059582~Edinburgh, EH6 6JDPink Soda Limited UK Hollinsbrook Way, Pilsworth, Intermediate holding\ue61fcompany 100%05418053~ Bury,\ue61fLancashire, BL9 8RR Premium Fashion Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%06963284~Bury,\ue61fLancashire, BL9 8RR JPT JD Sports FashionIndonesia Erajaya Plaza, Jalan Bandengan Retailer of sports inspired 51%Selatan Number 19\u201320, Kel. Pekojan, footwear and apparelKec. Tambora, Adm. City of West Jakarta, DKI Jakarta Province, 11240PT JD Sports Fashion Indonesia Erajaya Plaza, Jalan Bandengan Import and wholesale 49%J DistributionSelatan Number 19\u201320, Kel. Pekojan, companyKec. Tambora, Adm. City of West Jakarta, DKI Jakarta Province, 11240SDSR \u2013 Sports Division SR, S.A^ Portugal Rua Joao Mendo\u00e7a, n\u00ba 505, Retailer of sports and\ue61fleisure 100%Matosinhos Freguesia, S\u00e3o goods Mamede de Infesta e Senhora da Hora, 4464 503 MatosinhosShanghai Go Outdoors Ltd China Room 1104, 11th Floor Ordos Aili Dormant company 100%Mansion, Lane 777 Taolin Road, Pudong, Shanghai, 200135Shoe Palace Corporation^ US 755 Jarvis Drive, Morgan Hill, Retailer of athletic footwear 80%CA\ue61f95037 and streetwear apparel SIA Marketing Investment Latvia R\u012bga, Lienes iela 1\u20133, LV-1009 Retailer of sports inspired 100%Group\ue61fLatvia^ footwear and apparel Size? Limited UK Hollinsbrook Way, Pilsworth, Retailer of sports inspired 100%08709444~Bury,\ue61fLancashire, BL9 8RR footwear and apparel Sonneti Fashions Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%00230120~Bury,\ue61fLancashire, BL9 8RR South South East Limited UK Hollinsbrook Way, Pilsworth, Intermediate holding\ue61fcompany 100%11054546~Bury,\ue61fLancashire, BL9 8RR Spike\u2019s Holding LLC^ US 3308 N. Mitthoeffer Rd, Dormant company 80%52-2035945~Indianapolis,\ue61fIN 46235 Spodis SA^ France Wood Park \u2013 Parc d\u2019Affaires du Retailer of sports and\ue61fleisure 100%Ch\u00e2teau Rouge \u2013 274 bis avenue de goods la Marne \u2013 59700 Marcq-en-BaroeulSport Zone Canarias (SL)^ Spain Avenida el Paso, 10, 1\u00ba, Edificio Retailer of sports and\ue61fleisure 60%Multiusos, Pol\u00edgono Industrial Los goods Majuelos, La Laguna 38201, Santa Cruz de TenerifeSportiberica \u2013 Sociedade de Portugal Avenida das Ind\u00fastrias, n.\u00ba 63, Retailer of sports and\ue61fleisure 100%Arigos de Desporto S.A.^Agualva do Cac\u00e9m, Sintra goods Sports Unlimited Retail B.V.^^ Netherlands Oosteinderweg 247 B 1432 AT Retailer of sports and leisure 100%AalsmeergoodsSprinter Megacentros Del Spain Pol\u00edgono Industrial de las Atalayas, Retailer of sports and\ue61fleisure 100%Deporte\ue61fSLU^ Avenida Euro, N2, Alicante 03114goods Sprinter Pirineos SLU^ Andorra Avenida del Trav\u00e9s, 31. Edifici Santa Retailer of sports and leisure 100%Catarina, Baixos. AD 400 La goodsMassanaSwim Sports Company Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Operator of purpose-built 57%Lancashire, BL9 8RRlearn-to-swim centresOwnership and Place of voting rights Name of subsidiaryregistration Registered address Nature of business and\ue61foperation interestSwimgroupholdings Limited^UK Hollinsbrook Way, Pilsworth, Bury, Dormant company 57%10507556~Lancashire, BL9 8RRThe Alpine Group Limited^ UK 41 Commercial Street, Leith, Intermediate holding\ue61fcompany 100%SC145218~Edinburgh, EH6 6JD The Finish Line Distribution, Inc^ US 3308 N. Mitthoeffer Rd, Retailer of sports and leisure 80%Indianapolis, IN 46235 inspired goodsThe Finish Line MA, Inc^ US 3308 N. Mitthoeffer Rd, Dormant company 80%38-2000558~Indianapolis, IN 46235 The Finish Line Puerto Rico, Inc^ US 3308 N. Mitthoeffer Rd, Retailer of sports and leisure 80%Indianapolis, IN 46235inspired goodsThe Finish Line USA, Inc^ US 3308 N. Mitthoeffer Rd, Retailer of sports and leisure 80%Indianapolis, IN 46235inspired goodsThe Finish Line, Inc^ US 3308 N. Mitthoeffer Rd, Intermediate holding\ue61fcompany 80%Indianapolis, IN 46235The Gym King UK Unit 6 Temple Point Bullerthorpe Intermediate holding\ue61fcompany 40%J(Holdings)\ue61fLimitedLane, Colton, Leeds, West Yorkshire, LS15 9JLJThe Gym King GmbH^Germany Adlerstra\u00dfe 34, 90403 N\u00fcrnberg Online retailer and wholesaler 40%of sports inspired apparelJThe Gym King IE Limited^ROI 6th Floor South Bank House, Dormant company 40%659011~Barrow Street, Dublin 4JThe Gym King Limited^UK Unit 6 Temple Point Bullerthorpe Online retailer and wholesaler 40%Lane, Colton, Leeds, West of sports inspired apparelYorkshire, LS15 9JLJ The Gym King Wholesale\ue61fLimited^UK Unit 6 Temple Point Bullerthorpe Dormant company 40%12485789~Lane, Colton, Leeds, West Yorkshire, LS15 9JLThe John David Group LimitedUK Hollinsbrook Way, Pilsworth, Dormant company 100%06269850~Bury,\ue61fLancashire, BL9 8RRThe Orange House Co (Northern) UK Hollinsbrook Way, Pilsworth, Build and refurbish swimming 57%Limited^Bury,\ue61fLancashire, BL9 8RRpoolsTiso Group LimitedUK 41 Commercial Street, Leith, Intermediate holding\ue61fcompany 100%SC295846~Edinburgh, EH6 6JDTotal Swimming Academies UK Hollinsbrook Way, Pilsworth, Provide swimming lessons 57%Limited^Bury,\ue61fLancashire, BL9 8RRin\ue61fpartnership with schools and\ue61fhotelsTotal Swimming Group Limited^UK Hollinsbrook Way, Pilsworth, Dormant company 57%11007327~Bury,\ue61fLancashire, BL9 8RRTotal Swimming Holdings Limited^UK Hollinsbrook Way, Pilsworth, Intermediate holding company 57%Bury,\ue61fLancashire, BL9 8RRTotal Swimming Limited^ UK Hollinsbrook Way, Pilsworth, Build and refurbish swimming 57%Bury,\ue61fLancashire, BL9 8RRpoolsUAB Marketing Investment Lithuania Gvazdik\u0173 g. 170, LT-10247 Vilnius Retailer of sports inspired 100%Group\ue61fLietuva^footwear and apparelUltimate Outdoors Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%00124030~Bury,\ue61fLancashire, BL9 8RRVarsity Kit Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%05418052~Bury,\ue61fLancashire, BL9 8RRWeaver\u2019s Door Ltd UK Hollinsbrook Way, Pilsworth, Dormant company 100%07174475~Bury,\ue61fLancashire, BL9 8RRWellgosh Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%0470457~Bury,\ue61fLancashire, BL9 8RRWheelbase Lakeland Limited UK Hollinsbrook Way, Pilsworth, Retail sale of sports goods, 78%Bury,\ue61fLancashire, BL9 8RRfishing gear, camping goods, boats and bicyclesX4L Gyms Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 95%12600419~Bury,\ue61fLancashire, BL9 8RRXLR8 Sports Limited UK Hollinsbrook Way, Pilsworth, Retail sale of bicycles 100%Bury,\ue61fLancashire, BL9 8RR^ Indirect holding of the Company.~ The dormant entities have taken advantage of the exemption from audit.^^ The following entity is owned by Iberian Sports Retail Group SL, and on # Entities marked as held-for-sale as at 3 February 2024.6 December 2023, was declared in a state of bankruptcy and per the bankruptcy A Associated undertaking.document, control over the trading assets was transferred to the curator.J Joint venture.227JD Sports Fashion Plc Annual Report & Accounts 202439. Prior Period Adjustments The Group identified a number of prior period adjustments, impacting the opening position at 30 January 2022, 28 January 2023 and the year ended 3 February 2024. The impact of the prior period adjustments on the primary statements is presented in the tables below.Put and Call OptionsISRG Put and Call OptionDuring the financial period ended 3 February 2024, the Group reviewed the accounting for put and call options and noted a put and call option obligation that was not previously recorded, but which should have been recognised in relation to the buy/sell agreement with Sonae Holdings, S.A., which held 29.99% of Iberian Sports Retail Group SL. Accordingly, the Group has restated the amounts at 30 January 2022 to recognise the present value of that obligation by increasing the put and call option liabilities by \u00a358.2 million, with a debit to the put and call option reserve of \u00a315.1m and a brought forward retained earnings impact of \u00a343.1m. The subsequent remeasurement of that obligation during the period ended 28 January 2023 has also been recorded as a prior period adjustment, resulting in an increase in the put and call option liability of \u00a39.6 million with a corresponding charge to the FY23 income statement. Other OptionsFollowing the identification of the above ISRG restatement, the Group reviewed the accounting for other put and call options and concluded that there were also adjustments required to correct the historic accounting in respect of those options. Notably, it was identified that the purchase price cap that is contained within the Genesis Topco Inc put and call option agreement had not been correctly factored in to the put and call option liability valuation in the prior period. It was also identified that the Group had used inappropriate discount rates to measure certain put and call liabilities and had failed to identify service provisions within certain other agreements. Consequently, the Group has restated the amounts at 30 January 2022 and 28 January 2023 which impacted: \u2013 the Group\u2019s net assets at 30 January 2022 by \u00a336.1m, with a corresponding impact on retained earnings of \u00a339.5m and on the put and call option reserve of \u00a33.4m; and \u2013 the put and call option liabilities at 28 January 2023 by a further \u00a360.4m, with a corresponding impact on retained earnings of \u00a355.4m and on the put and call option reserve of \u00a35m.ReclassificationsIt was identified during the financial period ended 3 February 2024 that as at 28 January 2023, certain put and call options exercisable within 12 months were incorrectly stated as non-current in the Group\u2019s balance sheet. This has been corrected through a prior period restatement to reclassify \u00a3150.5m to current liabilities.It was also identified during the financial period ended 3 February 2024 that the Group had previously been recording the remeasurement charge in relation to put and call option valuations as an adjusting item within administrative expenses within the income statement. As the movement relates to options over the Group\u2019s own equity, it is financing in nature and should be presented as an adjusting item within finance expenses. Accordingly, a reclassification has been made in the income statement for the period ended 28 January 2023 in the amount of \u00a3268.8m.The tables below reconcile the overall movement in the financial statements in relation to the prior period adjustments outlined\ue61fabove:52 weeks to 30 January 2022ISRG Put and Call Other Net Optionoptionsimpact\u00a3m\u00a3m\u00a3mNet assets (58.2) (36.1) (94.3)Retained earnings (43.1) (39.5) (82.6)Put and call option reserve (15.1) 3.4 (11.7)52 weeks to 28 January 2023Cumulative impact ISRG Put and as at 30 January Call Option Other optionsReclassificationsNet impact2022\u00a3m\u00a3m\u00a3m\u00a3mAdministrative expenses \u2013 (9.6) 37.2 268.6 296.2Finance expenses \u2013 \u2013 18.2 (268.6) (250.4)Profit for the period \u2013 (9.6) 55.4 \u2013 45.8Current put and call option liabilities (184.4) (184.4)Non-current put and call option liabilities (94.3) (9.6) 60.4 184.4 140.9Net assets (94.3) (9.6) 60.4 \u2013 (43.5)Retained earnings (82.6) (9.6) 55.4 \u2013 (36.8)Put and call option reserve (11.7) \u2013 5.0 \u2013 (6.7)LeasesDuring the financial period ended 3 February 2024, the Group reviewed the leases portfolio and identified property leases that should have been recognised in prior periods. Accordingly, the Group has restated the right-of-use assets and corresponding lease liabilities as at 30 January 2022 and 28 January 2023 amounting to \u00a352.0 million and \u00a366.9 million, respectively. The Group has also identified an overstatement of leases in MIG resulting in restatement of right-of-use assets and corresponding lease liabilities as at 30 January 2022 and 28 January 2023 amounting to \u00a38.7 million and \u00a322.1 million, respectively. The net impact to right-of-use assets and lease liabilities as at 30 January 2022 and 28 January 2023 amounts to \u00a343.3 million and \u00a344.8 million, respectively.Foreign ExchangeDuring the financial period ended 3 February 2024, the Group reviewed the foreign currency translation of goodwill and fascia names\ue61fand identified an error in foreign currency translation arising from accounting of prior period acquisitions resulting in the understatement of goodwill and fascia balances and overstatement of foreign currency translation reserve. Accordingly, the Group has restated the goodwill and fascia balances and related foreign currency translation reserve as at 30 January 2022 to \u00a341.1 million. There is a brought forward impact of \u00a341.1 million on the corresponding balances in the period ended 28 January 2023.Supplier RebatesDuring the financial period ended 3 February 2024, the Group reviewed the accounting for supplier rebates related to marketing initiative support and concluded that such rebates should be recognised within cost of sales instead of being recognised within selling and distribution expenses. Accordingly, the Group has restated the related supplier rebates costs as at 28 January 2023 amounting to \u00a337.9 million. Assets Held-for-SaleDuring the financial period ended 3 February 2024, the Group reviewed the assets held-for-sale and identified a reclassification adjustment from cash and cash equivalents to assets held-for-sale. Accordingly, the Group has restated the cash and cash equivalents and assets held-for-sale as at 28 January 2023 amounting to \u00a374.5 million related to Non-core fashion businesses.Cash FlowThe cashflow has been represented for the items noted above. In addition, in prior periods the Group adopted an accounting policy which presented the cash flows from forward contracts for the purchase of foreign currencies net within working capital. In the current year the Group has determined that separate presentation of the fair value movements of these derivatives is more useful for the analysis of the group\u2019s cash flows when presented as a single line within the reconciliation from profit after tax to cashflows from operations. The prior period has been represented to reflect the accounting policy change.Other amendmentsWhen preparing the FY24 financial statements, we have made other immaterial presentational changes and applied these consistently in the comparative periods.The following tables summarize the annual Consolidated Statements for the periods indicated, giving effect to the restatements described above. Consolidated Income Statement52 weeks to 28 January 2023ReportedPut and call optionsSupplier RebatesRestated\u00a3m\u00a3m\u00a3m\u00a3mRevenue 10,125.0 \u2013 \u2013 10,125.0Cost of Sales (5,285.3) \u2013 37.9 (5,247.4)Gross profit 4,839.7 \u2013 37.9 4,877.6Selling and distribution expenses (3,315.6) \u2013 (37.9) (3,353.5)Administrative expenses \u2013 before adjusting items (497.3) \u2013 \u2013 (497.3)Administrative expenses \u2013 adjusting items (550.5) 296.2 \u2013 (254.3)Administrative expenses \u2013 total (1,047.8) 296.2 \u2013 (751.6)Share of profit of equity-accounted investees 4.9 \u2013 \u2013 4.9Other operating income 28.6 \u2013 \u2013 28.6Operating profit before financing 509.8 296.2 \u2013 806.0Finance income 8.4 \u2013 \u2013 8.4Finance expenses (77.3) (250.4) \u2013 (327.7)Net financial expense (68.9) (250.4) \u2013 (319.3)Profit before tax 440.9 45.8 \u2013 486.7Income tax expense (214.2) \u2013 \u2013 (214.2)Profit for the period 226.7 45.8 \u2013 272.5Attributable to equity holders of the parent 142.5 45.8 \u2013 188.3Attributable to non-controlling interest 84.2 \u2013 \u2013 84.2Basic earnings per ordinary share 2.76p 0.89p \u2013 3.65pDiluted earnings per ordinary share 2.76p 0.89p \u2013 3.65pConsolidated Statement of Comprehensive Income52 weeks to 28 January 2023Put andReportedcall optionsSupplier RebatesRestated\u00a3m\u00a3m\u00a3m\u00a3mProfit for the period 226.7 45.8 \u2013 272.5Other comprehensive income:Items that may be classified subsequently to the Consolidated Income Statement:Exchange differences on translation of foreign balances 129.8 \u2013 \u2013 129.8Total other comprehensive income for the period 129.8 \u2013 \u2013 129.8Total comprehensive income and expense for the period (net of income tax) 356.5 45.8 \u2013 402.3Attributable to equity holders of the parent 238.3 45.8 \u2013 284.1Attributable to non-controlling interest 118.2 \u2013 \u2013 118.2Consolidated Statement of Financial PositionAs at 28 January 2023Put andForeignAssets Reportedcall optionsLeasesexchangeHeld-for-SaleRestated\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-current assetsIntangible assets 1,459.4 \u2013 \u2013 41.1 \u2013 1,500.5Property, plant and equipment 875.6 \u2013 \u2013 \u2013 \u2013 875.6Right-of-use assets 2,137.0 \u2013 44.8 \u2013 \u2013 2,181.8Investments in associates and joint ventures 38.8 \u2013 \u2013 \u2013 \u2013 38.8Other assets 56.9 \u2013 \u2013 \u2013 \u2013 56.9Trade and other receivables 8.4 \u2013 \u2013 \u2013 \u2013 8.4Deferred tax assets 12.9 \u2013 \u2013 \u2013 \u2013 12.9Total non-current assets 4,589.0 \u2013 44.8 41.1 \u2013 4,674.9Current assets \u2013Inventories 1,466.4 \u2013 \u2013 \u2013 \u2013 1,466.4Trade and other receivables 263.8 \u2013 \u2013 \u2013 \u2013 263.8Cash and cash equivalents 1,582.5 \u2013 \u2013 \u2013 (74.5) 1,508.0Current assets excluding held-for-sale 3,312.7 \u2013 \u2013 \u2013 (74.5) 3,238.2Assets held-for-sale 123.0 \u2013 \u2013 \u2013 74.5 197.5Total current assets 3,435.7 \u2013 \u2013 \u2013 \u2013 3,435.7Total assets 8,024.7 \u2013 44.8 41.1 \u2013 8,110.6Current liabilitiesInterest-bearing loans and borrowings (75.2) \u2013 \u2013 \u2013 \u2013 (75.2)Lease liabilities (423.8) \u2013 (6.3) \u2013 \u2013 (430.1)Trade and other payables (1,471.2) \u2013 \u2013 \u2013 \u2013 (1,471.2)Put and call option liabilities \u2013 (184.4) \u2013 \u2013 \u2013 (184.4)Provisions (9.7) \u2013 \u2013 \u2013 \u2013 (9.7)Income tax liabilities (17.5) \u2013 \u2013 \u2013 \u2013 (17.5)Current liabilities excluding held-for-sale (1997.4) (184.4) (6.3) \u2013 \u2013 (2,188.1)Liabilities held-for-sale (165.6) \u2013 \u2013 \u2013 \u2013 (165.6)Total current liabilities (2,163.0) (184.4) (6.3) \u2013 \u2013 (2,353.7)Non-current liabilities \u2013Interest-bearing loans and borrowings (38.0) \u2013 \u2013 \u2013 \u2013 (38.0)Lease liabilities (1,915.4) \u2013 (38.5) \u2013 \u2013 (1,953.9)Other payables (102.4) \u2013 \u2013 \u2013 \u2013 (102.4)Put and call option liabilities (1,061.2) 140.9 \u2013 \u2013 \u2013 (920.3)Provisions (21.1) \u2013 \u2013 \u2013 \u2013 (21.1)Deferred tax liabilities (90.2) \u2013 \u2013 \u2013 \u2013 (90.2)Total non-current liabilities (3,228.3) 140.9 (38.5) \u2013 \u2013 (3,125.9)Total liabilities (5,391.3) (43.5) (44.8) \u2013 \u2013 (5,479.6)Net assets 2,633.4 (43.5) \u2013 41.1 \u2013 2,631.0Capital and reservesIssued ordinary share capital 2.5 \u2013 \u2013 \u2013 \u2013 2.5Share premium 467.5 \u2013 \u2013 \u2013 \u2013 467.5Retained earnings 2,011.4 (36.8) \u2013 \u2013 \u2013 1,974.6Share based payment reserve 0.3 \u2013 \u2013 \u2013 \u2013 0.3Foreign exchange translation reserve 55.7 \u2013 \u2013 41.1 \u2013 96.8Put and call option reserve (417.9) (6.7) \u2013 \u2013 \u2013 (424.6)Total equity attributable to equity holders of\ue61fthe\ue61fparent 2,119.5 (43.5) \u2013 41.1 \u2013 2,117.1Non-controlling interest 513.9 \u2013 \u2013 \u2013 \u2013 513.9Total equity 2,633.4 (43.5) \u2013 41.1 \u2013 2,631.0Consolidated Statement of Financial Position As at 30 January 2022Put andForeignReportedcall optionsLeasesexchangeRestated\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-current assetsIntangible assets 1,473.6 \u2013 \u2013 41.1 1,514.7Property, plant and equipment 688.5 \u2013 \u2013 \u2013 688.5Right-of-use assets 2,032.6 \u2013 43.3 \u2013 2,075.9Investments in associates and joint ventures 56.2 \u2013 \u2013 \u2013 56.2Other assets 57.0 \u2013 \u2013 \u2013 57.0Trade and other receivables 2.5 \u2013 \u2013 \u2013 2.5Deferred tax assets 81.7 \u2013 \u2013 \u2013 81.7Total non-current assets 4,392.1 \u2013 43.3 41.1 4,476.5Current assetsInventories 989.4 \u2013 \u2013 \u2013 989.4Trade and other receivables 215.4 \u2013 \u2013 \u2013 215.4Income tax receivables 0.6 \u2013 \u2013 \u2013 0.6Cash and cash equivalents 1,314.0 \u2013 \u2013 \u2013 1,314.0Current assets excluding held-for-saleAssets held for sale 157.1 \u2013 \u2013 \u2013 157.1Total current assets 2,676.5 \u2013 \u2013 \u2013 2,676.5Total assets 7,068.6 \u2013 43.3 41.1 7,153.0Current liabilitiesInterest-bearing loans and borrowings (72.6) \u2013 \u2013 \u2013 (72.6)Lease liabilities (379.0) \u2013 (5.6) \u2013 (384.6)Trade and other payables (1,279.5) \u2013 \u2013 \u2013 (1,279.5)Put and call option liabilities \u2013 (97.1) \u2013 \u2013 (97.1)Provisions (13.2) \u2013 \u2013 \u2013 (13.2)Current liabilities excluding held-for-saleLiabilities held-for-sale (142.6) \u2013 \u2013 \u2013 (142.6)Total current liabilities (1,886.9) (97.1) (5.6) \u2013 (1,989.9)Non-current liabilitiesInterest-bearing loans and borrowings (55.5) \u2013 \u2013 \u2013 (55.5)Lease liabilities (1,863.9) \u2013 (37.7) \u2013 (1,901.6)Other payables (10.6) \u2013 \u2013 \u2013 (10.6)Put and call option liabilities (764.8) 2.8 \u2013 \u2013 (762.0)Provisions (19.9) \u2013 \u2013 \u2013 (19.9)Deferred tax liabilities (127.4) \u2013 \u2013 \u2013 (127.4)Total non-current liabilities (2,842.1) 2.8 (37.7) \u2013 (2,877.0)Total liabilities (4,729.0) (94.3) (43.3) \u2013 (4,866.6)Net assets 2,339.6 (94.3) \u2013 41.1 2,286.4Capital and reservesIssued ordinary share capital 2.5 \u2013 \u2013 \u2013 2.5Share premium 467.5 \u2013 \u2013 \u2013 467.5Retained earnings 1,910.6 (82.6) \u2013 \u2013 1,828.0Share based payment reserve 0.1 \u2013 \u2013 \u2013 0.1Foreign exchange translation reserve (40.1) \u2013 \u2013 41.1 1.0Put and call option reserve (414.6) (11.7) \u2013 \u2013 (426.3)Total equity attributable to equity holders of\ue61fthe\ue61fparent 1,926.0 (94.3) \u2013 41.1 1,872.8Non-controlling interest 413.6 \u2013 \u2013 \u2013 413.6Total equity 2,339.6 (94.3) \u2013 41.1 2,286.4Consolidated Statement of Cash Flows52 weeks to 28 January 2023Reported Adjustment Restated \u00a3m\u00a3m\u00a3mCash flows from operating activitiesProfit for the period 226.7 45.8 272.5Adjustments for:Income tax expense 214.2 \u2013 214.2Financial expenses 77.3 \u2013 77.3Financial income (8.4) \u2013 (8.4)Depreciation and amortisation of non-current assets 633.2 \u2013 633.2Foreign exchange gains on monetary assets and liabilities 2.5 \u2013 2.5Loss on disposal of non-current assets 5.1 \u2013 5.1(Gain)/loss on FX forward contracts (recorded in cost of sales) \u2013 32.2 32.2Impairment of other intangibles and non-current assets (non-adjusting) 3.4 \u2013 3.4Impairment of goodwill and fascia names (adjusting) 117.6 \u2013 117.6Impairment of investments in associates and joint ventures (adjusting) 19.6 \u2013 19.6Impairment of other intangibles and non-current assets (adjusting) 6.0 \u2013 6.0Other non-cash adjusting items 407.3 (45.8) 361.5Share of profit of equity-accounted investees (net of tax) (4.9) \u2013 (4.9)Profit before working capital changes 1,699.6 32.2 1,731.8Decrease/(Increase) in inventories (501.3) \u2013 (501.3)Decrease/(Increase) in trade and other receivables (42.2) (6.8) (49.0)(Decrease)/Increase in trade and other payables 177.1 (25.4) 151.7Cash generated from operations 1,333.2 \u2013 1,333.2Interest paid (8.4) \u2013 (8.4)Lease interest paid (68.9) \u2013 (68.9)Income taxes paid (174.4) \u2013 (174.4)Net cash from operating activities 1,081.5 \u2013 1,081.5Cash flows from investing activities:Interest received 8.4 \u2013 8.4Proceeds from sale of non-current assets 11.5 \u2013 11.5Acquisition of intangible assets (19.9) \u2013 (19.9)Acquisition of property, plant and equipment (326.6) \u2013 (326.6)Acquisition of other non-current assets (12.8) \u2013 (12.8)Drawdown of lease liabilities 7.5 \u2013 7.5Dividends received from equity-accounted investees 3.4 \u2013 3.4Cash consideration of disposals (net of cash disposed) 59.6 \u2013 59.6Investment in associates and joint ventures (2.8) \u2013 (2.8)Acquisition of subsidiaries (net of cash acquired) (20.0) \u2013 (20.0)Net cash used in investing activities (291.7) \u2013 (291.7)Cash flows from financing activities:Repayment of interest-bearing loans and borrowings (37.4) \u2013 (37.4)Drawdown of interest-bearing loans and borrowings 15.5 \u2013 15.5Repayment of lease liabilities (400.5) \u2013 (400.5)(1)(29.2) \u2013 (29.2)Deferred consideration paid Divestment of non-controlling interests 0.1 \u2013 0.1Acquisition of non-controlling interests (29.3) \u2013 (29.3)Equity dividends paid (24.8) \u2013 (24.8)Dividends paid to non-controlling interests in subsidiaries (2.8) \u2013 (2.8)Net cash used in financing activities (508.4) \u2013 (508.4)Net increase in cash and cash equivalents 281.4 \u2013 281.4Cash and cash equivalents at the beginning of the period 1,280.4 \u2013 1,280.4Foreign exchange losses on cash and cash equivalents (12.9) \u2013 (12.9)Cash and cash equivalents at the end of the period 1,548.9 1,548.9(1) Deferred consideration paid has been represented within financing activities having previously been classified as investing. Classification of financing more accurately reflects the nature of the cash flow.Hollinsbrook Way Pilsworth Bury Lancashire BL9 8RR ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__8": {
"value": "1. Basis of PreparationGeneral InformationJD Sports Fashion Plc (the \u2018Company\u2019) is a company incorporated in the United Kingdom and registered in England and Wales. The financial statements for the 53 week period ended 3 February 2024 represent those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The financial statements were authorised for issue by the Board of Directors on 3 June\ue61f2024.Basis of PreparationThese Group financial statements were prepared in accordance with UK-adopted International Accounting Standards.The financial statements are presented in Pounds Sterling, rounded to the nearest tenth of a million. The financial statements have\ue61fbeen prepared on a going concern basis, under the historical cost convention, except for the revaluation of certain financial\ue61finstruments.The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in\ue61fthese\ue61ffinancial statements and have been applied consistently by all Group entities. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are\ue61fset out in the Strategic Report on pages 10 to 93. In addition, details of financial instruments and exposures to interest rate, foreign currency, credit and liquidity risks are outlined in Note\ue61f23.Going ConcernThe Directors have prepared the Group and the Company financial statements on a going concern basis for the following\ue61freasons:At 3 February 2024, the Group had a cash and cash equivalents balance of \u00a31,101.6 million (28 January 2023 (restated): \u00a31,548.9 million), see Note 33, with available committed UK borrowing facilities of \u00a3700 million (28 January 2023: \u00a3700 million), see note 22, of\ue61fwhich \u00a3Nil (28 January 2023: \u00a3Nil) has been drawn down and is available up to 6 November 2026 and US facilities of approximately $300 million of which $12.5m was drawn down (28 January 2023: $Nil) and is available up until 24 September 2026. There has been no material change in the extent of cash and facilities available since the period end.These facilities are subject to certain covenants, please refer to Note 22. The Directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook. On 23 April 2024, the Group entered into a binding agreement to acquire 100% of the outstanding share capital of Hibbett, Inc., a\ue61fcompany listed on the Nasdaq Stock Market, for a price of $87.50 per share in cash, implying an equity value of $1,083 million (c.\ue61f\u00a3878 million) and an enterprise value of $1,109 million (\u00a3899 million). There has been no material change in the extent of cash and facilities available since the period end. The Group expects to fund the total consideration payable, and refinance Hibbett, Inc.\u2019s existing debt, through a combination of\ue61fexisting US cash resources of $300 million and a $1,000 million extension to the Group\u2019s existing bank facilities which has been committed. This acquisition remains subject to antitrust review by the relevant US authorities.Within the period, the Group announced the proposed acquisition of 100% of the issued share capital of Groupe Courir S.A.S (\u2018Courir\u2019) for an enterprise value of \u20ac520 million, which will be funded through a combination of the Group\u2019s existing cash reserves\ue61fand an agreed extension to the Group\u2019s existing bank facilities. This acquisition remains subject to review by the European\ue61fCommission. These acquisitions have been considered as part of the going concern review. The Directors have prepared cash flow forecasts for the Group covering a period of at least 12 months from the date of approval of the Group and Company financial statements, including specific consideration of a range of impacts that could arise from geo-political tensions and the actual and potential impact on inflationary cost pressures. These forecasts indicate that the Group and Company will be able to operate within the level of its agreed facilities and covenant compliance. For the purposes of Going Concern Reporting, the Directors have prepared severe but plausible downside scenarios which cover the same period as the base case. A 5% reduction in like-for-like sales* for the whole year has been considered, in addition to a range of reasonably plausible downside scenarios considered for the purposes of viability reporting. This has considered the specific consideration of a significant business continuity event adversely impacting one of the Group\u2019s main Distribution Centres across the Q4 peak trading period; a significant cyber-attack resulting in a significant proportion of the Group\u2019s stores being unable to trade for period of one month, impacting the peak trading period of December 2024; a severe but plausible reduction in the allocation of stock, or business interruption impacting the availability of stock, from one of our key Sports Fashion suppliers. The Directors have also considered the impact on the base case and severe but plausible downside scenarios, of the acquisition activity recently announced in respect of the proposed acquisitions of Groupe Courir S.A.S and Hibbett, Inc..The forecast cash flows reflecting the above scenarios indicate that there remains sufficient headroom for the Group to operate within the committed facilities and to comply with all relevant banking covenants during the forecast period. Furthermore, mitigating actions within the Group\u2019s control could be taken, should these severe but plausible scenarios occur, including reductions in capital expenditure*, discretionary spend and dividends.A reverse stress test has also been performed on the base forecasts which indicates that a combination of the above severe but plausible scenarios all occurring at the same time would be required for the Group to run out of cash and be fully drawn down on the available facilities or to breach a covenant before consideration of mitigating actions. This is not considered to be a plausible scenario, as the combination of all scenarios simultaneously is considered to be exceptionally remote.The Directors have considered all of the factors noted above and are confident that the Group has adequate resources to continue to meet all liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.Basis of ConsolidationI. Consolidation The Consolidated Financial Statements comprise the financial statements of the Company and its subsidiaries as at 3 February 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: \u2013 Power of the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee). \u2013 Exposure, or rights, to variable returns from its involvement with the investee. \u2013 The ability to use its power over the investee to affect its returns.Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2013 The contractual arrangement(s) with the other vote holders of the investee. \u2013 Rights arising from other contractual arrangements. \u2013 The Group\u2019s voting rights and potential voting rights.The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the Consolidated Financial Statements from the date the Group gains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (\u2018OCI\u2019) are attributed to the equity holders of the parent of\ue61fthe\ue61fGroup and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When\ue61fnecessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with\ue61fthe\ue61fGroup\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to\ue61ftransactions between members of the Group are eliminated in full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in the Consolidated Income Statement. Any\ue61finvestment retained is recognised at fair value.II. Associates and Joint VenturesThe Group\u2019s interests in equity-accounted investees comprise interests in associates and interests in joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control over the financial and operating policies based on a contractual arrangement. Interests in associates and joint ventures are accounted for using the equity method and are initially recognised at cost, then subsequently less provision for impairment. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and other\ue61fcomprehensive income of equity-accounted investees until the date on which significant influence or joint control ceases.III. Transactions Eliminated on ConsolidationIntra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements.IV. Employee Benefit TrustAn Employee Benefit Trust is operated by the Group and Company and is considered to be a special purpose entity in which the substance of the relationship is that of control by the Group in order that the Group may benefit from its control. The assets held by the trust are consolidated into the Group.Changes in Ownership Interest Without a Loss of ControlIn accordance with IFRS 10 \u2018Consolidated Financial Statements\u2019, upon a change in ownership interest in a subsidiary without a\ue61floss of control, the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in\ue61ftheir relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of\ue61fthe parent. Acquisitions or disposals of non-controlling interests are therefore accounted for as transactions with owners in\ue61ftheir capacity as owners and no goodwill is recognised as a result of such transactions. Alternative Performance MeasuresThe Directors measure the performance of the Group based on a range of financial measures, including measures not recognised by UK-adopted International Financial Reporting Standards. These Alternative Performance Measures may not be\ue61fdirectly comparable with other companies\u2019 Alternative Performance Measures and the Directors do not intend these to be\ue61fa\ue61fsubstitute for, or superior to, IFRS measures. The Directors believe that these Alternative Performance Measures assist in\ue61fproviding additional useful information on the trading performance of the Group. For the financial period ended 3 February 2024, the Group has updated the presentation of the Consolidated Income Statement to\ue61fa three-column format to show adjusting items against the relevant income statement line item. The term \u2018adjusting items\u2019 as opposed to \u2018adjusted items\u2019 that was used in the prior period has been updated as has the definition of adjusting items to include the impairment of loan receivables. These updates are intended to provide disclosure and greater clarity over what is classified as an adjusting item and, by being more specific in terms of defining the adjusting items, results in the provision of more relevant information with greater comparability between financial periods.Alternative Performance Measures are also used to enhance the comparability of information between reporting periods, by\ue61faccounting for adjusting items. Adjusting items are disclosed separately when they are considered unusual in nature and not\ue61freflective of the trading performance and profitability of the Group. The separate reporting of adjusting items, which are\ue61fpresented as adjusting within the relevant category in the Consolidated Income Statement, helps provide an indication of\ue61fthe\ue61fGroup\u2019s trading performance. An explanation as to why items have been classified as adjusting is given in Note 4. Further\ue61finformation can be found in the Alternative Performance Measures section on pages 253 to 259.Adoption of New and Revised StandardsThe following new standards and amendments became effective for the period ended 3 February 2024. These have no significant impact on the consolidated results or financial position. \u2013 IFRS 17 \u2013 Insurance Contracts (effective from 1 January 2023). \u2013 Amendments to IAS 1 \u2013 Disclosure of Accounting Policies (effective from 1 January 2023). \u2013 Amendments to IAS 8 \u2013 Definition of Accounting Policies (effective from 1 January 2023). \u2013 Amendments to IAS 12 \u2013 Income Taxes \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective from 1 January 2023). \u2013 Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar Two Model Rules (effective from 1 January 2023).The following amendments are in issue but have yet to become effective. These are not expected to have a significant impact on\ue61fthe consolidated results or financial position. \u2013 Amendments to IFRS 10 \u2013 Lease Liability in a Sale and Leaseback (effective from 1 January 2024). \u2013 Amendments to IAS 1 \u2013 Non-Current Liabilities with Covenants (effective from 1 January 2024). \u2013 Amendments to IFRS 7 and IAS 7 \u2013 Supplier Finance Arrangements (effective from 1 January 2024). \u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from 1 January 2025).IAS 12 Income TaxesThe Group has adopted the amendments to IAS 12, which apply to income taxes arising from tax law enacted, or substantively enacted, to implement the Pillar Two Model Rules published by the OECD.The amendments include a mandatory temporary exception of the accounting requirement for deferred taxes under IAS 12, such that an entity neither recognises nor discloses information regarding deferred tax assets and liabilities in respect of Pillar Two Model Rules. The\ue61fGroup has adopted this exception.OtherThe Group continues to monitor the potential impact of other new standards and interpretations which may be endorsed and require adoption by the Group in future reporting periods. The Group does not consider that any other standards, amendments or\ue61finterpretations issued by the IASB, but not yet applicable, will have a significant impact on the financial\ue61fstatements.Accounting PoliciesRevenue RecognitionRevenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for\ue61fgoods and services provided in the normal course of business, net of price discounts and sales-related taxes.I. Goods Sold Through Retail Stores and Trading WebsitesIn the case of goods sold through retail stores and trading websites, revenue is recognised when goods are sold, meaning the\ue61fperformance obligation of the transaction has been satisfied, less provision for returns. A separate right of return asset is recognised. Accumulated experience is used to estimate and provide for such returns at the time of the sale. The refund liability due to customers on return of their goods is\ue61frecognised in a separate refund liability category. Retail sales are typically paid by cash, debit card or credit card. \u2013 For online sales, performance obligations are deemed to be satisfied when the goods are delivered to the customer. \u2013 For online click and collect orders, where the customer pays online but collects in store, performance obligations are deemed to be satisfied when the goods are collected by the customer. \u2013 For reserve and collect orders, where the customer reserves online but pays at the point of collection from the store, performance obligations are deemed to be satisfied when the goods are collected by the customer. II. Wholesale RevenueWholesale revenue is recognised when goods are dispatched, meaning that the performance obligations have been met and control over a product has passed to the\ue61fcustomer. In some instances, goods are sold with a right of return. Where wholesale goods are sold with a right of return,\ue61fa\ue61fprovision is made to estimate the expected level of returns based on accumulated experience and historical rates. The refund liability due to customers on return\ue61fof their goods is recognised in a separate refund liability category. Wholesale sales are either settled by cash\ue61freceived in\ue61fadvance\ue61fof\ue61fthe goods being dispatched or made on agreed credit terms.III. Subscription and Joining Fee RevenueRevenue from the sale of fitness and leisure club memberships is recognised in the period the membership relates to. This revenue\ue61fis recognised over time, on a straight-line basis over the expected duration of the membership. For new club openings, memberships are sold and joining fees are collected in the period before the\ue61fnew club is opened. Membership income received in\ue61fadvance of the club opening is deferred until the club is\ue61fopen and then recognised on an accruals basis over the related membership period. IV. Gift CardsThe initial sale of a gift card is treated as an exchange of tender, with the revenue recognised when the cards are redeemed by\ue61fthe\ue61fcustomer. Revenue from gift card breakage is recognised when the likelihood of the customer utilising the gift card becomes remote. The liability relating to gift cards not yet redeemed is included within other payables and accrued expenses.Other Operating Expenses Other operating expenses are classified based on their function within the Group. They are classified between selling and distribution and administrative expenses. Selling and distribution expenses include all costs associated with the marketing and distribution of the Group\u2019s goods and services. These expenses encompass advertising and promotional activities, all costs relating to stores and warehouses (staff costs, rents and rates, bank and credit card charges, store security, and depreciation and amortisation), online channel sales cost and distribution costs. Administrative expenses comprise overhead costs that are not directly attributable to specific sales, stores or distribution and warehousing activities. These costs are mostly support function related costs at Head Office and within the operating businesses including finance, human resources, procurement, property, legal and IT, as well as depreciation and amortisation of the assets used by support functions.InventoriesInventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average principle. An element of\ue61fsupplier rebates is deferred into inventory and released on a straight-line basis as the related inventory is sold.The Group makes provisions for obsolescence, mark downs and shrinkage based on historical experience, the quality of the\ue61fcurrent season buy, market trends and management estimates of future events. The provision requires estimates for shrinkage, the expected future selling price of items and identification of aged and obsolete items. Government Support During the 52 week period ended 28 January 2023, the Group repaid\ue61fthe \u00a324.4 million of furlough income that it received from the\ue61fUK Government in the 52 week period ended 29 January 2022. Share-Based PaymentsThe Executive Directors receive an element of remuneration in the form of share-based payments. Share-based payments are\ue61fmeasured at fair value at the grant date which is determined by the share price on the day preceding the grant date. The cost of share-based payments is recognised as an expense, together with a corresponding increase in equity, on a straight-line basis over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that\ue61fthe\ue61famount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Further information is available in the Directors\u2019 Remuneration Report on page 117 and in Note 5.An Employee Benefit Trust (\u2018EBT\u2019) has been established to facilitate the acquisition of ordinary shares to fund share awards made to employees. The assets and liabilities of the EBT have been included in the Group and Company accounts. The assets of\ue61fthe EBT are held separately from those of the Company. The Group Consolidated Statement of Comprehensive Income does not recognise gains or losses on purchases or sales of own shares. The cost of shares acquired by the EBT is recognised within equity. The Trustee of the EBT has agreed to waive its rights to any and all dividends paid.Assets Held-for-Sale and DisposalsNon-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if all of the following criteria is met in line with IFRS 5. The carrying amount is expected to be recovered through the sale transaction \u2013 It is available for sale in its present condition \u2013 The Group had committed to sell and this sale plan had been initiated \u2013 It is being actively marketed at a price that is reasonable in relation to its fair value \u2013 There is an expectation that the sale process would be completed within 12 months of the classification as held-for-sale.Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro-rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or investment property, which continue to be measured in accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in the Consolidated Income Statement. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. On disposal, the balances are derecognised and the profit or loss on disposal is recognised in the Consolidated Income Statement as an adjusting\ue61fitem.Supplier RebatesSupplier rebates include promotion cost contributions and marketing initiative support and are recognised in the Consolidated Financial Statements when they are contractually agreed with the supplier and can be reliably measured. Such rebates typically relate to the launch of such initiatives and therefore rebate income is typically recognised across the period in which launch costs are recognised. Contributions towards store fixtures are recognised as a credit within the Consolidated Income Statement within the period in which they are received. Other rebates are agreed with suppliers retrospectively once specific targets have been achieved and recognised after the end of the relevant supplier\u2019s financial year.Climate ChangeIn preparing the Consolidated Financial Statements, the Group has considered the potential impact of climate change, particularly in the context of the climate-related risks identified in the Task Force on Climate-related Financial Disclosures (TCFD) section as set out on page 60, on its financial performance and position. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Group considered the impact of climate change in respect of forecast cash flows for the purposes of impairment assessments of non-current assets, and the useful lives of certain assets. Whilst there is currently little short to medium-term impact expected from climate change, the Directors are aware of the changing nature of risks associated with climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements.Critical Accounting Judgements and Key Sources of Estimation UncertaintyThe preparation of financial statements in conformity with adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and\ue61fexpenses. The\ue61festimates and associated assumptions are based on historical experience and various other factors that\ue61fare\ue61fbelieved to be reasonable under the circumstances, the results of which form the basis of making the judgements and estimates about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from\ue61fthese\ue61festimates. Critical Accounting JudgementsThe following are critical judgements, apart from those involving estimations (which are presented separately below), that management have made in the process of applying the Group\u2019s accounting policies and that have the most effect on the amounts recognised in the Consolidated Group Financial Statements.Adjusting ItemsManagement exercises significant judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and/or scale of impact of that item on the reported performance. In determining whether an item should be presented as adjusting, the Group considers items which are significant because of either their size or their nature which management believe would distort an understanding of earnings if not separately presented. An explanation as to why items have been classified as adjusting is given in Note 4. Further information about metrics that the Group utilise which exclude adjusting items can be found in the Alternative Performance Measures section on pages 253 to 259.Key Sources of Estimation UncertaintyThe key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below:Genesis Put and Call OptionGenesis Put and Call Option agreements that allow the Group\u2019s equity partners to require the Group to purchase a non-controlling interest are recorded\ue61fin the consolidated balance sheet initially at the present value of the redemption amount, in accordance with IAS 32 Financial Instruments: Presentation. On initial recognition, the corresponding amount is recognised against the put and call option reserve. Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Group could be\ue61frequired to pay are recognised in the Consolidated Income Statement. If the contract expires without delivery, the carrying amount of the financial liability is reclassified to equity, otherwise the financial liability is derecognised for the amount settled.The key significant option outstanding as at 3 February 2024 relates to the Group\u2019s US sub-group, Genesis. The Genesis put and call liability at 3 February 2024 was \u00a3763.5 million (2023 (restated): \u00a3782.9 million).Genesis Put and Call OptionThe Group uses a\ue61fthird-party valuation expert to independently determine the present value of the exercise price of the Genesis put and call options. The approach uses a Monte-Carlo simulation model applying a geometric Brownian motion to project the share\ue61fprice and an arithmetic Brownian motion for the projection of EBITDA forecasts. See Note 24b for the full accounting policy. The critical estimate used to value the put and call option liability is the EBITDA forecasts and growth assumptions for future periods. Further information about the sensitivities used can be found in Note 24b.Future Changes in Application of Accounting PoliciesI. Segmental AnalysisAs announced in the Group\u2019s trading update on 28 March 2024, with effect from the 52 week period ending 1 February 2025, new segmentation will be used for reporting, initially at the Q2 trading update in August 2024 and then for the interim results for the 26 week period ending 3 August 2024.II. Adjusting ItemsIn line with the majority of large, UK-listed retail companies, with effect from the 52 week period ending 1 February 2025, the Group will extend its definition of adjusting items to include amortisation of acquired intangibles.",
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"s9_notes__6__7-1": {
"value": "1. Basis of PreparationGeneral InformationJD Sports Fashion Plc (the \u2018Company\u2019) is a company incorporated in the United Kingdom and registered in England and Wales. The financial statements for the 53 week period ended 3 February 2024 represent those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The financial statements were authorised for issue by the Board of Directors on 3 June\ue61f2024.Basis of PreparationThese Group financial statements were prepared in accordance with UK-adopted International Accounting Standards.The financial statements are presented in Pounds Sterling, rounded to the nearest tenth of a million. The financial statements have\ue61fbeen prepared on a going concern basis, under the historical cost convention, except for the revaluation of certain financial\ue61finstruments.The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in\ue61fthese\ue61ffinancial statements and have been applied consistently by all Group entities. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are\ue61fset out in the Strategic Report on pages 10 to 93. In addition, details of financial instruments and exposures to interest rate, foreign currency, credit and liquidity risks are outlined in Note\ue61f23.Going ConcernThe Directors have prepared the Group and the Company financial statements on a going concern basis for the following\ue61freasons:At 3 February 2024, the Group had a cash and cash equivalents balance of \u00a31,101.6 million (28 January 2023 (restated): \u00a31,548.9 million), see Note 33, with available committed UK borrowing facilities of \u00a3700 million (28 January 2023: \u00a3700 million), see note 22, of\ue61fwhich \u00a3Nil (28 January 2023: \u00a3Nil) has been drawn down and is available up to 6 November 2026 and US facilities of approximately $300 million of which $12.5m was drawn down (28 January 2023: $Nil) and is available up until 24 September 2026. There has been no material change in the extent of cash and facilities available since the period end.These facilities are subject to certain covenants, please refer to Note 22. The Directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook. On 23 April 2024, the Group entered into a binding agreement to acquire 100% of the outstanding share capital of Hibbett, Inc., a\ue61fcompany listed on the Nasdaq Stock Market, for a price of $87.50 per share in cash, implying an equity value of $1,083 million (c.\ue61f\u00a3878 million) and an enterprise value of $1,109 million (\u00a3899 million). There has been no material change in the extent of cash and facilities available since the period end. The Group expects to fund the total consideration payable, and refinance Hibbett, Inc.\u2019s existing debt, through a combination of\ue61fexisting US cash resources of $300 million and a $1,000 million extension to the Group\u2019s existing bank facilities which has been committed. This acquisition remains subject to antitrust review by the relevant US authorities.Within the period, the Group announced the proposed acquisition of 100% of the issued share capital of Groupe Courir S.A.S (\u2018Courir\u2019) for an enterprise value of \u20ac520 million, which will be funded through a combination of the Group\u2019s existing cash reserves\ue61fand an agreed extension to the Group\u2019s existing bank facilities. This acquisition remains subject to review by the European\ue61fCommission. These acquisitions have been considered as part of the going concern review. The Directors have prepared cash flow forecasts for the Group covering a period of at least 12 months from the date of approval of the Group and Company financial statements, including specific consideration of a range of impacts that could arise from geo-political tensions and the actual and potential impact on inflationary cost pressures. These forecasts indicate that the Group and Company will be able to operate within the level of its agreed facilities and covenant compliance. For the purposes of Going Concern Reporting, the Directors have prepared severe but plausible downside scenarios which cover the same period as the base case. A 5% reduction in like-for-like sales* for the whole year has been considered, in addition to a range of reasonably plausible downside scenarios considered for the purposes of viability reporting. This has considered the specific consideration of a significant business continuity event adversely impacting one of the Group\u2019s main Distribution Centres across the Q4 peak trading period; a significant cyber-attack resulting in a significant proportion of the Group\u2019s stores being unable to trade for period of one month, impacting the peak trading period of December 2024; a severe but plausible reduction in the allocation of stock, or business interruption impacting the availability of stock, from one of our key Sports Fashion suppliers. The Directors have also considered the impact on the base case and severe but plausible downside scenarios, of the acquisition activity recently announced in respect of the proposed acquisitions of Groupe Courir S.A.S and Hibbett, Inc..The forecast cash flows reflecting the above scenarios indicate that there remains sufficient headroom for the Group to operate within the committed facilities and to comply with all relevant banking covenants during the forecast period. Furthermore, mitigating actions within the Group\u2019s control could be taken, should these severe but plausible scenarios occur, including reductions in capital expenditure*, discretionary spend and dividends.A reverse stress test has also been performed on the base forecasts which indicates that a combination of the above severe but plausible scenarios all occurring at the same time would be required for the Group to run out of cash and be fully drawn down on the available facilities or to breach a covenant before consideration of mitigating actions. This is not considered to be a plausible scenario, as the combination of all scenarios simultaneously is considered to be exceptionally remote.The Directors have considered all of the factors noted above and are confident that the Group has adequate resources to continue to meet all liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.Basis of ConsolidationI. Consolidation The Consolidated Financial Statements comprise the financial statements of the Company and its subsidiaries as at 3 February 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: \u2013 Power of the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee). \u2013 Exposure, or rights, to variable returns from its involvement with the investee. \u2013 The ability to use its power over the investee to affect its returns.Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2013 The contractual arrangement(s) with the other vote holders of the investee. \u2013 Rights arising from other contractual arrangements. \u2013 The Group\u2019s voting rights and potential voting rights.The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the Consolidated Financial Statements from the date the Group gains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (\u2018OCI\u2019) are attributed to the equity holders of the parent of\ue61fthe\ue61fGroup and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When\ue61fnecessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with\ue61fthe\ue61fGroup\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to\ue61ftransactions between members of the Group are eliminated in full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in the Consolidated Income Statement. Any\ue61finvestment retained is recognised at fair value.II. Associates and Joint VenturesThe Group\u2019s interests in equity-accounted investees comprise interests in associates and interests in joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control over the financial and operating policies based on a contractual arrangement. Interests in associates and joint ventures are accounted for using the equity method and are initially recognised at cost, then subsequently less provision for impairment. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and other\ue61fcomprehensive income of equity-accounted investees until the date on which significant influence or joint control ceases.III. Transactions Eliminated on ConsolidationIntra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements.IV. Employee Benefit TrustAn Employee Benefit Trust is operated by the Group and Company and is considered to be a special purpose entity in which the substance of the relationship is that of control by the Group in order that the Group may benefit from its control. The assets held by the trust are consolidated into the Group.Changes in Ownership Interest Without a Loss of ControlIn accordance with IFRS 10 \u2018Consolidated Financial Statements\u2019, upon a change in ownership interest in a subsidiary without a\ue61floss of control, the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in\ue61ftheir relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of\ue61fthe parent. Acquisitions or disposals of non-controlling interests are therefore accounted for as transactions with owners in\ue61ftheir capacity as owners and no goodwill is recognised as a result of such transactions. Alternative Performance MeasuresThe Directors measure the performance of the Group based on a range of financial measures, including measures not recognised by UK-adopted International Financial Reporting Standards. These Alternative Performance Measures may not be\ue61fdirectly comparable with other companies\u2019 Alternative Performance Measures and the Directors do not intend these to be\ue61fa\ue61fsubstitute for, or superior to, IFRS measures. The Directors believe that these Alternative Performance Measures assist in\ue61fproviding additional useful information on the trading performance of the Group. For the financial period ended 3 February 2024, the Group has updated the presentation of the Consolidated Income Statement to\ue61fa three-column format to show adjusting items against the relevant income statement line item. The term \u2018adjusting items\u2019 as opposed to \u2018adjusted items\u2019 that was used in the prior period has been updated as has the definition of adjusting items to include the impairment of loan receivables. These updates are intended to provide disclosure and greater clarity over what is classified as an adjusting item and, by being more specific in terms of defining the adjusting items, results in the provision of more relevant information with greater comparability between financial periods.Alternative Performance Measures are also used to enhance the comparability of information between reporting periods, by\ue61faccounting for adjusting items. Adjusting items are disclosed separately when they are considered unusual in nature and not\ue61freflective of the trading performance and profitability of the Group. The separate reporting of adjusting items, which are\ue61fpresented as adjusting within the relevant category in the Consolidated Income Statement, helps provide an indication of\ue61fthe\ue61fGroup\u2019s trading performance. An explanation as to why items have been classified as adjusting is given in Note 4. Further\ue61finformation can be found in the Alternative Performance Measures section on pages 253 to 259.Adoption of New and Revised StandardsThe following new standards and amendments became effective for the period ended 3 February 2024. These have no significant impact on the consolidated results or financial position. \u2013 IFRS 17 \u2013 Insurance Contracts (effective from 1 January 2023). \u2013 Amendments to IAS 1 \u2013 Disclosure of Accounting Policies (effective from 1 January 2023). \u2013 Amendments to IAS 8 \u2013 Definition of Accounting Policies (effective from 1 January 2023). \u2013 Amendments to IAS 12 \u2013 Income Taxes \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective from 1 January 2023). \u2013 Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar Two Model Rules (effective from 1 January 2023).The following amendments are in issue but have yet to become effective. These are not expected to have a significant impact on\ue61fthe consolidated results or financial position. \u2013 Amendments to IFRS 10 \u2013 Lease Liability in a Sale and Leaseback (effective from 1 January 2024). \u2013 Amendments to IAS 1 \u2013 Non-Current Liabilities with Covenants (effective from 1 January 2024). \u2013 Amendments to IFRS 7 and IAS 7 \u2013 Supplier Finance Arrangements (effective from 1 January 2024). \u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from 1 January 2025).IAS 12 Income TaxesThe Group has adopted the amendments to IAS 12, which apply to income taxes arising from tax law enacted, or substantively enacted, to implement the Pillar Two Model Rules published by the OECD.The amendments include a mandatory temporary exception of the accounting requirement for deferred taxes under IAS 12, such that an entity neither recognises nor discloses information regarding deferred tax assets and liabilities in respect of Pillar Two Model Rules. The\ue61fGroup has adopted this exception.OtherThe Group continues to monitor the potential impact of other new standards and interpretations which may be endorsed and require adoption by the Group in future reporting periods. The Group does not consider that any other standards, amendments or\ue61finterpretations issued by the IASB, but not yet applicable, will have a significant impact on the financial\ue61fstatements.Accounting PoliciesRevenue RecognitionRevenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for\ue61fgoods and services provided in the normal course of business, net of price discounts and sales-related taxes.I. Goods Sold Through Retail Stores and Trading WebsitesIn the case of goods sold through retail stores and trading websites, revenue is recognised when goods are sold, meaning the\ue61fperformance obligation of the transaction has been satisfied, less provision for returns. A separate right of return asset is recognised. Accumulated experience is used to estimate and provide for such returns at the time of the sale. The refund liability due to customers on return of their goods is\ue61frecognised in a separate refund liability category. Retail sales are typically paid by cash, debit card or credit card. \u2013 For online sales, performance obligations are deemed to be satisfied when the goods are delivered to the customer. \u2013 For online click and collect orders, where the customer pays online but collects in store, performance obligations are deemed to be satisfied when the goods are collected by the customer. \u2013 For reserve and collect orders, where the customer reserves online but pays at the point of collection from the store, performance obligations are deemed to be satisfied when the goods are collected by the customer. II. Wholesale RevenueWholesale revenue is recognised when goods are dispatched, meaning that the performance obligations have been met and control over a product has passed to the\ue61fcustomer. In some instances, goods are sold with a right of return. Where wholesale goods are sold with a right of return,\ue61fa\ue61fprovision is made to estimate the expected level of returns based on accumulated experience and historical rates. The refund liability due to customers on return\ue61fof their goods is recognised in a separate refund liability category. Wholesale sales are either settled by cash\ue61freceived in\ue61fadvance\ue61fof\ue61fthe goods being dispatched or made on agreed credit terms.III. Subscription and Joining Fee RevenueRevenue from the sale of fitness and leisure club memberships is recognised in the period the membership relates to. This revenue\ue61fis recognised over time, on a straight-line basis over the expected duration of the membership. For new club openings, memberships are sold and joining fees are collected in the period before the\ue61fnew club is opened. Membership income received in\ue61fadvance of the club opening is deferred until the club is\ue61fopen and then recognised on an accruals basis over the related membership period. IV. Gift CardsThe initial sale of a gift card is treated as an exchange of tender, with the revenue recognised when the cards are redeemed by\ue61fthe\ue61fcustomer. Revenue from gift card breakage is recognised when the likelihood of the customer utilising the gift card becomes remote. The liability relating to gift cards not yet redeemed is included within other payables and accrued expenses.Other Operating Expenses Other operating expenses are classified based on their function within the Group. They are classified between selling and distribution and administrative expenses. Selling and distribution expenses include all costs associated with the marketing and distribution of the Group\u2019s goods and services. These expenses encompass advertising and promotional activities, all costs relating to stores and warehouses (staff costs, rents and rates, bank and credit card charges, store security, and depreciation and amortisation), online channel sales cost and distribution costs. Administrative expenses comprise overhead costs that are not directly attributable to specific sales, stores or distribution and warehousing activities. These costs are mostly support function related costs at Head Office and within the operating businesses including finance, human resources, procurement, property, legal and IT, as well as depreciation and amortisation of the assets used by support functions.InventoriesInventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average principle. An element of\ue61fsupplier rebates is deferred into inventory and released on a straight-line basis as the related inventory is sold.The Group makes provisions for obsolescence, mark downs and shrinkage based on historical experience, the quality of the\ue61fcurrent season buy, market trends and management estimates of future events. The provision requires estimates for shrinkage, the expected future selling price of items and identification of aged and obsolete items. Government Support During the 52 week period ended 28 January 2023, the Group repaid\ue61fthe \u00a324.4 million of furlough income that it received from the\ue61fUK Government in the 52 week period ended 29 January 2022. Share-Based PaymentsThe Executive Directors receive an element of remuneration in the form of share-based payments. Share-based payments are\ue61fmeasured at fair value at the grant date which is determined by the share price on the day preceding the grant date. The cost of share-based payments is recognised as an expense, together with a corresponding increase in equity, on a straight-line basis over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that\ue61fthe\ue61famount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Further information is available in the Directors\u2019 Remuneration Report on page 117 and in Note 5.An Employee Benefit Trust (\u2018EBT\u2019) has been established to facilitate the acquisition of ordinary shares to fund share awards made to employees. The assets and liabilities of the EBT have been included in the Group and Company accounts. The assets of\ue61fthe EBT are held separately from those of the Company. The Group Consolidated Statement of Comprehensive Income does not recognise gains or losses on purchases or sales of own shares. The cost of shares acquired by the EBT is recognised within equity. The Trustee of the EBT has agreed to waive its rights to any and all dividends paid.Assets Held-for-Sale and DisposalsNon-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if all of the following criteria is met in line with IFRS 5. The carrying amount is expected to be recovered through the sale transaction \u2013 It is available for sale in its present condition \u2013 The Group had committed to sell and this sale plan had been initiated \u2013 It is being actively marketed at a price that is reasonable in relation to its fair value \u2013 There is an expectation that the sale process would be completed within 12 months of the classification as held-for-sale.Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro-rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or investment property, which continue to be measured in accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in the Consolidated Income Statement. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. On disposal, the balances are derecognised and the profit or loss on disposal is recognised in the Consolidated Income Statement as an adjusting\ue61fitem.Supplier RebatesSupplier rebates include promotion cost contributions and marketing initiative support and are recognised in the Consolidated Financial Statements when they are contractually agreed with the supplier and can be reliably measured. Such rebates typically relate to the launch of such initiatives and therefore rebate income is typically recognised across the period in which launch costs are recognised. Contributions towards store fixtures are recognised as a credit within the Consolidated Income Statement within the period in which they are received. Other rebates are agreed with suppliers retrospectively once specific targets have been achieved and recognised after the end of the relevant supplier\u2019s financial year.Climate ChangeIn preparing the Consolidated Financial Statements, the Group has considered the potential impact of climate change, particularly in the context of the climate-related risks identified in the Task Force on Climate-related Financial Disclosures (TCFD) section as set out on page 60, on its financial performance and position. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Group considered the impact of climate change in respect of forecast cash flows for the purposes of impairment assessments of non-current assets, and the useful lives of certain assets. Whilst there is currently little short to medium-term impact expected from climate change, the Directors are aware of the changing nature of risks associated with climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements.Critical Accounting Judgements and Key Sources of Estimation UncertaintyThe preparation of financial statements in conformity with adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and\ue61fexpenses. The\ue61festimates and associated assumptions are based on historical experience and various other factors that\ue61fare\ue61fbelieved to be reasonable under the circumstances, the results of which form the basis of making the judgements and estimates about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from\ue61fthese\ue61festimates. Critical Accounting JudgementsThe following are critical judgements, apart from those involving estimations (which are presented separately below), that management have made in the process of applying the Group\u2019s accounting policies and that have the most effect on the amounts recognised in the Consolidated Group Financial Statements.Adjusting ItemsManagement exercises significant judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and/or scale of impact of that item on the reported performance. In determining whether an item should be presented as adjusting, the Group considers items which are significant because of either their size or their nature which management believe would distort an understanding of earnings if not separately presented. An explanation as to why items have been classified as adjusting is given in Note 4. Further information about metrics that the Group utilise which exclude adjusting items can be found in the Alternative Performance Measures section on pages 253 to 259.Key Sources of Estimation UncertaintyThe key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below:Genesis Put and Call OptionGenesis Put and Call Option agreements that allow the Group\u2019s equity partners to require the Group to purchase a non-controlling interest are recorded\ue61fin the consolidated balance sheet initially at the present value of the redemption amount, in accordance with IAS 32 Financial Instruments: Presentation. On initial recognition, the corresponding amount is recognised against the put and call option reserve. Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Group could be\ue61frequired to pay are recognised in the Consolidated Income Statement. If the contract expires without delivery, the carrying amount of the financial liability is reclassified to equity, otherwise the financial liability is derecognised for the amount settled.The key significant option outstanding as at 3 February 2024 relates to the Group\u2019s US sub-group, Genesis. The Genesis put and call liability at 3 February 2024 was \u00a3763.5 million (2023 (restated): \u00a3782.9 million).Genesis Put and Call OptionThe Group uses a\ue61fthird-party valuation expert to independently determine the present value of the exercise price of the Genesis put and call options. The approach uses a Monte-Carlo simulation model applying a geometric Brownian motion to project the share\ue61fprice and an arithmetic Brownian motion for the projection of EBITDA forecasts. See Note 24b for the full accounting policy. The critical estimate used to value the put and call option liability is the EBITDA forecasts and growth assumptions for future periods. Further information about the sensitivities used can be found in Note 24b.Future Changes in Application of Accounting PoliciesI. Segmental AnalysisAs announced in the Group\u2019s trading update on 28 March 2024, with effect from the 52 week period ending 1 February 2025, new segmentation will be used for reporting, initially at the Q2 trading update in August 2024 and then for the interim results for the 26 week period ending 3 August 2024.II. Adjusting ItemsIn line with the majority of large, UK-listed retail companies, with effect from the 52 week period ending 1 February 2025, the Group will extend its definition of adjusting items to include amortisation of acquired intangibles.39. Prior Period Adjustments The Group identified a number of prior period adjustments, impacting the opening position at 30 January 2022, 28 January 2023 and the year ended 3 February 2024. The impact of the prior period adjustments on the primary statements is presented in the tables below.Put and Call OptionsISRG Put and Call OptionDuring the financial period ended 3 February 2024, the Group reviewed the accounting for put and call options and noted a put and call option obligation that was not previously recorded, but which should have been recognised in relation to the buy/sell agreement with Sonae Holdings, S.A., which held 29.99% of Iberian Sports Retail Group SL. Accordingly, the Group has restated the amounts at 30 January 2022 to recognise the present value of that obligation by increasing the put and call option liabilities by \u00a358.2 million, with a debit to the put and call option reserve of \u00a315.1m and a brought forward retained earnings impact of \u00a343.1m. The subsequent remeasurement of that obligation during the period ended 28 January 2023 has also been recorded as a prior period adjustment, resulting in an increase in the put and call option liability of \u00a39.6 million with a corresponding charge to the FY23 income statement. Other OptionsFollowing the identification of the above ISRG restatement, the Group reviewed the accounting for other put and call options and concluded that there were also adjustments required to correct the historic accounting in respect of those options. Notably, it was identified that the purchase price cap that is contained within the Genesis Topco Inc put and call option agreement had not been correctly factored in to the put and call option liability valuation in the prior period. It was also identified that the Group had used inappropriate discount rates to measure certain put and call liabilities and had failed to identify service provisions within certain other agreements. Consequently, the Group has restated the amounts at 30 January 2022 and 28 January 2023 which impacted: \u2013 the Group\u2019s net assets at 30 January 2022 by \u00a336.1m, with a corresponding impact on retained earnings of \u00a339.5m and on the put and call option reserve of \u00a33.4m; and \u2013 the put and call option liabilities at 28 January 2023 by a further \u00a360.4m, with a corresponding impact on retained earnings of \u00a355.4m and on the put and call option reserve of \u00a35m.ReclassificationsIt was identified during the financial period ended 3 February 2024 that as at 28 January 2023, certain put and call options exercisable within 12 months were incorrectly stated as non-current in the Group\u2019s balance sheet. This has been corrected through a prior period restatement to reclassify \u00a3150.5m to current liabilities.It was also identified during the financial period ended 3 February 2024 that the Group had previously been recording the remeasurement charge in relation to put and call option valuations as an adjusting item within administrative expenses within the income statement. As the movement relates to options over the Group\u2019s own equity, it is financing in nature and should be presented as an adjusting item within finance expenses. Accordingly, a reclassification has been made in the income statement for the period ended 28 January 2023 in the amount of \u00a3268.8m.The tables below reconcile the overall movement in the financial statements in relation to the prior period adjustments outlined\ue61fabove:52 weeks to 30 January 2022ISRG Put and Call Other Net Optionoptionsimpact\u00a3m\u00a3m\u00a3mNet assets (58.2) (36.1) (94.3)Retained earnings (43.1) (39.5) (82.6)Put and call option reserve (15.1) 3.4 (11.7)52 weeks to 28 January 2023Cumulative impact ISRG Put and as at 30 January Call Option Other optionsReclassificationsNet impact2022\u00a3m\u00a3m\u00a3m\u00a3mAdministrative expenses \u2013 (9.6) 37.2 268.6 296.2Finance expenses \u2013 \u2013 18.2 (268.6) (250.4)Profit for the period \u2013 (9.6) 55.4 \u2013 45.8Current put and call option liabilities (184.4) (184.4)Non-current put and call option liabilities (94.3) (9.6) 60.4 184.4 140.9Net assets (94.3) (9.6) 60.4 \u2013 (43.5)Retained earnings (82.6) (9.6) 55.4 \u2013 (36.8)Put and call option reserve (11.7) \u2013 5.0 \u2013 (6.7)LeasesDuring the financial period ended 3 February 2024, the Group reviewed the leases portfolio and identified property leases that should have been recognised in prior periods. Accordingly, the Group has restated the right-of-use assets and corresponding lease liabilities as at 30 January 2022 and 28 January 2023 amounting to \u00a352.0 million and \u00a366.9 million, respectively. The Group has also identified an overstatement of leases in MIG resulting in restatement of right-of-use assets and corresponding lease liabilities as at 30 January 2022 and 28 January 2023 amounting to \u00a38.7 million and \u00a322.1 million, respectively. The net impact to right-of-use assets and lease liabilities as at 30 January 2022 and 28 January 2023 amounts to \u00a343.3 million and \u00a344.8 million, respectively.Foreign ExchangeDuring the financial period ended 3 February 2024, the Group reviewed the foreign currency translation of goodwill and fascia names\ue61fand identified an error in foreign currency translation arising from accounting of prior period acquisitions resulting in the understatement of goodwill and fascia balances and overstatement of foreign currency translation reserve. Accordingly, the Group has restated the goodwill and fascia balances and related foreign currency translation reserve as at 30 January 2022 to \u00a341.1 million. There is a brought forward impact of \u00a341.1 million on the corresponding balances in the period ended 28 January 2023.Supplier RebatesDuring the financial period ended 3 February 2024, the Group reviewed the accounting for supplier rebates related to marketing initiative support and concluded that such rebates should be recognised within cost of sales instead of being recognised within selling and distribution expenses. Accordingly, the Group has restated the related supplier rebates costs as at 28 January 2023 amounting to \u00a337.9 million. Assets Held-for-SaleDuring the financial period ended 3 February 2024, the Group reviewed the assets held-for-sale and identified a reclassification adjustment from cash and cash equivalents to assets held-for-sale. Accordingly, the Group has restated the cash and cash equivalents and assets held-for-sale as at 28 January 2023 amounting to \u00a374.5 million related to Non-core fashion businesses.Cash FlowThe cashflow has been represented for the items noted above. In addition, in prior periods the Group adopted an accounting policy which presented the cash flows from forward contracts for the purchase of foreign currencies net within working capital. In the current year the Group has determined that separate presentation of the fair value movements of these derivatives is more useful for the analysis of the group\u2019s cash flows when presented as a single line within the reconciliation from profit after tax to cashflows from operations. The prior period has been represented to reflect the accounting policy change.Other amendmentsWhen preparing the FY24 financial statements, we have made other immaterial presentational changes and applied these consistently in the comparative periods.The following tables summarize the annual Consolidated Statements for the periods indicated, giving effect to the restatements described above. Consolidated Income Statement52 weeks to 28 January 2023ReportedPut and call optionsSupplier RebatesRestated\u00a3m\u00a3m\u00a3m\u00a3mRevenue 10,125.0 \u2013 \u2013 10,125.0Cost of Sales (5,285.3) \u2013 37.9 (5,247.4)Gross profit 4,839.7 \u2013 37.9 4,877.6Selling and distribution expenses (3,315.6) \u2013 (37.9) (3,353.5)Administrative expenses \u2013 before adjusting items (497.3) \u2013 \u2013 (497.3)Administrative expenses \u2013 adjusting items (550.5) 296.2 \u2013 (254.3)Administrative expenses \u2013 total (1,047.8) 296.2 \u2013 (751.6)Share of profit of equity-accounted investees 4.9 \u2013 \u2013 4.9Other operating income 28.6 \u2013 \u2013 28.6Operating profit before financing 509.8 296.2 \u2013 806.0Finance income 8.4 \u2013 \u2013 8.4Finance expenses (77.3) (250.4) \u2013 (327.7)Net financial expense (68.9) (250.4) \u2013 (319.3)Profit before tax 440.9 45.8 \u2013 486.7Income tax expense (214.2) \u2013 \u2013 (214.2)Profit for the period 226.7 45.8 \u2013 272.5Attributable to equity holders of the parent 142.5 45.8 \u2013 188.3Attributable to non-controlling interest 84.2 \u2013 \u2013 84.2Basic earnings per ordinary share 2.76p 0.89p \u2013 3.65pDiluted earnings per ordinary share 2.76p 0.89p \u2013 3.65pConsolidated Statement of Comprehensive Income52 weeks to 28 January 2023Put andReportedcall optionsSupplier RebatesRestated\u00a3m\u00a3m\u00a3m\u00a3mProfit for the period 226.7 45.8 \u2013 272.5Other comprehensive income:Items that may be classified subsequently to the Consolidated Income Statement:Exchange differences on translation of foreign balances 129.8 \u2013 \u2013 129.8Total other comprehensive income for the period 129.8 \u2013 \u2013 129.8Total comprehensive income and expense for the period (net of income tax) 356.5 45.8 \u2013 402.3Attributable to equity holders of the parent 238.3 45.8 \u2013 284.1Attributable to non-controlling interest 118.2 \u2013 \u2013 118.2Consolidated Statement of Financial PositionAs at 28 January 2023Put andForeignAssets Reportedcall optionsLeasesexchangeHeld-for-SaleRestated\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-current assetsIntangible assets 1,459.4 \u2013 \u2013 41.1 \u2013 1,500.5Property, plant and equipment 875.6 \u2013 \u2013 \u2013 \u2013 875.6Right-of-use assets 2,137.0 \u2013 44.8 \u2013 \u2013 2,181.8Investments in associates and joint ventures 38.8 \u2013 \u2013 \u2013 \u2013 38.8Other assets 56.9 \u2013 \u2013 \u2013 \u2013 56.9Trade and other receivables 8.4 \u2013 \u2013 \u2013 \u2013 8.4Deferred tax assets 12.9 \u2013 \u2013 \u2013 \u2013 12.9Total non-current assets 4,589.0 \u2013 44.8 41.1 \u2013 4,674.9Current assets \u2013Inventories 1,466.4 \u2013 \u2013 \u2013 \u2013 1,466.4Trade and other receivables 263.8 \u2013 \u2013 \u2013 \u2013 263.8Cash and cash equivalents 1,582.5 \u2013 \u2013 \u2013 (74.5) 1,508.0Current assets excluding held-for-sale 3,312.7 \u2013 \u2013 \u2013 (74.5) 3,238.2Assets held-for-sale 123.0 \u2013 \u2013 \u2013 74.5 197.5Total current assets 3,435.7 \u2013 \u2013 \u2013 \u2013 3,435.7Total assets 8,024.7 \u2013 44.8 41.1 \u2013 8,110.6Current liabilitiesInterest-bearing loans and borrowings (75.2) \u2013 \u2013 \u2013 \u2013 (75.2)Lease liabilities (423.8) \u2013 (6.3) \u2013 \u2013 (430.1)Trade and other payables (1,471.2) \u2013 \u2013 \u2013 \u2013 (1,471.2)Put and call option liabilities \u2013 (184.4) \u2013 \u2013 \u2013 (184.4)Provisions (9.7) \u2013 \u2013 \u2013 \u2013 (9.7)Income tax liabilities (17.5) \u2013 \u2013 \u2013 \u2013 (17.5)Current liabilities excluding held-for-sale (1997.4) (184.4) (6.3) \u2013 \u2013 (2,188.1)Liabilities held-for-sale (165.6) \u2013 \u2013 \u2013 \u2013 (165.6)Total current liabilities (2,163.0) (184.4) (6.3) \u2013 \u2013 (2,353.7)Non-current liabilities \u2013Interest-bearing loans and borrowings (38.0) \u2013 \u2013 \u2013 \u2013 (38.0)Lease liabilities (1,915.4) \u2013 (38.5) \u2013 \u2013 (1,953.9)Other payables (102.4) \u2013 \u2013 \u2013 \u2013 (102.4)Put and call option liabilities (1,061.2) 140.9 \u2013 \u2013 \u2013 (920.3)Provisions (21.1) \u2013 \u2013 \u2013 \u2013 (21.1)Deferred tax liabilities (90.2) \u2013 \u2013 \u2013 \u2013 (90.2)Total non-current liabilities (3,228.3) 140.9 (38.5) \u2013 \u2013 (3,125.9)Total liabilities (5,391.3) (43.5) (44.8) \u2013 \u2013 (5,479.6)Net assets 2,633.4 (43.5) \u2013 41.1 \u2013 2,631.0Capital and reservesIssued ordinary share capital 2.5 \u2013 \u2013 \u2013 \u2013 2.5Share premium 467.5 \u2013 \u2013 \u2013 \u2013 467.5Retained earnings 2,011.4 (36.8) \u2013 \u2013 \u2013 1,974.6Share based payment reserve 0.3 \u2013 \u2013 \u2013 \u2013 0.3Foreign exchange translation reserve 55.7 \u2013 \u2013 41.1 \u2013 96.8Put and call option reserve (417.9) (6.7) \u2013 \u2013 \u2013 (424.6)Total equity attributable to equity holders of\ue61fthe\ue61fparent 2,119.5 (43.5) \u2013 41.1 \u2013 2,117.1Non-controlling interest 513.9 \u2013 \u2013 \u2013 \u2013 513.9Total equity 2,633.4 (43.5) \u2013 41.1 \u2013 2,631.0Consolidated Statement of Financial Position As at 30 January 2022Put andForeignReportedcall optionsLeasesexchangeRestated\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-current assetsIntangible assets 1,473.6 \u2013 \u2013 41.1 1,514.7Property, plant and equipment 688.5 \u2013 \u2013 \u2013 688.5Right-of-use assets 2,032.6 \u2013 43.3 \u2013 2,075.9Investments in associates and joint ventures 56.2 \u2013 \u2013 \u2013 56.2Other assets 57.0 \u2013 \u2013 \u2013 57.0Trade and other receivables 2.5 \u2013 \u2013 \u2013 2.5Deferred tax assets 81.7 \u2013 \u2013 \u2013 81.7Total non-current assets 4,392.1 \u2013 43.3 41.1 4,476.5Current assetsInventories 989.4 \u2013 \u2013 \u2013 989.4Trade and other receivables 215.4 \u2013 \u2013 \u2013 215.4Income tax receivables 0.6 \u2013 \u2013 \u2013 0.6Cash and cash equivalents 1,314.0 \u2013 \u2013 \u2013 1,314.0Current assets excluding held-for-saleAssets held for sale 157.1 \u2013 \u2013 \u2013 157.1Total current assets 2,676.5 \u2013 \u2013 \u2013 2,676.5Total assets 7,068.6 \u2013 43.3 41.1 7,153.0Current liabilitiesInterest-bearing loans and borrowings (72.6) \u2013 \u2013 \u2013 (72.6)Lease liabilities (379.0) \u2013 (5.6) \u2013 (384.6)Trade and other payables (1,279.5) \u2013 \u2013 \u2013 (1,279.5)Put and call option liabilities \u2013 (97.1) \u2013 \u2013 (97.1)Provisions (13.2) \u2013 \u2013 \u2013 (13.2)Current liabilities excluding held-for-saleLiabilities held-for-sale (142.6) \u2013 \u2013 \u2013 (142.6)Total current liabilities (1,886.9) (97.1) (5.6) \u2013 (1,989.9)Non-current liabilitiesInterest-bearing loans and borrowings (55.5) \u2013 \u2013 \u2013 (55.5)Lease liabilities (1,863.9) \u2013 (37.7) \u2013 (1,901.6)Other payables (10.6) \u2013 \u2013 \u2013 (10.6)Put and call option liabilities (764.8) 2.8 \u2013 \u2013 (762.0)Provisions (19.9) \u2013 \u2013 \u2013 (19.9)Deferred tax liabilities (127.4) \u2013 \u2013 \u2013 (127.4)Total non-current liabilities (2,842.1) 2.8 (37.7) \u2013 (2,877.0)Total liabilities (4,729.0) (94.3) (43.3) \u2013 (4,866.6)Net assets 2,339.6 (94.3) \u2013 41.1 2,286.4Capital and reservesIssued ordinary share capital 2.5 \u2013 \u2013 \u2013 2.5Share premium 467.5 \u2013 \u2013 \u2013 467.5Retained earnings 1,910.6 (82.6) \u2013 \u2013 1,828.0Share based payment reserve 0.1 \u2013 \u2013 \u2013 0.1Foreign exchange translation reserve (40.1) \u2013 \u2013 41.1 1.0Put and call option reserve (414.6) (11.7) \u2013 \u2013 (426.3)Total equity attributable to equity holders of\ue61fthe\ue61fparent 1,926.0 (94.3) \u2013 41.1 1,872.8Non-controlling interest 413.6 \u2013 \u2013 \u2013 413.6Total equity 2,339.6 (94.3) \u2013 41.1 2,286.4Consolidated Statement of Cash Flows52 weeks to 28 January 2023Reported Adjustment Restated \u00a3m\u00a3m\u00a3mCash flows from operating activitiesProfit for the period 226.7 45.8 272.5Adjustments for:Income tax expense 214.2 \u2013 214.2Financial expenses 77.3 \u2013 77.3Financial income (8.4) \u2013 (8.4)Depreciation and amortisation of non-current assets 633.2 \u2013 633.2Foreign exchange gains on monetary assets and liabilities 2.5 \u2013 2.5Loss on disposal of non-current assets 5.1 \u2013 5.1(Gain)/loss on FX forward contracts (recorded in cost of sales) \u2013 32.2 32.2Impairment of other intangibles and non-current assets (non-adjusting) 3.4 \u2013 3.4Impairment of goodwill and fascia names (adjusting) 117.6 \u2013 117.6Impairment of investments in associates and joint ventures (adjusting) 19.6 \u2013 19.6Impairment of other intangibles and non-current assets (adjusting) 6.0 \u2013 6.0Other non-cash adjusting items 407.3 (45.8) 361.5Share of profit of equity-accounted investees (net of tax) (4.9) \u2013 (4.9)Profit before working capital changes 1,699.6 32.2 1,731.8Decrease/(Increase) in inventories (501.3) \u2013 (501.3)Decrease/(Increase) in trade and other receivables (42.2) (6.8) (49.0)(Decrease)/Increase in trade and other payables 177.1 (25.4) 151.7Cash generated from operations 1,333.2 \u2013 1,333.2Interest paid (8.4) \u2013 (8.4)Lease interest paid (68.9) \u2013 (68.9)Income taxes paid (174.4) \u2013 (174.4)Net cash from operating activities 1,081.5 \u2013 1,081.5Cash flows from investing activities:Interest received 8.4 \u2013 8.4Proceeds from sale of non-current assets 11.5 \u2013 11.5Acquisition of intangible assets (19.9) \u2013 (19.9)Acquisition of property, plant and equipment (326.6) \u2013 (326.6)Acquisition of other non-current assets (12.8) \u2013 (12.8)Drawdown of lease liabilities 7.5 \u2013 7.5Dividends received from equity-accounted investees 3.4 \u2013 3.4Cash consideration of disposals (net of cash disposed) 59.6 \u2013 59.6Investment in associates and joint ventures (2.8) \u2013 (2.8)Acquisition of subsidiaries (net of cash acquired) (20.0) \u2013 (20.0)Net cash used in investing activities (291.7) \u2013 (291.7)Cash flows from financing activities:Repayment of interest-bearing loans and borrowings (37.4) \u2013 (37.4)Drawdown of interest-bearing loans and borrowings 15.5 \u2013 15.5Repayment of lease liabilities (400.5) \u2013 (400.5)(1)(29.2) \u2013 (29.2)Deferred consideration paid Divestment of non-controlling interests 0.1 \u2013 0.1Acquisition of non-controlling interests (29.3) \u2013 (29.3)Equity dividends paid (24.8) \u2013 (24.8)Dividends paid to non-controlling interests in subsidiaries (2.8) \u2013 (2.8)Net cash used in financing activities (508.4) \u2013 (508.4)Net increase in cash and cash equivalents 281.4 \u2013 281.4Cash and cash equivalents at the beginning of the period 1,280.4 \u2013 1,280.4Foreign exchange losses on cash and cash equivalents (12.9) \u2013 (12.9)Cash and cash equivalents at the end of the period 1,548.9 1,548.9(1) Deferred consideration paid has been represented within financing activities having previously been classified as investing. Classification of financing more accurately reflects the nature of the cash flow.Hollinsbrook Way Pilsworth Bury Lancashire BL9 8RR ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__6": {
"value": "1. Basis of PreparationGeneral InformationJD Sports Fashion Plc (the \u2018Company\u2019) is a company incorporated in the United Kingdom and registered in England and Wales. The financial statements for the 53 week period ended 3 February 2024 represent those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The financial statements were authorised for issue by the Board of Directors on 3 June\ue61f2024.Basis of PreparationThese Group financial statements were prepared in accordance with UK-adopted International Accounting Standards.The financial statements are presented in Pounds Sterling, rounded to the nearest tenth of a million. The financial statements have\ue61fbeen prepared on a going concern basis, under the historical cost convention, except for the revaluation of certain financial\ue61finstruments.The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in\ue61fthese\ue61ffinancial statements and have been applied consistently by all Group entities. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are\ue61fset out in the Strategic Report on pages 10 to 93. In addition, details of financial instruments and exposures to interest rate, foreign currency, credit and liquidity risks are outlined in Note\ue61f23.Going ConcernThe Directors have prepared the Group and the Company financial statements on a going concern basis for the following\ue61freasons:At 3 February 2024, the Group had a cash and cash equivalents balance of \u00a31,101.6 million (28 January 2023 (restated): \u00a31,548.9 million), see Note 33, with available committed UK borrowing facilities of \u00a3700 million (28 January 2023: \u00a3700 million), see note 22, of\ue61fwhich \u00a3Nil (28 January 2023: \u00a3Nil) has been drawn down and is available up to 6 November 2026 and US facilities of approximately $300 million of which $12.5m was drawn down (28 January 2023: $Nil) and is available up until 24 September 2026. There has been no material change in the extent of cash and facilities available since the period end.These facilities are subject to certain covenants, please refer to Note 22. The Directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook. On 23 April 2024, the Group entered into a binding agreement to acquire 100% of the outstanding share capital of Hibbett, Inc., a\ue61fcompany listed on the Nasdaq Stock Market, for a price of $87.50 per share in cash, implying an equity value of $1,083 million (c.\ue61f\u00a3878 million) and an enterprise value of $1,109 million (\u00a3899 million). There has been no material change in the extent of cash and facilities available since the period end. The Group expects to fund the total consideration payable, and refinance Hibbett, Inc.\u2019s existing debt, through a combination of\ue61fexisting US cash resources of $300 million and a $1,000 million extension to the Group\u2019s existing bank facilities which has been committed. This acquisition remains subject to antitrust review by the relevant US authorities.Within the period, the Group announced the proposed acquisition of 100% of the issued share capital of Groupe Courir S.A.S (\u2018Courir\u2019) for an enterprise value of \u20ac520 million, which will be funded through a combination of the Group\u2019s existing cash reserves\ue61fand an agreed extension to the Group\u2019s existing bank facilities. This acquisition remains subject to review by the European\ue61fCommission. These acquisitions have been considered as part of the going concern review. The Directors have prepared cash flow forecasts for the Group covering a period of at least 12 months from the date of approval of the Group and Company financial statements, including specific consideration of a range of impacts that could arise from geo-political tensions and the actual and potential impact on inflationary cost pressures. These forecasts indicate that the Group and Company will be able to operate within the level of its agreed facilities and covenant compliance. For the purposes of Going Concern Reporting, the Directors have prepared severe but plausible downside scenarios which cover the same period as the base case. A 5% reduction in like-for-like sales* for the whole year has been considered, in addition to a range of reasonably plausible downside scenarios considered for the purposes of viability reporting. This has considered the specific consideration of a significant business continuity event adversely impacting one of the Group\u2019s main Distribution Centres across the Q4 peak trading period; a significant cyber-attack resulting in a significant proportion of the Group\u2019s stores being unable to trade for period of one month, impacting the peak trading period of December 2024; a severe but plausible reduction in the allocation of stock, or business interruption impacting the availability of stock, from one of our key Sports Fashion suppliers. The Directors have also considered the impact on the base case and severe but plausible downside scenarios, of the acquisition activity recently announced in respect of the proposed acquisitions of Groupe Courir S.A.S and Hibbett, Inc..The forecast cash flows reflecting the above scenarios indicate that there remains sufficient headroom for the Group to operate within the committed facilities and to comply with all relevant banking covenants during the forecast period. Furthermore, mitigating actions within the Group\u2019s control could be taken, should these severe but plausible scenarios occur, including reductions in capital expenditure*, discretionary spend and dividends.A reverse stress test has also been performed on the base forecasts which indicates that a combination of the above severe but plausible scenarios all occurring at the same time would be required for the Group to run out of cash and be fully drawn down on the available facilities or to breach a covenant before consideration of mitigating actions. This is not considered to be a plausible scenario, as the combination of all scenarios simultaneously is considered to be exceptionally remote.The Directors have considered all of the factors noted above and are confident that the Group has adequate resources to continue to meet all liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.Basis of ConsolidationI. Consolidation The Consolidated Financial Statements comprise the financial statements of the Company and its subsidiaries as at 3 February 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: \u2013 Power of the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee). \u2013 Exposure, or rights, to variable returns from its involvement with the investee. \u2013 The ability to use its power over the investee to affect its returns.Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2013 The contractual arrangement(s) with the other vote holders of the investee. \u2013 Rights arising from other contractual arrangements. \u2013 The Group\u2019s voting rights and potential voting rights.The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the Consolidated Financial Statements from the date the Group gains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (\u2018OCI\u2019) are attributed to the equity holders of the parent of\ue61fthe\ue61fGroup and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When\ue61fnecessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with\ue61fthe\ue61fGroup\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to\ue61ftransactions between members of the Group are eliminated in full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in the Consolidated Income Statement. Any\ue61finvestment retained is recognised at fair value.II. Associates and Joint VenturesThe Group\u2019s interests in equity-accounted investees comprise interests in associates and interests in joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control over the financial and operating policies based on a contractual arrangement. Interests in associates and joint ventures are accounted for using the equity method and are initially recognised at cost, then subsequently less provision for impairment. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and other\ue61fcomprehensive income of equity-accounted investees until the date on which significant influence or joint control ceases.III. Transactions Eliminated on ConsolidationIntra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements.IV. Employee Benefit TrustAn Employee Benefit Trust is operated by the Group and Company and is considered to be a special purpose entity in which the substance of the relationship is that of control by the Group in order that the Group may benefit from its control. The assets held by the trust are consolidated into the Group.Changes in Ownership Interest Without a Loss of ControlIn accordance with IFRS 10 \u2018Consolidated Financial Statements\u2019, upon a change in ownership interest in a subsidiary without a\ue61floss of control, the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in\ue61ftheir relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of\ue61fthe parent. Acquisitions or disposals of non-controlling interests are therefore accounted for as transactions with owners in\ue61ftheir capacity as owners and no goodwill is recognised as a result of such transactions. Alternative Performance MeasuresThe Directors measure the performance of the Group based on a range of financial measures, including measures not recognised by UK-adopted International Financial Reporting Standards. These Alternative Performance Measures may not be\ue61fdirectly comparable with other companies\u2019 Alternative Performance Measures and the Directors do not intend these to be\ue61fa\ue61fsubstitute for, or superior to, IFRS measures. The Directors believe that these Alternative Performance Measures assist in\ue61fproviding additional useful information on the trading performance of the Group. For the financial period ended 3 February 2024, the Group has updated the presentation of the Consolidated Income Statement to\ue61fa three-column format to show adjusting items against the relevant income statement line item. The term \u2018adjusting items\u2019 as opposed to \u2018adjusted items\u2019 that was used in the prior period has been updated as has the definition of adjusting items to include the impairment of loan receivables. These updates are intended to provide disclosure and greater clarity over what is classified as an adjusting item and, by being more specific in terms of defining the adjusting items, results in the provision of more relevant information with greater comparability between financial periods.Alternative Performance Measures are also used to enhance the comparability of information between reporting periods, by\ue61faccounting for adjusting items. Adjusting items are disclosed separately when they are considered unusual in nature and not\ue61freflective of the trading performance and profitability of the Group. The separate reporting of adjusting items, which are\ue61fpresented as adjusting within the relevant category in the Consolidated Income Statement, helps provide an indication of\ue61fthe\ue61fGroup\u2019s trading performance. An explanation as to why items have been classified as adjusting is given in Note 4. Further\ue61finformation can be found in the Alternative Performance Measures section on pages 253 to 259.Adoption of New and Revised StandardsThe following new standards and amendments became effective for the period ended 3 February 2024. These have no significant impact on the consolidated results or financial position. \u2013 IFRS 17 \u2013 Insurance Contracts (effective from 1 January 2023). \u2013 Amendments to IAS 1 \u2013 Disclosure of Accounting Policies (effective from 1 January 2023). \u2013 Amendments to IAS 8 \u2013 Definition of Accounting Policies (effective from 1 January 2023). \u2013 Amendments to IAS 12 \u2013 Income Taxes \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective from 1 January 2023). \u2013 Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar Two Model Rules (effective from 1 January 2023).The following amendments are in issue but have yet to become effective. These are not expected to have a significant impact on\ue61fthe consolidated results or financial position. \u2013 Amendments to IFRS 10 \u2013 Lease Liability in a Sale and Leaseback (effective from 1 January 2024). \u2013 Amendments to IAS 1 \u2013 Non-Current Liabilities with Covenants (effective from 1 January 2024). \u2013 Amendments to IFRS 7 and IAS 7 \u2013 Supplier Finance Arrangements (effective from 1 January 2024). \u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from 1 January 2025).IAS 12 Income TaxesThe Group has adopted the amendments to IAS 12, which apply to income taxes arising from tax law enacted, or substantively enacted, to implement the Pillar Two Model Rules published by the OECD.The amendments include a mandatory temporary exception of the accounting requirement for deferred taxes under IAS 12, such that an entity neither recognises nor discloses information regarding deferred tax assets and liabilities in respect of Pillar Two Model Rules. The\ue61fGroup has adopted this exception.OtherThe Group continues to monitor the potential impact of other new standards and interpretations which may be endorsed and require adoption by the Group in future reporting periods. The Group does not consider that any other standards, amendments or\ue61finterpretations issued by the IASB, but not yet applicable, will have a significant impact on the financial\ue61fstatements.Accounting PoliciesRevenue RecognitionRevenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for\ue61fgoods and services provided in the normal course of business, net of price discounts and sales-related taxes.I. Goods Sold Through Retail Stores and Trading WebsitesIn the case of goods sold through retail stores and trading websites, revenue is recognised when goods are sold, meaning the\ue61fperformance obligation of the transaction has been satisfied, less provision for returns. A separate right of return asset is recognised. Accumulated experience is used to estimate and provide for such returns at the time of the sale. The refund liability due to customers on return of their goods is\ue61frecognised in a separate refund liability category. Retail sales are typically paid by cash, debit card or credit card. \u2013 For online sales, performance obligations are deemed to be satisfied when the goods are delivered to the customer. \u2013 For online click and collect orders, where the customer pays online but collects in store, performance obligations are deemed to be satisfied when the goods are collected by the customer. \u2013 For reserve and collect orders, where the customer reserves online but pays at the point of collection from the store, performance obligations are deemed to be satisfied when the goods are collected by the customer. II. Wholesale RevenueWholesale revenue is recognised when goods are dispatched, meaning that the performance obligations have been met and control over a product has passed to the\ue61fcustomer. In some instances, goods are sold with a right of return. Where wholesale goods are sold with a right of return,\ue61fa\ue61fprovision is made to estimate the expected level of returns based on accumulated experience and historical rates. The refund liability due to customers on return\ue61fof their goods is recognised in a separate refund liability category. Wholesale sales are either settled by cash\ue61freceived in\ue61fadvance\ue61fof\ue61fthe goods being dispatched or made on agreed credit terms.III. Subscription and Joining Fee RevenueRevenue from the sale of fitness and leisure club memberships is recognised in the period the membership relates to. This revenue\ue61fis recognised over time, on a straight-line basis over the expected duration of the membership. For new club openings, memberships are sold and joining fees are collected in the period before the\ue61fnew club is opened. Membership income received in\ue61fadvance of the club opening is deferred until the club is\ue61fopen and then recognised on an accruals basis over the related membership period. IV. Gift CardsThe initial sale of a gift card is treated as an exchange of tender, with the revenue recognised when the cards are redeemed by\ue61fthe\ue61fcustomer. Revenue from gift card breakage is recognised when the likelihood of the customer utilising the gift card becomes remote. The liability relating to gift cards not yet redeemed is included within other payables and accrued expenses.Other Operating Expenses Other operating expenses are classified based on their function within the Group. They are classified between selling and distribution and administrative expenses. Selling and distribution expenses include all costs associated with the marketing and distribution of the Group\u2019s goods and services. These expenses encompass advertising and promotional activities, all costs relating to stores and warehouses (staff costs, rents and rates, bank and credit card charges, store security, and depreciation and amortisation), online channel sales cost and distribution costs. Administrative expenses comprise overhead costs that are not directly attributable to specific sales, stores or distribution and warehousing activities. These costs are mostly support function related costs at Head Office and within the operating businesses including finance, human resources, procurement, property, legal and IT, as well as depreciation and amortisation of the assets used by support functions.InventoriesInventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average principle. An element of\ue61fsupplier rebates is deferred into inventory and released on a straight-line basis as the related inventory is sold.The Group makes provisions for obsolescence, mark downs and shrinkage based on historical experience, the quality of the\ue61fcurrent season buy, market trends and management estimates of future events. The provision requires estimates for shrinkage, the expected future selling price of items and identification of aged and obsolete items. Government Support During the 52 week period ended 28 January 2023, the Group repaid\ue61fthe \u00a324.4 million of furlough income that it received from the\ue61fUK Government in the 52 week period ended 29 January 2022. Share-Based PaymentsThe Executive Directors receive an element of remuneration in the form of share-based payments. Share-based payments are\ue61fmeasured at fair value at the grant date which is determined by the share price on the day preceding the grant date. The cost of share-based payments is recognised as an expense, together with a corresponding increase in equity, on a straight-line basis over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that\ue61fthe\ue61famount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Further information is available in the Directors\u2019 Remuneration Report on page 117 and in Note 5.An Employee Benefit Trust (\u2018EBT\u2019) has been established to facilitate the acquisition of ordinary shares to fund share awards made to employees. The assets and liabilities of the EBT have been included in the Group and Company accounts. The assets of\ue61fthe EBT are held separately from those of the Company. The Group Consolidated Statement of Comprehensive Income does not recognise gains or losses on purchases or sales of own shares. The cost of shares acquired by the EBT is recognised within equity. The Trustee of the EBT has agreed to waive its rights to any and all dividends paid.Assets Held-for-Sale and DisposalsNon-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if all of the following criteria is met in line with IFRS 5. The carrying amount is expected to be recovered through the sale transaction \u2013 It is available for sale in its present condition \u2013 The Group had committed to sell and this sale plan had been initiated \u2013 It is being actively marketed at a price that is reasonable in relation to its fair value \u2013 There is an expectation that the sale process would be completed within 12 months of the classification as held-for-sale.Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro-rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or investment property, which continue to be measured in accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in the Consolidated Income Statement. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. On disposal, the balances are derecognised and the profit or loss on disposal is recognised in the Consolidated Income Statement as an adjusting\ue61fitem.Supplier RebatesSupplier rebates include promotion cost contributions and marketing initiative support and are recognised in the Consolidated Financial Statements when they are contractually agreed with the supplier and can be reliably measured. Such rebates typically relate to the launch of such initiatives and therefore rebate income is typically recognised across the period in which launch costs are recognised. Contributions towards store fixtures are recognised as a credit within the Consolidated Income Statement within the period in which they are received. Other rebates are agreed with suppliers retrospectively once specific targets have been achieved and recognised after the end of the relevant supplier\u2019s financial year.Climate ChangeIn preparing the Consolidated Financial Statements, the Group has considered the potential impact of climate change, particularly in the context of the climate-related risks identified in the Task Force on Climate-related Financial Disclosures (TCFD) section as set out on page 60, on its financial performance and position. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Group considered the impact of climate change in respect of forecast cash flows for the purposes of impairment assessments of non-current assets, and the useful lives of certain assets. Whilst there is currently little short to medium-term impact expected from climate change, the Directors are aware of the changing nature of risks associated with climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements.Critical Accounting Judgements and Key Sources of Estimation UncertaintyThe preparation of financial statements in conformity with adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and\ue61fexpenses. The\ue61festimates and associated assumptions are based on historical experience and various other factors that\ue61fare\ue61fbelieved to be reasonable under the circumstances, the results of which form the basis of making the judgements and estimates about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from\ue61fthese\ue61festimates. Critical Accounting JudgementsThe following are critical judgements, apart from those involving estimations (which are presented separately below), that management have made in the process of applying the Group\u2019s accounting policies and that have the most effect on the amounts recognised in the Consolidated Group Financial Statements.Adjusting ItemsManagement exercises significant judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and/or scale of impact of that item on the reported performance. In determining whether an item should be presented as adjusting, the Group considers items which are significant because of either their size or their nature which management believe would distort an understanding of earnings if not separately presented. An explanation as to why items have been classified as adjusting is given in Note 4. Further information about metrics that the Group utilise which exclude adjusting items can be found in the Alternative Performance Measures section on pages 253 to 259.Key Sources of Estimation UncertaintyThe key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below:Genesis Put and Call OptionGenesis Put and Call Option agreements that allow the Group\u2019s equity partners to require the Group to purchase a non-controlling interest are recorded\ue61fin the consolidated balance sheet initially at the present value of the redemption amount, in accordance with IAS 32 Financial Instruments: Presentation. On initial recognition, the corresponding amount is recognised against the put and call option reserve. Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Group could be\ue61frequired to pay are recognised in the Consolidated Income Statement. If the contract expires without delivery, the carrying amount of the financial liability is reclassified to equity, otherwise the financial liability is derecognised for the amount settled.The key significant option outstanding as at 3 February 2024 relates to the Group\u2019s US sub-group, Genesis. The Genesis put and call liability at 3 February 2024 was \u00a3763.5 million (2023 (restated): \u00a3782.9 million).Genesis Put and Call OptionThe Group uses a\ue61fthird-party valuation expert to independently determine the present value of the exercise price of the Genesis put and call options. The approach uses a Monte-Carlo simulation model applying a geometric Brownian motion to project the share\ue61fprice and an arithmetic Brownian motion for the projection of EBITDA forecasts. See Note 24b for the full accounting policy. The critical estimate used to value the put and call option liability is the EBITDA forecasts and growth assumptions for future periods. Further information about the sensitivities used can be found in Note 24b.Future Changes in Application of Accounting PoliciesI. Segmental AnalysisAs announced in the Group\u2019s trading update on 28 March 2024, with effect from the 52 week period ending 1 February 2025, new segmentation will be used for reporting, initially at the Q2 trading update in August 2024 and then for the interim results for the 26 week period ending 3 August 2024.II. Adjusting ItemsIn line with the majority of large, UK-listed retail companies, with effect from the 52 week period ending 1 February 2025, the Group will extend its definition of adjusting items to include amortisation of acquired intangibles.",
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"s9_notes__6__14": {
"value": "JD Sports Fashion Plc",
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"value": "JD Sports Fashion Plc",
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"entity": "scheme:213800HROV6Y9MUU8375",
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"s9_notes__6__11": {
"value": "Plc",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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"s9_notes__6__13": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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"s9_notes__6__12": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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"s9_notes__6__10": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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"s9_notes__6__16": {
"value": "Basis of PreparationThese Group financial statements were prepared in accordance with UK-adopted International Accounting Standards.The financial statements are presented in Pounds Sterling, rounded to the nearest tenth of a million. The financial statements have\ue61fbeen prepared on a going concern basis, under the historical cost convention, except for the revaluation of certain financial\ue61finstruments.The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in\ue61fthese\ue61ffinancial statements and have been applied consistently by all Group entities. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are\ue61fset out in the Strategic Report on pages 10 to 93. In addition, details of financial instruments and exposures to interest rate, foreign currency, credit and liquidity risks are outlined in Note\ue61f23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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"s9_notes__6__18": {
"value": "Going ConcernThe Directors have prepared the Group and the Company financial statements on a going concern basis for the following\ue61freasons:At 3 February 2024, the Group had a cash and cash equivalents balance of \u00a31,101.6 million (28 January 2023 (restated): \u00a31,548.9 million), see Note 33, with available committed UK borrowing facilities of \u00a3700 million (28 January 2023: \u00a3700 million), see note 22, of\ue61fwhich \u00a3Nil (28 January 2023: \u00a3Nil) has been drawn down and is available up to 6 November 2026 and US facilities of approximately $300 million of which $12.5m was drawn down (28 January 2023: $Nil) and is available up until 24 September 2026. There has been no material change in the extent of cash and facilities available since the period end.These facilities are subject to certain covenants, please refer to Note 22. The Directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook. On 23 April 2024, the Group entered into a binding agreement to acquire 100% of the outstanding share capital of Hibbett, Inc., a\ue61fcompany listed on the Nasdaq Stock Market, for a price of $87.50 per share in cash, implying an equity value of $1,083 million (c.\ue61f\u00a3878 million) and an enterprise value of $1,109 million (\u00a3899 million). There has been no material change in the extent of cash and facilities available since the period end. The Group expects to fund the total consideration payable, and refinance Hibbett, Inc.\u2019s existing debt, through a combination of\ue61fexisting US cash resources of $300 million and a $1,000 million extension to the Group\u2019s existing bank facilities which has been committed. This acquisition remains subject to antitrust review by the relevant US authorities.Within the period, the Group announced the proposed acquisition of 100% of the issued share capital of Groupe Courir S.A.S (\u2018Courir\u2019) for an enterprise value of \u20ac520 million, which will be funded through a combination of the Group\u2019s existing cash reserves\ue61fand an agreed extension to the Group\u2019s existing bank facilities. This acquisition remains subject to review by the European\ue61fCommission. These acquisitions have been considered as part of the going concern review. The Directors have prepared cash flow forecasts for the Group covering a period of at least 12 months from the date of approval of the Group and Company financial statements, including specific consideration of a range of impacts that could arise from geo-political tensions and the actual and potential impact on inflationary cost pressures. These forecasts indicate that the Group and Company will be able to operate within the level of its agreed facilities and covenant compliance. For the purposes of Going Concern Reporting, the Directors have prepared severe but plausible downside scenarios which cover the same period as the base case. A 5% reduction in like-for-like sales* for the whole year has been considered, in addition to a range of reasonably plausible downside scenarios considered for the purposes of viability reporting. This has considered the specific consideration of a significant business continuity event adversely impacting one of the Group\u2019s main Distribution Centres across the Q4 peak trading period; a significant cyber-attack resulting in a significant proportion of the Group\u2019s stores being unable to trade for period of one month, impacting the peak trading period of December 2024; a severe but plausible reduction in the allocation of stock, or business interruption impacting the availability of stock, from one of our key Sports Fashion suppliers. The Directors have also considered the impact on the base case and severe but plausible downside scenarios, of the acquisition activity recently announced in respect of the proposed acquisitions of Groupe Courir S.A.S and Hibbett, Inc..The forecast cash flows reflecting the above scenarios indicate that there remains sufficient headroom for the Group to operate within the committed facilities and to comply with all relevant banking covenants during the forecast period. Furthermore, mitigating actions within the Group\u2019s control could be taken, should these severe but plausible scenarios occur, including reductions in capital expenditure*, discretionary spend and dividends.A reverse stress test has also been performed on the base forecasts which indicates that a combination of the above severe but plausible scenarios all occurring at the same time would be required for the Group to run out of cash and be fully drawn down on the available facilities or to breach a covenant before consideration of mitigating actions. This is not considered to be a plausible scenario, as the combination of all scenarios simultaneously is considered to be exceptionally remote.The Directors have considered all of the factors noted above and are confident that the Group has adequate resources to continue to meet all liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.",
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"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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"s9_notes__6__20": {
"value": "Basis of ConsolidationI. Consolidation The Consolidated Financial Statements comprise the financial statements of the Company and its subsidiaries as at 3 February 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: \u2013 Power of the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee). \u2013 Exposure, or rights, to variable returns from its involvement with the investee. \u2013 The ability to use its power over the investee to affect its returns.Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2013 The contractual arrangement(s) with the other vote holders of the investee. \u2013 Rights arising from other contractual arrangements. \u2013 The Group\u2019s voting rights and potential voting rights.The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the Consolidated Financial Statements from the date the Group gains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (\u2018OCI\u2019) are attributed to the equity holders of the parent of\ue61fthe\ue61fGroup and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When\ue61fnecessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with\ue61fthe\ue61fGroup\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to\ue61ftransactions between members of the Group are eliminated in full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in the Consolidated Income Statement. Any\ue61finvestment retained is recognised at fair value.II. Associates and Joint VenturesThe Group\u2019s interests in equity-accounted investees comprise interests in associates and interests in joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control over the financial and operating policies based on a contractual arrangement. Interests in associates and joint ventures are accounted for using the equity method and are initially recognised at cost, then subsequently less provision for impairment. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and other\ue61fcomprehensive income of equity-accounted investees until the date on which significant influence or joint control ceases.III. Transactions Eliminated on ConsolidationIntra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements.IV. Employee Benefit TrustAn Employee Benefit Trust is operated by the Group and Company and is considered to be a special purpose entity in which the substance of the relationship is that of control by the Group in order that the Group may benefit from its control. The assets held by the trust are consolidated into the Group.",
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"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__22": {
"value": "Adoption of New and Revised StandardsThe following new standards and amendments became effective for the period ended 3 February 2024. These have no significant impact on the consolidated results or financial position. \u2013 IFRS 17 \u2013 Insurance Contracts (effective from 1 January 2023). \u2013 Amendments to IAS 1 \u2013 Disclosure of Accounting Policies (effective from 1 January 2023). \u2013 Amendments to IAS 8 \u2013 Definition of Accounting Policies (effective from 1 January 2023). \u2013 Amendments to IAS 12 \u2013 Income Taxes \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective from 1 January 2023). \u2013 Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar Two Model Rules (effective from 1 January 2023).The following amendments are in issue but have yet to become effective. These are not expected to have a significant impact on\ue61fthe consolidated results or financial position. \u2013 Amendments to IFRS 10 \u2013 Lease Liability in a Sale and Leaseback (effective from 1 January 2024). \u2013 Amendments to IAS 1 \u2013 Non-Current Liabilities with Covenants (effective from 1 January 2024). \u2013 Amendments to IFRS 7 and IAS 7 \u2013 Supplier Finance Arrangements (effective from 1 January 2024). \u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from 1 January 2025).IAS 12 Income TaxesThe Group has adopted the amendments to IAS 12, which apply to income taxes arising from tax law enacted, or substantively enacted, to implement the Pillar Two Model Rules published by the OECD.The amendments include a mandatory temporary exception of the accounting requirement for deferred taxes under IAS 12, such that an entity neither recognises nor discloses information regarding deferred tax assets and liabilities in respect of Pillar Two Model Rules. The\ue61fGroup has adopted this exception.OtherThe Group continues to monitor the potential impact of other new standards and interpretations which may be endorsed and require adoption by the Group in future reporting periods. The Group does not consider that any other standards, amendments or\ue61finterpretations issued by the IASB, but not yet applicable, will have a significant impact on the financial\ue61fstatements.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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},
"s9_notes__6__23-1": {
"value": "Accounting PoliciesRevenue RecognitionRevenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for\ue61fgoods and services provided in the normal course of business, net of price discounts and sales-related taxes.I. Goods Sold Through Retail Stores and Trading WebsitesIn the case of goods sold through retail stores and trading websites, revenue is recognised when goods are sold, meaning the\ue61fperformance obligation of the transaction has been satisfied, less provision for returns. A separate right of return asset is recognised. Accumulated experience is used to estimate and provide for such returns at the time of the sale. The refund liability due to customers on return of their goods is\ue61frecognised in a separate refund liability category. Retail sales are typically paid by cash, debit card or credit card. \u2013 For online sales, performance obligations are deemed to be satisfied when the goods are delivered to the customer. \u2013 For online click and collect orders, where the customer pays online but collects in store, performance obligations are deemed to be satisfied when the goods are collected by the customer. \u2013 For reserve and collect orders, where the customer reserves online but pays at the point of collection from the store, performance obligations are deemed to be satisfied when the goods are collected by the customer. II. Wholesale RevenueWholesale revenue is recognised when goods are dispatched, meaning that the performance obligations have been met and control over a product has passed to the\ue61fcustomer. In some instances, goods are sold with a right of return. Where wholesale goods are sold with a right of return,\ue61fa\ue61fprovision is made to estimate the expected level of returns based on accumulated experience and historical rates. The refund liability due to customers on return\ue61fof their goods is recognised in a separate refund liability category. Wholesale sales are either settled by cash\ue61freceived in\ue61fadvance\ue61fof\ue61fthe goods being dispatched or made on agreed credit terms.III. Subscription and Joining Fee RevenueRevenue from the sale of fitness and leisure club memberships is recognised in the period the membership relates to. This revenue\ue61fis recognised over time, on a straight-line basis over the expected duration of the membership. For new club openings, memberships are sold and joining fees are collected in the period before the\ue61fnew club is opened. Membership income received in\ue61fadvance of the club opening is deferred until the club is\ue61fopen and then recognised on an accruals basis over the related membership period. IV. Gift CardsThe initial sale of a gift card is treated as an exchange of tender, with the revenue recognised when the cards are redeemed by\ue61fthe\ue61fcustomer. Revenue from gift card breakage is recognised when the likelihood of the customer utilising the gift card becomes remote. The liability relating to gift cards not yet redeemed is included within other payables and accrued expenses.Other Operating Expenses Other operating expenses are classified based on their function within the Group. They are classified between selling and distribution and administrative expenses. Selling and distribution expenses include all costs associated with the marketing and distribution of the Group\u2019s goods and services. These expenses encompass advertising and promotional activities, all costs relating to stores and warehouses (staff costs, rents and rates, bank and credit card charges, store security, and depreciation and amortisation), online channel sales cost and distribution costs. Administrative expenses comprise overhead costs that are not directly attributable to specific sales, stores or distribution and warehousing activities. These costs are mostly support function related costs at Head Office and within the operating businesses including finance, human resources, procurement, property, legal and IT, as well as depreciation and amortisation of the assets used by support functions.InventoriesInventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average principle. An element of\ue61fsupplier rebates is deferred into inventory and released on a straight-line basis as the related inventory is sold.The Group makes provisions for obsolescence, mark downs and shrinkage based on historical experience, the quality of the\ue61fcurrent season buy, market trends and management estimates of future events. The provision requires estimates for shrinkage, the expected future selling price of items and identification of aged and obsolete items. Government Support During the 52 week period ended 28 January 2023, the Group repaid\ue61fthe \u00a324.4 million of furlough income that it received from the\ue61fUK Government in the 52 week period ended 29 January 2022. Share-Based PaymentsThe Executive Directors receive an element of remuneration in the form of share-based payments. Share-based payments are\ue61fmeasured at fair value at the grant date which is determined by the share price on the day preceding the grant date. The cost of share-based payments is recognised as an expense, together with a corresponding increase in equity, on a straight-line basis over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that\ue61fthe\ue61famount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Further information is available in the Directors\u2019 Remuneration Report on page 117 and in Note 5.An Employee Benefit Trust (\u2018EBT\u2019) has been established to facilitate the acquisition of ordinary shares to fund share awards made to employees. The assets and liabilities of the EBT have been included in the Group and Company accounts. The assets of\ue61fthe EBT are held separately from those of the Company. The Group Consolidated Statement of Comprehensive Income does not recognise gains or losses on purchases or sales of own shares. The cost of shares acquired by the EBT is recognised within equity. The Trustee of the EBT has agreed to waive its rights to any and all dividends paid.Assets Held-for-Sale and DisposalsNon-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if all of the following criteria is met in line with IFRS 5. The carrying amount is expected to be recovered through the sale transaction \u2013 It is available for sale in its present condition \u2013 The Group had committed to sell and this sale plan had been initiated \u2013 It is being actively marketed at a price that is reasonable in relation to its fair value \u2013 There is an expectation that the sale process would be completed within 12 months of the classification as held-for-sale.Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro-rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or investment property, which continue to be measured in accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in the Consolidated Income Statement. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. On disposal, the balances are derecognised and the profit or loss on disposal is recognised in the Consolidated Income Statement as an adjusting\ue61fitem.Supplier RebatesSupplier rebates include promotion cost contributions and marketing initiative support and are recognised in the Consolidated Financial Statements when they are contractually agreed with the supplier and can be reliably measured. Such rebates typically relate to the launch of such initiatives and therefore rebate income is typically recognised across the period in which launch costs are recognised. Contributions towards store fixtures are recognised as a credit within the Consolidated Income Statement within the period in which they are received. Other rebates are agreed with suppliers retrospectively once specific targets have been achieved and recognised after the end of the relevant supplier\u2019s financial year.Climate ChangeIn preparing the Consolidated Financial Statements, the Group has considered the potential impact of climate change, particularly in the context of the climate-related risks identified in the Task Force on Climate-related Financial Disclosures (TCFD) section as set out on page 60, on its financial performance and position. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Group considered the impact of climate change in respect of forecast cash flows for the purposes of impairment assessments of non-current assets, and the useful lives of certain assets. Whilst there is currently little short to medium-term impact expected from climate change, the Directors are aware of the changing nature of risks associated with climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements.Critical Accounting Judgements and Key Sources of Estimation UncertaintyThe preparation of financial statements in conformity with adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and\ue61fexpenses. The\ue61festimates and associated assumptions are based on historical experience and various other factors that\ue61fare\ue61fbelieved to be reasonable under the circumstances, the results of which form the basis of making the judgements and estimates about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from\ue61fthese\ue61festimates. Critical Accounting JudgementsThe following are critical judgements, apart from those involving estimations (which are presented separately below), that management have made in the process of applying the Group\u2019s accounting policies and that have the most effect on the amounts recognised in the Consolidated Group Financial Statements.Adjusting ItemsManagement exercises significant judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and/or scale of impact of that item on the reported performance. In determining whether an item should be presented as adjusting, the Group considers items which are significant because of either their size or their nature which management believe would distort an understanding of earnings if not separately presented. An explanation as to why items have been classified as adjusting is given in Note 4. Further information about metrics that the Group utilise which exclude adjusting items can be found in the Alternative Performance Measures section on pages 253 to 259.Key Sources of Estimation UncertaintyThe key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below:Genesis Put and Call OptionGenesis Put and Call Option agreements that allow the Group\u2019s equity partners to require the Group to purchase a non-controlling interest are recorded\ue61fin the consolidated balance sheet initially at the present value of the redemption amount, in accordance with IAS 32 Financial Instruments: Presentation. On initial recognition, the corresponding amount is recognised against the put and call option reserve. Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Group could be\ue61frequired to pay are recognised in the Consolidated Income Statement. If the contract expires without delivery, the carrying amount of the financial liability is reclassified to equity, otherwise the financial liability is derecognised for the amount settled.The key significant option outstanding as at 3 February 2024 relates to the Group\u2019s US sub-group, Genesis. The Genesis put and call liability at 3 February 2024 was \u00a3763.5 million (2023 (restated): \u00a3782.9 million).Genesis Put and Call OptionThe Group uses a\ue61fthird-party valuation expert to independently determine the present value of the exercise price of the Genesis put and call options. The approach uses a Monte-Carlo simulation model applying a geometric Brownian motion to project the share\ue61fprice and an arithmetic Brownian motion for the projection of EBITDA forecasts. See Note 24b for the full accounting policy. The critical estimate used to value the put and call option liability is the EBITDA forecasts and growth assumptions for future periods. Further information about the sensitivities used can be found in Note 24b.Future Changes in Application of Accounting PoliciesI. Segmental AnalysisAs announced in the Group\u2019s trading update on 28 March 2024, with effect from the 52 week period ending 1 February 2025, new segmentation will be used for reporting, initially at the Q2 trading update in August 2024 and then for the interim results for the 26 week period ending 3 August 2024.II. Adjusting ItemsIn line with the majority of large, UK-listed retail companies, with effect from the 52 week period ending 1 February 2025, the Group will extend its definition of adjusting items to include amortisation of acquired intangibles.2. Segmental AnalysisIFRS 8 \u2018Operating Segments\u2019 requires the Group\u2019s segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker to allocate resources to the\ue61fsegments and to assess their performance. The Chief Operating Decision Maker is considered to be the Chief Executive Officer of\ue61fJD Sports Fashion Plc. Information reported to the Chief Operating Decision Maker is focused on the nature of the businesses within the\ue61fGroup. The Group\u2019s reportable segments under IFRS 8 are Sports Fashion and Outdoor. In accordance with IFRS 8.12, we have aggregated several operating segments with similar economic characteristics into a larger Sports Fashion operating segment and concluded that, in doing so, the aggregation is still consistent with the core principles of IFRS 8. When aggregating the operating segments into the larger Sports Fashion operating segment, we have primarily taken into\ue61fconsideration: \u2013 IFRS 8.12.a the nature of products or services \u2013 IFRS 8.12.c the type or class of customer \u2013 IFRS 8.12.d the methods used to distribute their products. The entities included in the Sports Fashion operating segment have similar characteristics as well-established, leading retailers\ue61for\ue61fwholesalers of footwear, apparel and accessories from a mix of international sports fashion brands and private\ue61flabels. When determining what to include within the Sports Fashion segment, we have considered that the fascias\ue61fall\ue61ftarget a\ue61fsimilar demographic in terms of both age range and an aspiration to achieve a certain style, whether the\ue61fproduct is\ue61fto be used for lifestyle wear or active sports participation. The entities typically have similar economic characteristics in\ue61fterms of\ue61fsales metrics, long-term average gross margins, levels of capital investment and operating cash flows. The Outdoor segment differs from the Sports Fashion segment in that Outdoor is focused on retailing specialist apparel, footwear and technical products for outdoor pursuits. Further, the Outdoor segment typically appeals to an older and/or family-oriented demographic as\ue61fcompared with the younger and more style-focused demographic targeted by the\ue61fSports Fashion businesses.The Chief Operating Decision Maker receives and reviews segmental operating profit. Certain central administrative costs including Group Directors\u2019 salaries are included within the Group\u2019s Sports Fashion result. This is consistent with the results as\ue61freported to the Chief Operating Decision Maker.IFRS 8 requires disclosure of information regarding revenue from major customers. The majority of the Group\u2019s revenue is derived from the retail of a wide range of apparel, footwear and accessories to the general public. As such, the disclosure of\ue61frevenues from major customers is not appropriate.The Board considers that certain items are cross-divisional in nature and cannot be allocated between the segments on a\ue61fmeaningful basis. Certain net funding costs are treated as unallocated, reflecting the nature of the Group\u2019s syndicated borrowing facilities. The eliminations remove intercompany transactions and balances between different segments which primarily relate to the net drawdown of long-term loans and short-term working capital funding provided by JD Sports Fashion Plc (within Sports Fashion) to\ue61fother\ue61fcompanies in\ue61fthe Group, and intercompany trading between companies in different segments. Inter-segment transactions are undertaken in the ordinary course of business on arm\u2019s length terms.4. Adjusting ItemsFor the financial period ended 3 February 2024, the Group has updated the presentation of the Consolidated Income Statement to\ue61fa three-column format to show adjusting items against the relevant income statement line item. The term \u2018adjusting items\u2019, as\ue61fopposed to \u2018adjusted items\u2019 that was used in the prior financial period, has been updated as has the definition of adjusting items\ue61fto include the impairment of loan receivables not recoverable. These updates are intended to provide enhanced disclosure and greater clarity over what is classified as an adjusting item and, by being more specific in terms of defining the adjusting items, result in the provision of more relevant information with greater comparability between financial periods.The Group exercises judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and scale of impact of that item on the reported performance. In determining whether items should be presented as adjusting items, the Group considers items that are significant because of either their size or their nature which management believe would distort an understanding of earnings if not adjusted. In order for an item to be presented as an adjusting item, it should typically meet at least one of the following criteria: Impairments of tangible and intangible assets, investments and loan receivables not recoverable \u2013 Unusual in nature or outside the normal course of business (for example, the non-cash movement in the present value of put and call options) \u2013 Items directly incurred as a result of either an acquisition, an anticipated acquisition or a divestment, or\ue61farising from a major business change or\ue61frestructuring programme. The separate reporting of items, which are presented as adjusting items within the relevant category in the Consolidated Income Statement,13. Intangible AssetsAcquisitionsThere have been no acquisitions of intangible assets in the current period. In the prior period, the acquisition of intangibles principally related to the acquisition of Total Swimming Holdings Limited (\u2018Swim!\u2019) alongside some smaller acquisitions. Further details, including the fair value of the assets acquired, are provided in Note 11.ImpairmentThe impairment in the current period relates to the goodwill and fascia values arising on the acquisition of the following groups of CGUs. The impairment charges per groups of CGUs, the carrying value of each group of CGUs and the recoverable amount has been detailed below: Goodwill - tested for impairments at an operating segment levelFor the period ended 3 February 2024Total Carrying value of Recoverableimpairment goodwill(1) amount (goodwill) (2)charge\u00a3m\u00a3m\u00a3m(3)Allsport0.8 \u2013 0.8(4)Gymnation7.9 \u2013 7.9(5)Swim!12.2 \u2013 12.220.9 \u2013 20.9(1) The carrying value is stated before the impairment was booked.(2) The recoverable amount of these group of CGUs was estimated based on their value-in-use, using discounted cashflows.(3) The impairment for Allsport results from the brand no longer being used, as it has been rebranded to JD UK, and therefore the remaining goodwill has been impaired.The Allsport brand is within the premium UK & ROI group of CGUs(4) The impairment for Gymnation results from the sale of the business in the current year. The Gymnation brand was within the other business group of CGUs.(5) Goodwill on Swim! is allocated and monitored independently as the business model is different to the rest of the businesses within the Group and there are no synergies that are shared with other businesses. As such, Swim! is tested for impairment separately.Fascia - tested for impairment at the fascia levelFor the period ended 3 February 2024Total Carrying value of Recoverableimpairment fascia(1) amount (fascia)(2)charge\u00a3m\u00a3m\u00a3mGo Outdoors 8.8 \u2013 8.8Livestock 0.8 \u2013 0.8(3)Swim!4.6 1.2 3.4Wheelbase 1.0 \u2013 1.015.2 1.2 14.0(1) The carrying value is stated before the impairment was booked.(2) The recoverable amount of the Fascia was estimated based on their value in use, using discounted cashflows.(3) For Swim! the carrying value of the Fascia has been disclosed. The overall carrying value, recoverable amount and impairment of Swim! is \u00a334.1m, \u00a314.2m and \u00a319.9m respectively. The \u00a319.9m relates to \u00a312.2m goodwill impairment, \u00a33.4m fascia impairment. \u00a32.5m PPE impairment and \u00a31.8m right of use asset impairment.Goodwill and Fascia impairmentsFor the period ended 28 January 2023Carrying value of Total Group ofRecoverableimpairment CGUs(1) amount(2)charge\u00a3m\u00a3m\u00a3mBodytone 31.4 19.0 12.4Deporvillage 142.5 117.8 24.7Hairburst 32.6 11.0 21.6Leisure Lakes 36.0 14.9 21.1Missy Empire 21.0 10.8 10.2Wheelbase 28.9 10.2 18.7Livestock 15.1 8.0 7.1Other 5.4 3.6 1.8312.9 195.3 117.6(1) The carrying value is stated before the impairment was booked.(2) The recoverable amount of the Fascia was estimated based on their value in use, using discounted cashflows.The impairment tables above have been presented on the updated group of CGU basis for the current period and on the previous basis for the prior period. For the current period, this is on an operating segment level for goodwill and fascia level for fascia intangibles. For the prior period, this has all been presented on a fascia Group of CGU level.The impairment charge in the current period is a result of impairment of Gymnation before divestment, negative growth in Outdoor retail stores and lower than anticipated trading results in the period for Livestock and Swim! since acquisition.Impairment of \u00a3117.6 million in the prior period was recognised against the goodwill and fascia intangibles, with the majority arising on\ue61fthe acquisition of Deporvillage, Hairburst, Leisure Lakes and Wheelbase.Cash-Generating UnitsThe Group considers each store to be a separate cash-generating unit (\u2018CGU\u2019). Property, plant and equipment, and right-of-use assets are tested for impairment at the CGU level as this is the level at which largely independent cash inflows are generated. Each of the CGUs (stores) operates under a fascia name and makes use of brand licences and therefore CGUs are grouped by fascia name for the purposes of considering fascia name and brand licence impairments. The Group allocates goodwill at the operating segment level, which represents a group of CGUs for the Group\u2019s retail operations. The Group\u2019s operating segments are Premium UK & ROI, Premium Europe, Premium North America, Premium Asia Pacific, Outdoor Retail, Other UK & ROI, Other Europe, Other North America and Other Asia Pacific. This has changed from 2023, where goodwill was previously assessed at the fascia level. In the current year, it has been concluded that goodwill should be assessed at the operating segment level as that is where the synergies arising from acquisitions are now expected to be realised. Brand licences and customer relationships have also been allocated to groups of CGUs where each operating segment represents a group of CGUs as that is the level where the benefits from those assets are expected to be derived.The recoverable amount of each CGU or group of CGUs is the higher of its value-in-use and its fair value less costs of disposal. Intangible Assets with Finite LivesFinite Lives, CGUs and Approach to ImpairmentIntangible assets with finite lives are tested for impairment only if indicators of impairment exist. At each reporting date, the Group reviews the carrying amounts of its fascia names and brand licences to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of these assets is determined based on value-in- use calculations. The use of this method requires the estimation of future cash flows expected to arise from the continuing operation of the group of CGUs and the choice of a suitable discount rate in order to calculate the present value. Impairment losses are recognised within administrative expenditure in the Consolidated Income Statement.Fascia NamesSeparately identifiable fascia names acquired are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. The initial fair value is determined by using a \u2018royalty relief\u2019 method of valuation. This is based on an estimation of future sales and the choice of a suitable royalty and discount rate in order to calculate the present value. This method involves calculating a net present value for each fascia name by discounting the projected future royalties expected using a finite useful economic life for each fascia. The future royalties are estimated by applying a suitable royalty rate to the sales forecast.Store and online fascia names are considered to have a finite useful economic life. The estimated useful economic lives are as\ue61ffollows: \u2013 Online fascia names 3 to 10 years \u2013 Store fascia names 5 to 10 years The factors that are considered when determining the useful life of each fascia name are as follows: \u2013 The strength of the respective fascia names in the relevant sector and geographic region where the fascia is located. \u2013 The history of the fascia names and that of similar assets in the relevant retail sectors. \u2013 The commitment of the Group to continue to operate these stores separately for the foreseeable future, including the ongoing investment in new stores and refurbishments. \u2013 The impact of increased competition in the marketplace as a result of reduced barriers to entry and its impact on the useful\ue61flife of online fascia names.The remaining useful economic lives of fascia names as at 3 February 2024 range over a period of four to eight years (2023:\ue61fthree\ue61fto ten\ue61fyears). Fascia names are all amortised over the useful economic life on a straight-line basis and the amortisation charge is included within administrative expenses in the Consolidated Income Statement.Brand Licences Brand licences are recognised when the Group enters into a licensing agreement with a brand to license their products in return for royalty payments across the term of the contract. On entering into the contract, the licence is assigned a cost based on the discounted contractual minimum royalty payments across the licence term. The cost of the licence is then simultaneously recognised as an intangible asset for the use of the brand licence and a liability for the royalty payments due. Brand licences are stated at cost less accumulated amortisation and impairment losses. Amortisation of brand licences is charged to the Consolidated Income Statement within cost of sales over the term to the licence expiry on a straight-line basis. The remaining useful economic lives of brand licences as at 3 February 2024 range over a period of three months to ten years (2023: three months to nine years). Brand licences are treated as corporate assets and are allocated to each CGU to the lowest level on a reasonable and consistent basis, which is considered to be at the store level. This is split evenly across each store that generates related revenue to approximate the allocation to a CGU.Customer RelationshipsCustomer relationships acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. Amortisation of customer relationships is charged to the Consolidated Income Statement within administrative expenses over the estimated useful life of one to five years on a straight-line basis. Customer relationships are allocated to a group of CGUs and tested annually for impairment and whenever there is an indication that these\ue61fmay be impaired. The group of CGUs has been identified to be at a fascia level.Brand NamesBrand names acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. Brand names separately acquired are stated at cost less accumulated amortisation and impairment losses. The useful economic life of each purchased brand name is considered to be finite and is typically between five and ten years. In determining the useful economic life of each brand name, the Board considers the market position of the brands acquired, the nature of the market that the brands operate in, typical product life-cycles of the brands and the useful economic lives of\ue61fsimilar assets that are used in comparable ways. Brand names are amortised on a straight-line basis over their useful economic lives and the amortisation charge is included within administrative expenses in the Consolidated Income Statement.Brand names are allocated to a group of CGUs and tested for impairment annually and whenever there is an indication that these may be impaired. Each of the CGUs operates under a fascia, and therefore the CGUs are grouped under the fascia names. Software DevelopmentSoftware development costs (including website development costs) are capitalised as intangible assets if the technical and commercial feasibility of the project has been demonstrated, the future economic benefits are probable, the Group has an intention and ability to complete and use or sell the software and the costs can be measured reliably. Costs that do not meet these\ue61fcriteria are expensed as incurred. Software development costs are stated at historic cost, less accumulated amortisation. Capitalised software costs comprise software under the control of the Group.Software development costs are all amortised over a period of two to seven years on a straight-line basis and the amortisation charge is included within administrative expenses in the Consolidated Income Statement. Software development includes \u00a3Nil (2023: \u00a3Nil) of internally generated software development. Directly attributable software development costs in relation to the configuration and customisation of cloud computing arrangements, including Software-as-a-Service (\u2018SaaS\u2019) are only capitalised to the extent they give rise to an asset controlled by the Group. Where control cannot be demonstrated, expenditure in relation to\ue61fsuch costs is expensed in the period it is incurred.Intangible Assets with Indefinite Lives GoodwillGoodwill and all intangible assets with an indefinite useful life as well as intangible assets not yet brought into use require an\ue61fannual impairment test. The Group performed its annual impairment test for the periods ending 3 February 2024 and 28 January 2023.Goodwill represents amounts arising on acquisition of subsidiaries. The Group measures goodwill at the acquisition date as: \u2013 the fair value of the consideration transferred; plus \u2013 the recognised amount of any non-controlling interests in the acquiree; plus \u2013 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2013 the net recognised amount of the identifiable assets acquired and liabilities assumed.When the excess is negative, the negative goodwill is recognised immediately in the Consolidated Income Statement.On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit/loss on disposal.Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to an operating segment and is tested annually for impairment and whenever there is an indication that the goodwill may be impaired. The recoverable amount is determined based on value-in-use calculations.(1)(1)(1)RestatedBrandBrandRestatedCustomer Software RestatedGoodwill licences names Fascia namesrelationshipsdevelopment Total \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost or valuation At 29 January 2022 (as reported) 1,185.9 22.1 22.9 525.0 11.7 113.7 1,881.3Effect of prior period restatement (Note 39) 34.2 \u2013 \u2013 6.9 \u2013 \u2013 41.1(1)At 29 January 2022 (restated) 1,220.1 22.1 22.9 531.9 11.7 113.7 1,922.4Additions \u2013 78.4 \u2013 \u2013 \u2013 19.9 98.3Acquisitions 12.6 \u2013 \u2013 5.5 1.1 \u2013 19.2(3)Reclassifications\u2013 \u2013 \u2013 \u2013 \u2013 (1.0) (1.0)Disposals \u2013 (3.8) \u2013 \u2013 \u2013 (7.7) (11.5)Divestments (Note 12) (55.5) (0.5) (0.7) (41.2) \u2013 (4.8) (102.7)Transfer to assets held-for-sale (Note\ue61f35) (9.6) \u2013 \u2013 (2.7) \u2013 (0.8) (13.1)Exchange differences 71.1 \u2013 \u2013 27.7 0.8 2.6 102.2(1)At 28 January 2023 (restated) 1,238.7 96.2 22.2 521.2 13.6 121.9 2,013.8Additions \u2013 73.0 \u2013 \u2013 \u2013 29.5 102.5(3)Reclassifications \u2013 \u2013 \u2013 (7.5) \u2013 (2.1) (9.6)Disposals \u2013 (0.6) \u2013 \u2013 \u2013 (7.1) (7.7)Divestments (Note 12) (58.0) \u2013 (0.7) (15.6) \u2013 \u2013 (74.3)Transfer to assets held-for-sale (Note\ue61f35) (7.4) \u2013 \u2013 \u2013 \u2013 (0.1) (7.5)Exchange differences (19.3) (0.1) \u2013 (6.6) (0.2) (1.6) (27.8)At 3 February 2024 1,154.0 168.5 21.5 491.5 13.4 140.5 1,989.4Amortisation and\ue61eimpairment At 29 January 2022 122.6 14.4 16.1 171.4 1.5 81.7 407.7Charge for the period \u2013 8.8 1.2 47.5 2.9 15.6 76.0(2)Impairments 109.2 \u2013 \u2013 8.4 \u2013 0.1 117.7(3)Reclassifications\u2013 \u2013 \u2013 \u2013 \u2013 0.8 0.8Disposals \u2013 (2.9) \u2013 \u2013 \u2013 (7.7) (10.6)Divestments (Note 12) (37.7) (0.3) (0.2) (38.5) \u2013 (1.4) (78.1)Transfer to assets held-for-sale (Note\ue61f35) (2.2) \u2013 \u2013 (1.3) \u2013 (0.4) (3.9)Exchange differences \u2013 \u2013 \u2013 2.2 \u2013 1.5 3.7At 28 January 2023 191.9 20.0 17.1 189.7 4.4 90.2 513.3Charge for the period \u2013 8.0 1.2 44.9 3.1 15.8 73.0(2)Impairments 20.9 \u2013 \u2013 14.0 \u2013 \u2013 34.9(3)Reclassifications \u2013 \u2013 \u2013 (7.5) \u2013 \u2013 (7.5)Disposals \u2013 (0.6) \u2013 \u2013 \u2013 (6.4) (7.0)Divestments (Note 12) (35.6) \u2013 (0.7) (6.7) \u2013 \u2013 (43.0)Exchange differences (0.2) \u2013 0.1 (2.3) (0.1) (1.1) (3.6)At 3 February 2024 177.0 27.4 17.7 232.1 7. 4 98.5 560.1Net book value At 3 February 2024 977.0 141.1 3.8 259.4 6.0 42.0 1,429.3(1)At 28 January 2023 (restated) 1,046.8 76.2 5.1 331.5 9.2 31.7 1,500.5(1)At 29 January 2022 (restated) 1,097.5 7.7 6.8 360.5 10.2 32.0 1,514.7(1) Please refer to Note 39 for further details of the restatement.(2) The impairment charge for the period is made up of adjusting items of \u00a334.9m (2023: \u00a3117.6m). See Note 4 for adjusting\ue61fitems.(3) Reclassifications on Fascia names are in relation to mis-classified impairments within the cost of assets which have been reclassified to the impairment financial line item. The remaining software reclassifications are movements from tangible assets. These net to \u00a3Nil across the reclassification lines within Notes 14, 15, 16 and 18.(4) The total net book value divested in the year ended 3 February 2024 is \u00a340.5 million (see Note 12). Within this value \u00a39.0m was classified as held-for-sale in the 52\ue61fweek period ended 28 January 2023 and \u00a331.3m has been divested in the 53 week period ended 3 February 2024.Disposal of Nil Net Book Value Assets No Longer in UseFollowing on from a review undertaken in the previous financial period, a review of the intangible asset records was carried out in\ue61fthe 53 week period ended 3 February 2024 to identify fully amortised assets no longer in use by the Group. The result of the review is a disposal of \u00a35.2m (2023: \u00a37.7m) of cost and accumulated amortisation for assets no longer in use.Carrying Value by Operating SegmentThe carrying amount of goodwill by operating segment, along with the key assumptions used in the value-in-use calculation, is\ue61fas\ue61ffollows:(1)RestatedGoodwill total goodwillReportable2024 2023Segment\u00a3m\u00a3mPremium UK & ROI Sports Fashion 26.9 26.6Premium North America Sports Fashion 775.3 790.4Premium Europe Sports Fashion 12.3 13.0Other UK & ROI Sports Fashion 2.7 2.7Other Europe Sports Fashion 139.7 141.4Other Businesses Sports Fashion 15.3 67.9Outdoor Retail Outdoors 4.8 4.8977.0 1,046.8(1) Please refer to Note 39 for further details of the restatement.Below we have presented the key assumptions used in the goodwill impairment models.For the 53 week period ended 3 February 2024Impairment model assumptions usedPre-tax ReportableGrowthdiscountSegment rate(1) Gross margin rate rate(1)Premium UK & ROI Sports FashionGross margins assumed to be consistent with 1.1%historic levels and the approved budget for 2025. 13.5%Premium North America Sports FashionGross margins assumed to be consistent with 5.6%historic levels and the approved budget for 2025. 12.8%Premium Europe Sports Fashion Gross margins assumed to be consistent with 10.9%historic levels and the approved budget for 2025. 13.2%(2)Other UK & ROISports Fashion Gross margins assumed to be consistent with (2.0)%historic levels and the approved budget for 2025. 13.7%Other Europe Sports Fashion Gross margins assumed to be consistent with 6.8%historic levels and the approved budget for 2025. 12.1%Other Businesses Sports Fashion Gross margins assumed to be consistent with 1.4%historic levels and the approved budget for 2025. 11.1%Outdoor retail OutdoorGross margins assumed to be consistent with (1.0)%historic levels and the approved budget for 2025. 13.5%(1) Growth rates and discount rates have not been presented for both Premium Asia Pacific and Other Asia Pacific, this is due to there being no intangible assets to assess as part of an impairment model.13. Intangible Assets continuedFor the 52 week period ended 28 January 2023Impairment model assumptions usedGrowthPre-tax discountReportablerate rate Segment2023 Gross margin rate2023Cosmos Sports Fashion 3.3% Gross margins assumed to be consistent with 13.6%historic levels and the approved budget for 2024.Deporvillage Sports Fashion 5.8% Increase by 5% in the short term to reflect improvements in 11.8%distribution and changes in product strategy.DTLR Sports Fashion 3.1% Gross margins assumed to be consistent with 12.8%historic levels and the approved budget for 2024.Finish Line Sports Fashion 1.0% Gross margins assumed to be consistent with 13.2%historic levels and the approved budget for 2024.Go Outdoors Outdoor 3.1% Increase by 2% in the short term to reflect improvements in 16.3%distribution and changes in product strategy.GymNation Sports Fashion 2.1% Gross margins assumed to be consistent with 12.2%historic levels and the approved budget for 2024.JD Gyms Sports Fashion 1.2% Gross margins assumed to be consistent with 14.4%historic levels and the approved budget for 2024.Leisure Lakes Outdoor 4.2% Increase by 3.7% in the short term to reflect improvements in 14.6%distribution and changes in product strategy.MIG Sports Fashion 4.4% Gross margins assumed to be consistent with 12.6%historic levels and the approved budget for 2024.Shoe Palace Sports Fashion 4.7% Gross margins assumed to be consistent with 12.6%historic levels and the approved budget for 2024.Sport Zone Sports Fashion 2.4% Gross margins assumed to be consistent with 12.0%historic levels and the approved budget for 2024.Total Swimming Sports Fashion 12.3% Increase by 6% in the short term 15.0%Groupto reflect changes in business strategy.Other Sports Fashion &1% \u2013 5% A range of gross margin assumptions, from 11.0% \u2013 16.0%Outdoorbroadly consistent and movements of -2% to +2.5% in the short-term to reflect historic margin movements and changes in strategy for stock and merchandising.Key Assumptions Used in Value-In-Use Calculations and Sensitivity to Changes in AssumptionsThe calculation of value-in-use for CGUs and groups of CGUs is most sensitive to the following assumptions: \u2013 Gross margins \u2013 Discount rates \u2013 Growth ratesThe cash flow projections used in the value-in-use calculations are all based on the Group\u2019s three-year Board approved forecast. The forecasts are extrapolated based on estimated long-term average growth rates. Estimates are based on past experience and expectations of future changes in the market, including the prevailing economic climate and global economy, competitor activity, market dynamics, changing customer behaviours, structural challenges facing retail and the resilience afforded by the Group\u2019s operational scale.Gross MarginsGross margins are based on the same values as forecast in the Board approved budget. These are generally expected to remain constant over the three year forecast period.Discount RatesDiscount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u2018WACC\u2019).Growth RatesThe short-term revenue growth rate is based on the Board approved average annual growth rates for the three year period following the 53 week period ending 3 February 2024. The long-term revenue growth rate is the rate used thereafter, which is an estimate of the growth based on past experience within the Group, taking account of economic growth forecasts for the relevant sector and geography. The long-term growth rates have been compared to published industry research and the lower of the growth rates have been used in the value-in-use calculation.Sensitivity AnalysisThe Group has carried out sensitivity analysis on the reasonably possible changes in key assumptions in the impairment tests for:(a) each operating segment to which goodwill has been allocated; and (b) for each group of CGUs at a fascia level. Management has\ue61fconsidered the possibility of each business achieving less revenue and gross profit % than forecast. Whilst any reduction in revenue would be partially offset by a reduction in revenue-related costs, management would also take actions to mitigate the loss\ue61fof gross profit by reducing other costs. With regard to the assessment of value-in-use of all groups CGUs and operating segments with headroom, management believes that there are no reasonably possible changes in any of the key assumptions which would cause the carrying value to materially exceed its recoverable amount and we do not consider this to be a critical estimate. Management does not consider there to be a reasonably possible change in any of the key assumptions in the group of CGUs, or with\ue61fimpairment charges that would materially increase the impairment recognised in the period other than for the outdoor retail segment.Sensitivity analysis has been performed, and there are no intangibles which would be materially impacted by reasonably possible changes to key assumptions that would have a material impact on the carrying value of intangibles. This is due to the significant headroom identified from the VIU calculations.14. Property, Plant and EquipmentOwned AssetsItems of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Where parts of an\ue61fitem of property, plant and equipment have different useful economic lives, they are accounted for as separate items.Depreciation Depreciation is charged to the Consolidated Income Statement over the estimated useful life of each part of an item of property, plant and equipment. The estimated useful economic lives are as follows: \u2013 Freehold land \u2013 not depreciated \u2013 Long leasehold and freehold properties \u2013 2% per annum on a straight-line basis \u2013 Improvements to short leasehold properties \u2013 life of lease on a straight-line basis \u2013 Computer equipment \u2013 3\u20134 years on a straight-line basis \u2013 Fixtures and fittings \u2013 5\u20137 years, or length of lease if shorter, on a straight-line basis \u2013 Motor vehicles \u2013 25% per annum on a reducing balance basisThe Group reviews the estimated residual values and expected useful lives of assets at least annually. In particular, the Group considers the impact of health, safety and environmental legislation in its assessment of expected useful lives and estimated residual values. Furthermore, the Group considers climate-related matters, including physical and transition risks. Specifically, the\ue61fGroup determines whether climate-related legislation and regulations might impact either the useful life or residual values, e.g.\ue61fby imposing additional energy efficiency requirements on the Group\u2019s buildings and office properties.DisposalsGains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in the Consolidated Income Statement either within other income or\ue61fother\ue61fexpenses.Impairment of Property, Plant and Equipment and Non-Current Other AssetsProperty, plant and equipment and non-current other assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of an asset or a cash-generating unit is not recoverable. The Group treats each store as a separate cash-generating unit (\u2018CGU\u2019) for impairment testing of property, plant and equipment and right-of-use assets as this is the\ue61flevel at which largely independent cash flows are generated. Judgement is required as to whether online sales (and associated costs) could be attributed to stores for the purposes of impairment testing when calculating the value-in-use of each store CGU and, as such, the Group does not include these items in the calculation of the value-in-use of each store CGU. The recoverable amount of each store CGU is the higher of its value-in-use and its fair value less costs of disposal. Impairment losses recognised in\ue61fprior periods are assessed at each reporting period date for any indications that the loss has decreased or no longer exists. An impairment loss\ue61fis\ue61freversed if there has been a sustainable change in the estimates used to determine the recoverable amount. An\ue61fimpairment loss is\ue61freversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would\ue61fbe held (net\ue61fof\ue61fdepreciation) if no impairment had been realised. Discount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u201cWACC\u201d).Impairment charges of \u00a39.5million (2023: \u00a31.5 million) relate to all classes of property, plant and equipment in store CGUs\ue61fwhere there has been an impairment indicator and following which a full impairment review has been performed. The loss is based on the specific revenue streams and costs attributable to the store CGU. Assets in impaired store CGUs are written down to their recoverable amount which is calculated\ue61fas the higher of the fair value less costs to sell and value-in-use.Included within the depreciation charge for the period ended 3 February 2024 is accelerated depreciation of \u00a30.7 million (2023: \u00a32.0 million) following a review of the useful economic life of certain items of property, plant and equipment and assets\ue61fcapitalised.Accounting PolicyThe Group leases assets which consist of properties, vehicles and equipment. The most significant leases in size for the Group\ue61fare its retail stores, offices and warehouses. Some leases include an option to renew the lease for an additional number\ue61fof years after the end of the non-cancellable period. Some leases provide for additional rent payments that are based\ue61fon changes in local price indices.The Group assesses whether a contract is, or contains, a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a\ue61fcontract conveys the right to control the use of an identified asset, the Group assesses whether the following criteria apply: \u2013 The contract involves the use of an identified asset \u2013 this may be specified explicitly or implicitly and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified. \u2013 The Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of\ue61fuse. \u2013 The Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases, the decision about how and for what purpose the asset is used is predetermined. The Group has the right to direct the use of the asset if either: \u2013 the Group has the right to operate the asset; or \u2013 the Group designed the asset in a way that predetermines how and for what purpose it will be used.At inception, or on reassessment of a contract that contains a lease component, the Group allocates the consideration in\ue61fthe\ue61fcontract to each lease component on the basis of its relative stand-alone price. On transition to IFRS 16, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applied IFRS 16 only to contracts that were previously identified as leases. Therefore, the definition\ue61fof a lease under IFRS 16 has been applied only to contracts entered into or changed on or after 3 February 2019, as this was the transition date.Accounting PolicyThe Group\u2019s interests in equity-accounted investees comprise interests in associates and interests in joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial\ue61fand operating policies. A joint venture is an arrangement in which the Group has joint control over the financial\ue61fand\ue61foperating policies.Interests in associates and joint ventures are accounted for using the equity method and are initially recognised at cost and subsequently a provision for impairment is recognised where appropriate. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and\ue61fother comprehensive income of equity-accounted investees, until the date on which significant influence or joint control\ue61fceases. Transactions and balances with associates and joint ventures are undertaken on an arm\u2019s length basis. Outstanding balances are unsecured (unless otherwise stated) and will be settled in cash.20242023\u00a3m\u00a3mInterest in associates 33.2 28.1Interest in joint ventures 10.3 10.743.5 38.8Associates Joint venturesTotal\u00a3m\u00a3m\u00a3mNet book valueAt 29 January 2022 28.2 28.0 56.2Additions \u2013 2.8 2.8(1)Disposals(2.1) \u2013 (2.1)Impairments (Note 4) \u2013 (19.6) (19.6)Share of profit 3.8 1.1 4.9Dividends received (1.8) (1.6) (3.4)At 28 January 2023 28.1 10.7 38.8(2)Disposals(1.6) (1.3) (2.9)Share of profit 6.7 0.9 7.6At 3 February 2024 33.2 10.3 43.5(1) On 6 January 2023, the Group sold its entire 40% investment in The Couture Club Limited (including its 75% owned subsidiary, Il Sarto Milano Limited) and on 25 January 2023, the Group sold its 25% holding in Mallet Footwear Limited.(2) On 23 May 2023 the Group sold its entire 49% investment in Brand Stable Limited. On 2 February 2024, the Group sold 0.64% of its holding in Applied Nutrition Limited, leaving a 31.36% investment being held by JD Sports Fashion Plc.Key MoneyMonies paid in certain countries to give leaseholders access to retail locations are capitalised within non-current assets. Key money\ue61fis stated at historic cost less impairment losses. These assets are not depreciated as past experience has shown that the\ue61fkey money is recoverable on disposal of a retail location and is deemed to have an indefinite useful economic life but will be impaired if evidence exists that the market value is less than the historic cost. Gains/losses on key money from the\ue61fsubsequent disposal of\ue61fthese retail locations are recognised in the Consolidated Income Statement. Within key money are amounts due within one year of \u00a30.9 million (2023: \u00a3Nil).Deposits Money paid in certain countries as deposits to store landlords as protection against non-payment of rent is capitalised within non-current assets. Deposits are assessed for recoverability on leased stores once the store is expected to close and a provision for the impairment of these deposits is established when there is objective evidence that the landlord will not repay the deposit in\ue61ffull.\ue61fWithin Deposits are amounts due within one year of \u00a35.5 million (2023: \u00a38.8 million)19. Inventories2024 2023 \u00a3m\u00a3mFinished goods and goods for resale 1,592.7 1,466.4The cost of inventories recognised as expenses and included in cost of sales for the 53 weeks ended 3 February 2024 was (1)\u00a35,494.0 million (2023: \u00a35,247.4 million as restated ).Included within inventories is \u00a32.4 million of deferred supplier rebates (2023: \u00a32.4 million).At the period end, net inventories of \u00a314.8 million (2023: \u00a352.7 million) were transferred to assets held-for-sale (see Note 35). The Group had \u00a370.6 million (2023: \u00a373.5 million) of stock provisions at the end of the period, the movement on this provision is\ue61fshown below:21. Cash and Cash EquivalentsCash and cash equivalents comprise cash balances, credit card receipts and call deposits with an original maturity of three months or less, are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.Cash equivalents are held for the purposes of meeting the Group\u2019s short-term liquidity needs. Bank overdrafts are included as a component of cash and cash equivalents for the purpose of the Consolidated Statement of\ue61fCash\ue61fFlows, as these are used as an integral part of the Group\u2019s cash management.22. Interest-Bearing Loans and BorrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Following the initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective interest basis.23. Financial InstrumentsFinancial assets and financial liabilities are recognised in the Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to\ue61fthe cash flows from the financial assets expire or are transferred. Financial liabilities are derecognised when the obligation specified in the contract is discharged, is cancelled or expires.The Group recognises the following financial instruments on its balance sheet.At fair value through 2024 At amortised cost profit or loss \u00a3m\u00a3m\u00a3mFinancial assets Cash and cash equivalents 1,152.7 1,152.7 \u2013Deposits 45.8 45.8 \u2013Trade receivables 37.3 37.3 \u2013Other receivables 37. 4 37.4 \u2013Accrued income 1.7 1.7 \u2013Foreign exchange forward contracts \u2013 non-hedged 2.8 \u2013 2.8Interest rate swap 0.7 \u2013 0.7Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (2.0) \u2013 (2.0)Trade payables (782.8) (782.8)Other payables and accrued expenses (455.7) (455.7) \u2013Other payables \u2013 non-current (155.4) (155.4) \u2013Lease liabilities (2,484.0) (2,484.0) \u2013Contingent consideration \u2013 current (0.2) \u2013 (0.2)Contingent consideration \u2013 non-current (2.0) \u2013 (2.0)Interest-bearing loans and borrowings \u2013 current (92.9) (92.9) Interest-bearing loans and borrowings \u2013 non-current (36.6) (36.6) Put and call options held by non-controlling interests (809.8) (809.8) \u2013Restated(1)At fair value through 2023 At amortised cost profit or loss \u00a3m\u00a3m\u00a3mFinancial assets Cash and cash equivalents 1,508.0 1,508.0 \u2013Deposits (Note 18) 49.2 49.2Trade receivables 62.4 62.4 \u2013Other receivables 48.2 48.2 \u2013Accrued Income 2.8 2.8 \u2013Foreign exchange forward contracts \u2013 non-hedged 14.5 \u2013 14.5Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (30.4) \u2013 (30.4)Trade payables (723.7) (723.7)Other payables and accrued expenses (509.0) (509.0) \u2013Other payables \u2013 non-current (89.3) (89.3) \u2013Lease liabilities (2,384.0) (2,384.0) \u2013Contingent consideration \u2013 current (0.2) \u2013 (0.2)Contingent consideration \u2013 non-current (5.2) \u2013 (5.2)Interest-bearing loans and borrowings \u2013 current (75.2) (75.2) Interest-bearing loans and borrowings \u2013 non-current (38.0) (38.0) \u2013Put and call options held by non-controlling interests (1,104.7) (1,104.7) \u2013(1) Please refer to Note 39 for further details of the restatement.Financial AssetsThe Group\u2019s financial assets are non-derivative and derivative financial assets. The non-derivative assets are initially recognised at fair value and subsequently measured at amortised cost because they are held to collect contractual cash flows that are principal and interest on the principal amount outstanding. Credit loss allowance is calculated using lifetime expected credit losses for trade\ue61freceivables and contract assets and as 12-months expected credit loss for other assets. Cash and cash equivalents comprise short-term cash deposits with major clearing banks earning floating rates of interest based upon bank base rates or rates linked to\ue61fSONIA, SOFR (Secured Overnight Financing Rate) and EURIBOR (Euro Interbank Offered Rate).The currency profile of cash and cash equivalents is shown below:Restated (1)20242023 \u00a3m\u00a3mCash and cash equivalents Sterling 202.5 677.7Euros 359.6 386.5US Dollars 472.1 294.7Australian Dollars 55.4 81.4Malaysian Ringgit 12.2 11.8Swedish Krona 1.2 11.7Danish Krone 8.2 7.6Singapore Dollars 3.1 3.7Other 38.4 32.9Total 1,152.7 1,508.0(1) Please refer to Note 39 for further details of the restatement.The currency profile of trade receivables is shown below:2024 2023 \u00a3m\u00a3mTrade receivables Sterling 17.6 24.5Euros 10.2 21.2US Dollars 8.6 11.8Other 0.9 4.9Total 37.3 62.4Financial LiabilitiesThe currency profile of interest-bearing loans and borrowings is shown below:20242023 \u00a3m\u00a3mInterest-bearing loans and borrowings Sterling 5.7 5.8Euros 73.7 89.5Polish Zloty 39.6 8.9US Dollars \u2013 4.7Other 10.5 4.3Total 129.5 113.2The currency profile of trade payables is shown below:20242023 \u00a3m\u00a3mTrade payables Sterling 206.5 228.8Euros 216.3 199.4US Dollars 298.7 217.9Australian Dollars 17.0 20.3Polish Zloty 26.6 31.0Canadian Dollars 9.9 8.8Other 7.8 17.5Total 782.8 723.7Risk ManagementThe Group\u2019s operations expose it to a variety of financial risks that include the effects of changes in exchange rates, interest rates, credit risk and its liquidity position. The Group manages these risks through the use of derivative instruments, which are reviewed on a regular basis. Derivative instruments are not entered into for speculative purposes. There are no concentrations of risk in the period to 3 February 2024 (28 January 2023: None).Interest Rate RiskThe Group finances its operations by a mixture of equity and bank borrowings. The Group\u2019s borrowings are at floating rates. Interest rate risk therefore arises from bank borrowings. At the period end, the Group did not hold any floating rate deposits. The Directors continue to be mindful of the potential volatility in base rates, but at present do not consider a long-term interest rate hedge to be necessary given the inherent short-term nature of both the revolving credit facility and Asset Based Lending Facility. This position is reviewed regularly, along with the level of facility required.The Group has potential bank floating rate financial liabilities on the \u00a3700 million syndicated committed facility and the $300 million Asset Based Lending Facility together with overdraft facilities in subsidiary companies (see Notes 21 and 22). At\ue61f3 February\ue61f2024, \u00a3Nil was drawn down from the \u00a3700 million committed facility. $12.5 million of the $300 million Asset Based\ue61fLending Facility was drawn down at 3 February 2024 (2023: $Nil). A change of 1.0% in the average interest rates during the period, applied to the Group\u2019s floating interest rate loans and borrowings\ue61fas at the reporting date, would change profit before tax by \u00a30.3 million (2023: \u00a30.3 million) and would change equity\ue61fby \u00a30.3 million (2023: \u00a30.3 million). The calculation is based on any floating interest rate loans and borrowings drawn down\ue61fat\ue61fthe\ue61fperiod end date. Calculations are performed on the same basis as the prior period and assume that all other variables\ue61fremain unchanged. Foreign Currency RiskForeign Currency TranslationTransactions denominated in foreign currencies are translated into Sterling at the exchange rate prevailing on the date of the\ue61ftransaction. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rate of exchange at\ue61fthe reporting date. Exchange differences in monetary items are recognised in the Consolidated Income Statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at\ue61fthe dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the\ue61fexchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in Other Comprehensive Income or profit or loss are\ue61falso recognised in Other Comprehensive Income or profit or loss, respectively).On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into Sterling at the rate of\ue61fexchange at the reporting date. Income and expenses are translated at the average exchange rate for the accounting period. Foreign currency differences are recognised in Other Comprehensive Income and are presented in the foreign currency translation reserve.Derivative Financial InstrumentsThe Group uses derivative financial instruments to hedge its exposure to foreign exchange risks arising from operational activities. In accordance with its Treasury Policy, the Group does not hold or issue derivative financial instruments for trading purposes. Derivative financial instruments are accounted for as held for trading instruments and are recognised initially at fair value and remeasured at each period end. The gain or loss on remeasurement to fair value is recognised immediately in the Consolidated Income Statement. The fair value is the price that would have been received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Hedging of Monetary Assets and LiabilitiesWhere a derivative financial instrument is used to hedge the foreign exchange exposure of a recognised monetary asset or\ue61fliability,\ue61fno hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the Consolidated Income\ue61fStatement.The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than Pound Sterling. The currencies giving rise to this risk are the Euro and US Dollar, with sales made in both Euros and US Dollars and purchases made in both\ue61fEuros and US Dollars (principal exposure). To protect its foreign currency position, the Group sets a buying rate in each country for the purchase of goods in US Dollars at the start of the buying season (typically six to nine months before the product actually starts to appear in the stores) and then enters into a number of local currency/US Dollar contracts whereby the minimum exchange rate on the purchase of Dollars is guaranteed. Our European supply chain strategy has continued to reduce the Sterling/Euro exposure as the European Distribution Centres increasingly source the goods in Euros and create a natural hedge. Surplus Euros are also used to fund the international store developments across Europe, thus alleviating the need for local third-party financing.As at 3 February 2024, the fair value of these instruments were assets of \u00a33.5 million (2023: \u00a314.5 million) and liabilities of \u00a32.0 million (2023: \u00a330.4 million). The net asset of \u00a31.5 million is split as \u00a30.8 million due within one year and the remaining \u00a30.7 million is due between one and two years (2023: net liability of \u00a315.9 million split as \u00a310.9 million due within one year and \u00a35.0 million due between one and two years). A gain of \u00a316.6 million (2023: loss of \u00a332.2 million) has been recognised in cost of sales within the Consolidated Income Statement for the change in\ue61ffair value of these instruments.We have considered the credit risk of the Group\u2019s and counterparty\u2019s credit risk and this is not expected to have a material effect on the valuation of these options.The Group has considered the impact of a 10.0% strengthening or weakening of Sterling relative to the following currencies as\ue61fat\ue61fthe reporting date. The reduction to profit before tax illustrates the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. The reduction in equity illustrates the impact of the translation of\ue61fthe Group\u2019s subsidiaries whose functional currencies are different to the Group\u2019s presentational currency of Sterling plus the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. A 10.0% strengthening would have reduced profit before tax and equity as follows:Profit before tax Equity2024202320242023\u00a3m\u00a3m\u00a3m\u00a3mEuros 13.6 4.7 57.8 43.7US Dollars 13.1 2.0 167.3 141.4Australian Dollars 2.1 2.0 4.6 6.5Other 2.2 2.1 16.1 6.131.0 10.8 245.8 197.7Hedging of Monetary Assets and Liabilities continuedA 10.0% weakening of Sterling relative to the following currencies as at the reporting date would have increased profit before tax and equity as follows:Profit before tax Equity2024202320242023\u00a3m\u00a3m\u00a3m\u00a3mEuros 16.6 5.8 70.6 53.4US Dollars 16.1 2.5 204.5 172.8Australian Dollars 2.5 2.4 5.6 8.0Other 2.7 2.6 19.8 7.937.9 13.3 300.5 242.1Calculations are performed on the same basis as the prior period and the method assumes that all other variables remain\ue61funchanged.Credit RiskCredit risk arises from the possibility of customers and counterparties failing to meet their obligations to the Group. Investments of cash surpluses, borrowings and derivative instruments are made through major clearing banks, which must\ue61fmeet minimum credit ratings as required by the Board.All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and a provision is made for impairment where amounts are not thought to be recoverable (see\ue61fNote 20). At the reporting date, there were no significant concentrations of credit risk, and receivables which are not impaired are believed to be\ue61frecoverable.The Group considers its maximum exposure to credit risk to be equivalent to total trade and other receivables (excluding prepayments, accrued income and right of return assets) of \u00a377.5 million (2023: \u00a3124.3 million) and cash and cash equivalents of\ue61f\u00a31,152.7 million (2023: \u00a31,508.0 million).The table below provides details of cash and cash equivalents by long-term credit rating of investment-grade rated counterparties2024 2023 \u00a3m\u00a3mCash and cash equivalents 1,152.7 1,508.0A1 434.8 701.6A2 225.2 208.1A3 102.1 2.2Aa1 111.2 121.0Aa2 68.8 163.1Aa3 134.1 137.9AAA \u2013 100.2Ba1 1.3 0.2Baa1 41.0 60.6Baa2 34.2 13.1Liquidity RiskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages its cash and borrowing requirement to minimise net interest expense, whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of\ue61fthe business. The forecast cash and borrowing profile of the Group is monitored on an ongoing basis, to ensure that adequate headroom remains under committed borrowing facilities. Further, the Board regularly reviews the current financial position and performance and assesses the future prospects of the Group. As part of this assessment, the Board reviews the Group\u2019s income and expenditure projections, cash flows and other key financial ratios along with the potential impact of, and challenges presented by, the principal risks outlined on pages 44 to 55. The Group\u2019s strategy along with the factors likely to affect the development, performance and position of the businesses are\ue61fdetailed throughout the Strategic Report on pages 1 to 93. In accordance with the requirements of the UK Corporate Governance Code, the Board has assessed the viability of the Group for a period of three years to 30 January 2027. See pages 54 and 55 for the Group\u2019s Going Concern and Viability Statement.The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and\ue61fundiscounted. 2024 0\u20133 months 3\u201312 months1\u20132 years2\u20135 years > 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instruments Bank loans and overdrafts 132.5 55.0 35.8 31.9 8.9 0.9(1)Trade and other payables 1,401.9 1,144.8 93.6 25.5 69.3 68.7(2)Lease liabilities2,945.7 122.5 367.3 440.0 1,016.6 999.3(3)Put and call options899.7 \u2013 \u2013 176.1 723.6 \u2013Derivative financial instruments Forward contracts (gross cash outflow) 137.8 40.6 97.2 \u2013 \u2013 \u20135,517.6 1,362.9 593.9 673.5 1,818.4 1,068.9(1) Trade and other payables exclude accruals related to salaries, as these are non-financial instruments. (2) This is the undiscounted value of the lease liabilities (see note 16).(3) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.Restated(1)20230\u20133 months 3\u201312 months1\u20132 years2\u20135 years> 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instruments Bank loans and overdrafts 115.0 46.4 29.8 18.8 20.0 \u2013(2)Trade and other payables1,341.7 861.1 371.6 12.1 36.3 60.6(3)Lease liabilities2,684.5 118.8 356.4 411.0 920.6 877.7(4)Put and call options1,279.7 \u2013 216.8 23.6 774.2 265.1Derivative financial instruments (5)Forward contracts (gross cash outflow) 1,906.0 173.1 917.1 815.8 \u2013 \u20137,326.9 1,199.4 1,891.7 1,281.3 1,751.1 1,203.4(1) Please refer to Note 39 for further details of the restatement.(2) The prior period has been restated to remove salary accruals from the trade and other payables balance.(3) This is the undiscounted value of the lease liabilities (see note 16).(4) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.(5) Comparatives have been re-presented on a gross basis, whereas previously this has been presented on a net basis.Fair ValuesThe fair values together with the carrying amounts shown in the Statement of Financial Position as at 53 weeks to 3 February 2024 are as\ue61ffollows:Carrying amount Fair value 20242024 Note\u00a3m\u00a3mTrade and other receivables 20 77.5 77.5Cash and cash equivalents 21 1,152.7 1,152.7Interest-bearing loans and borrowings \u2013 current 22 (92.9) (92.9)Interest-bearing loans and borrowings \u2013 non-current 22 (36.6) (27.6)(1)Trade and other payables \u2013 current(1,238.4) (1,238.4)(1)Trade and other payables \u2013 non-current(155.4) (155.4)(293.1) (284.1)Unrecognised gain (9.0)(1) Trade and other payables included contingent consideration of \u00a32.2 million (2023: \u00a35.4 million) split between current of \u00a30.2 million (2023: \u00a30.2 million) and non-current of \u00a32.0 million (2023: \u00a35.2 million). The comparatives at 28 January 2023 are as follows:Restated(1)CarryingRestated(1) amount Fair value 2023 2023 Note\u00a3m\u00a3mTrade and other receivables 20 124.3 124.3Cash and cash equivalents 21 1,508.0 1,508.0Interest-bearing loans and borrowings \u2013 current 22 (75.2) (75.2)Interest-bearing loans and borrowings \u2013 non-current 22 (38.0) (29.1)(2)Trade and other payables \u2013 current(1,232.7) (1,232.7)(2)Trade and other payables \u2013 non-current(89.3) (89.3)197.1 206.0Unrecognised gain (8.9)(1) Please refer to Note 39 for further details of the restatement.(2) The prior period has been restated to remove salary accruals from the trade and other payables balance. No salary accruals are included in the non-current trade and other payables figure.The carrying value and fair value of the put/call option liability is approximately equal, please refer to Note 24(b) for further information in respect of measurement.In respect of the Group\u2019s non-current financial assets and liabilities as at 3 February 2024 and 28 January 2023, the fair value has been calculated by discounting contractual cash flows using a discount rate of 9.9% (2023: 9.2%) which reflects the current market assessments of the time value of money and the specific risks applicable to the liability. The valuations were categorised as level 2 in the fair value hierarchy as significant inputs to valuations are observable.Fair Value HierarchyAs at 3 February 2024, the Group held non-hedged foreign exchange forward contracts as well as contingent consideration which were carried at fair value on the Consolidated Statement of\ue61fFinancial\ue61fPosition. The Group uses the following hierarchy for determining and disclosing the fair value of financial instrument by\ue61fvaluation\ue61ftechnique:Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.Level 3: Techniques which use inputs that have a significant affect on the recorded fair value that are not based on observable market data.Fair valueLevel 1Level 2Level 33 February 2024\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged 2.8 \u2013 2.8 \u2013Interest rate swap 0.7 \u2013 0.7 \u2013Financial liabilities at fair value through profit or loss Foreign exchange forward contracts \u2013 non-hedged (2.0) \u2013 (2.0) \u2013Contingent consideration \u2013 current (0.2) \u2013 \u2013 (0.2)Contingent consideration \u2013 non-current (2.0) \u2013 \u2013 (2.0)Restated(1)Fair valueLevel 1Level 2Level 3At 28 January 2023\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged 14.5 \u2013 14.5 \u2013Financial liabilities at fair value through profit or loss Foreign exchange forward contracts \u2013 non-hedged (30.4) \u2013 (30.4) \u2013Contingent consideration \u2013 current (0.2) \u2013 \u2013 (0.2)Contingent consideration \u2013 non-current (5.2) \u2013 \u2013 (5.2)(1) Please refer to Note 39 for further details of the restatement.24. Trade and Other Payables and Put and Call Option LiabilitiesTrade and other payables are non-interest-bearing and are stated at their cost. Restated (1)Restated (1)20242023 2022 \u00a3m\u00a3m\u00a3mCurrent liabilities Trade payables 782.8 723.7 526.6Other payables and accrued expenses 474.9 548.0 591.7Forward contract liability 2.0 24.6 3.1Refund liabilities 53.7 30.8 27.2Other tax and social security costs 132.7 144.1 130.9Trade and other payables 1,446.1 1,471.2 1,279.5Non-current liabilities Other payables and accrued expenses 155.4 96.6 8.7Forward contract liability \u2013 5.8 1.9Other payables 155.4 102.4 10.6(1) Please refer to Note 39 for further details of the restatement.Restated (1)Restated (1)20242023 2022 \u00a3m\u00a3m\u00a3mCurrent liabilities \u2013 184.4 97.1Non-current liabilities 809.8 920.3 762.0Total put and call option liabilities 809.8 1,104.7 859.1(1) Please refer to Note 39 for further details of the restatement.24a. Trade and Other Payables and accrued expensesOther payables and accrued expenses include the following:Reebok brand licenceIn December 2021, the Group signed a contract with ABG Reebok LLC to license the Reebok brand in various territories. The\ue61fagreement became effective during the 52 week period ended 28 January 2023. As a result, the Group has recognised an\ue61fintangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 10 year term of \u00a373.0 million.Hoodrich brand licenceIn December 2023, the Group signed a contract with Hoodrich Limited to license the Hoodrich brand in various territories. The\ue61fagreement became effective during the 52 week period ended 3 February 2024. As a result, the Group has recognised an intangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 7 year term of \u00a358.9 million.24b. Put and Call Option LiabilitiesPut and call options are in place over all or part of the remaining non-controlling interest shareholding in various subsidiaries. The Group recognises put and call options over non-controlling interests in its subsidiary undertakings as a liability in the Consolidated Statement of Financial Position at the present value of the estimated exercise price of the put and call option. The only material put and call option remaining as at 3 February 2024 is Genesis at \u00a3763.5 million (2023: Genesis (restated) \u00a3782.9million).The Group has used a third-party valuation expert to estimate the present value of the Group\u2019s material put and call option liabilities using a Monte-Carlo simulation model, applying a geometric Brownian motion to\ue61fproject the share price and an arithmetic Brownian motion for the projection of EBITDA. The option formula and multiple are usually stated in the option agreement allowing the strike price to be calculated from the simulated EBITDA; however, in the absence of a specified formula or\ue61fmultiple, we estimate this based on current evidence in the Mergers and Acquisitions market and the Group past experience of\ue61fmultiples paid for similar businesses. Upon initial recognition of put and call options, a corresponding entry is made to Other Equity (put and call option reserve), and for subsequent changes on remeasurement of the liability the corresponding entry is\ue61fmade to adjusting items in the Consolidated Income Statement.Inputs to the Monte-Carlo simulation modelsThe Group has used the Board approved 3-year plan to estimate profit and cash flow forecasts for future periods. In estimating the present value of the Group\u2019s material put and call option liabilities, the key inputs to the Monte-Carlo simulation models are: \u2013 The EBITDA forecasts and growth assumptions for future periods including forecast net cash/debt and forecast capital expenditure, working capital movements and taxation. \u2013 The EBITDA which is projected using an Arithmetic Brownian Motion using EBITDA drift. The drift for each time period is\ue61festimated from forecast EBITDA and its standard deviation is estimated from historical EBITDA data. \u2013 The risk-free discount rates, reflecting the current market assessment of the time value of money, used to discount the purchase price (subject to the option pricing cap as defined in the shareholder agreement) to present value. Other OptionsWithin other options the two largest value options at FY24 are Cosmos \u00a323.7 million (2023 (restated): \u00a318.1 million) and DTLR \u00a313.9 million (2023 (restated): \u00a311.2 million). Due to the value of these other options, management has used a third party valuation\ue61fspecialist to value these options. The valuation technique is consistent with\ue61fthat outlined above for material options. The remaining options are valued in house, and total \u00a346.3 million (2023 (restated):\ue61f\u00a363.0 million).Marketing Iberian Sports Investment Group Retail Group Genesis Topco Inc S.A.Total (\u2018ISRG\u2019) (\u2018Genesis\u2019)(\u2018MIG\u2019)Other Liability \u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 30 January 2022 119.0 520.3 51.9 73.5 764.7Effect of prior period restatement 58.2 \u2013 \u2013 36.2 94.4At 30 January 2022 \u2013 restated (1)177.2 520.3 51.9 109.7 859.1Acquisitions \u2013 restated \u2013 \u2013 \u2013 14.1 14.1Options lapsed and disposed during the period \u2013 \u2013 \u2013 (17.6) (17.6)Increase/(decrease) in the present value of the\ue61fexisting\ue61foption\ue61fliability \u2013 restated(1)29.2 262.6 0.5 (43.2) 249.1At 28 January 2023 \u2013 restated(1)206.4 782.9 52.4 63.0 1,104.7Acquisitions (Note 11) 428.8 \u2013 \u2013 \u2013 428.8Options lapsed and disposed during the period (196.7) \u2013 \u2013 (5.0) (201.7)Other movements \u2013 \u2013 \u2013 (13.2) (13.2)Options bought out (Note 33) (434.6) \u2013 (68.7) \u2013 (503.3)(Decrease)/increase in the present value of the\ue61fexisting\ue61foption\ue61fliability (3.9) (19.4) 16.3 1.5 (5.5)At 3 February 2024 \u2013 763.5 \u2013 46.3 809.8(1) Please refer to Note 39 for further details of the restatement.ISRG Put OptionFollowing the receipt of a formal buy / sell notice on 13 April 2023 from Balaiko Firaja Invest, S.L. and Sonae Holdings, S.A. (together the \u2018Minority Parties\u2019), who collectively held 49.99% of Iberian Sports Retail Group, S.L. (\u2018ISRG\u2019), the Group was engaged\ue61fin formal discussions with the Minority Parties with regards to the future ownership structure of ISRG. As a result, the put\ue61foption related to ISRG of \u00a3196.7 million lapsed with a corresponding entry to put and call option reserve of \u00a346.0 million and brought forward retained earnings of \u00a3150.7 million. On 7 July 2023, the Group announced its intention to acquire the remaining 49.99% shares in ISRG for a total consideration of \u00a3428.8 million. As a result, the Group recognised a put option liability with a corresponding entry to put and call option reserve amounting to \u00a3428.8 million. On 10 October 2023, the Group bought out the ISRG put option liability at the completion of the acquisition of the 49.99% shares in ISRG (see Note 11).MIG Put and Call OptionOn 17 July 2023, the Group amended the MIG shareholders agreement and as a result there was a modification to the put and call option for the Group to acquire, or be required to acquire the full 40% shareholding in MIG currently held by the non-controlling interests and therefore remeasured the MIG put and call option liability and disclosed as an increase in the present value of the existing option liability of \u00a316.3 million with corresponding entry to adjusting items (see Note 4). On 21 December 2023, the Group bought out the MIG put and call option liability at the completion of the acquisition of the 40% shares in MIG (see Note 11).Sensitivity Analysis \u2013 Genesis Put and Call OptionSensitivity analysis was performed over the key variable inputs to the valuation of the Genesis put and call option. The key variable input was determined to be the EBITDA forecasts per the Board approved 3-year plan. 10% was determined to be a reasonably possible change for the EBITDA forecasts included in the approved cash flow forecasts, reflecting recent experience in levels of forecasting accuracy.The result was that: \u2013 A reduction of 10% to the forecast EBITDA would result in a reduction to the put and call option liability of \u00a391.8 million.Option DetailsCurrent options \u2013 Options detailsRecognised atShort-term 3 FebruaryEBITDA growth Discount rate 2024Company Options in existence Exercise periods Methodology Maximum priceassumptionsapplied\u00a3mGenesis Topco Put option The put options The option The option 6.4% \u2013 12.5% 3.3% \u2013 4.8% 763.5Inc.whereby JD are\ue61fexercisable price is price shall\ue61fnot Sports Fashion within 30 calendar calculated exceed Plc may be days after the based on a \u00a31.46\ue61fbillion.required to determination of\ue61fthe multiple of acquire the final put/call value earnings remaining 20% for the financial before of\ue61fthe issued period. The first interest, tax, share capital of put\ue61fperiod will depreciation Genesis Topco occur\ue61fafter the and Inc in four determination of the amortisation equal\ue61ftranches put/call value for the for the with\ue61fthe ability financial period relevant to roll\ue61fover a ending on 1 financial tranche that has February 2025.period, less not previously The final put option post-closing been subject to can be exercised cash and the exercise of a within a period of 30 debt.put\ue61foption.calendar days after the end of the fiscal period ending 1 February 2028.Other put option liabilities 46.3Total liability 809.8Accounting policiesContingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote but is not considerable probable or cannot be fully measured.",
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"s9_notes__6__24": {
"value": "Revenue RecognitionRevenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for\ue61fgoods and services provided in the normal course of business, net of price discounts and sales-related taxes.I. Goods Sold Through Retail Stores and Trading WebsitesIn the case of goods sold through retail stores and trading websites, revenue is recognised when goods are sold, meaning the\ue61fperformance obligation of the transaction has been satisfied, less provision for returns. A separate right of return asset is recognised. Accumulated experience is used to estimate and provide for such returns at the time of the sale. The refund liability due to customers on return of their goods is\ue61frecognised in a separate refund liability category. Retail sales are typically paid by cash, debit card or credit card. \u2013 For online sales, performance obligations are deemed to be satisfied when the goods are delivered to the customer. \u2013 For online click and collect orders, where the customer pays online but collects in store, performance obligations are deemed to be satisfied when the goods are collected by the customer. \u2013 For reserve and collect orders, where the customer reserves online but pays at the point of collection from the store, performance obligations are deemed to be satisfied when the goods are collected by the customer. II. Wholesale RevenueWholesale revenue is recognised when goods are dispatched, meaning that the performance obligations have been met and control over a product has passed to the\ue61fcustomer. In some instances, goods are sold with a right of return. Where wholesale goods are sold with a right of return,\ue61fa\ue61fprovision is made to estimate the expected level of returns based on accumulated experience and historical rates. The refund liability due to customers on return\ue61fof their goods is recognised in a separate refund liability category. Wholesale sales are either settled by cash\ue61freceived in\ue61fadvance\ue61fof\ue61fthe goods being dispatched or made on agreed credit terms.III. Subscription and Joining Fee RevenueRevenue from the sale of fitness and leisure club memberships is recognised in the period the membership relates to. This revenue\ue61fis recognised over time, on a straight-line basis over the expected duration of the membership. For new club openings, memberships are sold and joining fees are collected in the period before the\ue61fnew club is opened. Membership income received in\ue61fadvance of the club opening is deferred until the club is\ue61fopen and then recognised on an accruals basis over the related membership period. IV. Gift CardsThe initial sale of a gift card is treated as an exchange of tender, with the revenue recognised when the cards are redeemed by\ue61fthe\ue61fcustomer. Revenue from gift card breakage is recognised when the likelihood of the customer utilising the gift card becomes remote. The liability relating to gift cards not yet redeemed is included within other payables and accrued expenses.Other Operating Expenses Other operating expenses are classified based on their function within the Group. They are classified between selling and distribution and administrative expenses. Selling and distribution expenses include all costs associated with the marketing and distribution of the Group\u2019s goods and services. These expenses encompass advertising and promotional activities, all costs relating to stores and warehouses (staff costs, rents and rates, bank and credit card charges, store security, and depreciation and amortisation), online channel sales cost and distribution costs. Administrative expenses comprise overhead costs that are not directly attributable to specific sales, stores or distribution and warehousing activities. These costs are mostly support function related costs at Head Office and within the operating businesses including finance, human resources, procurement, property, legal and IT, as well as depreciation and amortisation of the assets used by support functions.",
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"s9_notes__6__25": {
"value": "I. Goods Sold Through Retail Stores and Trading WebsitesIn the case of goods sold through retail stores and trading websites, revenue is recognised when goods are sold, meaning the\ue61fperformance obligation of the transaction has been satisfied, less provision for returns. A separate right of return asset is recognised. Accumulated experience is used to estimate and provide for such returns at the time of the sale. The refund liability due to customers on return of their goods is\ue61frecognised in a separate refund liability category. Retail sales are typically paid by cash, debit card or credit card. \u2013 For online sales, performance obligations are deemed to be satisfied when the goods are delivered to the customer. \u2013 For online click and collect orders, where the customer pays online but collects in store, performance obligations are deemed to be satisfied when the goods are collected by the customer. \u2013 For reserve and collect orders, where the customer reserves online but pays at the point of collection from the store, performance obligations are deemed to be satisfied when the goods are collected by the customer.",
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"s9_notes__6__27": {
"value": "Critical Accounting Judgements and Key Sources of Estimation UncertaintyThe preparation of financial statements in conformity with adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and\ue61fexpenses. The\ue61festimates and associated assumptions are based on historical experience and various other factors that\ue61fare\ue61fbelieved to be reasonable under the circumstances, the results of which form the basis of making the judgements and estimates about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from\ue61fthese\ue61festimates.",
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"s9_notes__6__26-1": {
"value": "Critical Accounting Judgements and Key Sources of Estimation UncertaintyThe preparation of financial statements in conformity with adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and\ue61fexpenses. The\ue61festimates and associated assumptions are based on historical experience and various other factors that\ue61fare\ue61fbelieved to be reasonable under the circumstances, the results of which form the basis of making the judgements and estimates about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from\ue61fthese\ue61festimates.Critical Accounting JudgementsThe following are critical judgements, apart from those involving estimations (which are presented separately below), that management have made in the process of applying the Group\u2019s accounting policies and that have the most effect on the amounts recognised in the Consolidated Group Financial Statements.Adjusting ItemsManagement exercises significant judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and/or scale of impact of that item on the reported performance. In determining whether an item should be presented as adjusting, the Group considers items which are significant because of either their size or their nature which management believe would distort an understanding of earnings if not separately presented. An explanation as to why items have been classified as adjusting is given in Note 4. Further information about metrics that the Group utilise which exclude adjusting items can be found in the Alternative Performance Measures section on pages 253 to 259.Key Sources of Estimation UncertaintyThe key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below:Genesis Put and Call OptionGenesis Put and Call Option agreements that allow the Group\u2019s equity partners to require the Group to purchase a non-controlling interest are recorded\ue61fin the consolidated balance sheet initially at the present value of the redemption amount, in accordance with IAS 32 Financial Instruments: Presentation. On initial recognition, the corresponding amount is recognised against the put and call option reserve. Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Group could be\ue61frequired to pay are recognised in the Consolidated Income Statement. If the contract expires without delivery, the carrying amount of the financial liability is reclassified to equity, otherwise the financial liability is derecognised for the amount settled.The key significant option outstanding as at 3 February 2024 relates to the Group\u2019s US sub-group, Genesis. The Genesis put and call liability at 3 February 2024 was \u00a3763.5 million (2023 (restated): \u00a3782.9 million).Genesis Put and Call OptionThe Group uses a\ue61fthird-party valuation expert to independently determine the present value of the exercise price of the Genesis put and call options. The approach uses a Monte-Carlo simulation model applying a geometric Brownian motion to project the share\ue61fprice and an arithmetic Brownian motion for the projection of EBITDA forecasts. See Note 24b for the full accounting policy. The critical estimate used to value the put and call option liability is the EBITDA forecasts and growth assumptions for future periods. Further information about the sensitivities used can be found in Note 24b.",
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"s9_notes__6__32": {
"value": "2. Segmental AnalysisIFRS 8 \u2018Operating Segments\u2019 requires the Group\u2019s segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker to allocate resources to the\ue61fsegments and to assess their performance. The Chief Operating Decision Maker is considered to be the Chief Executive Officer of\ue61fJD Sports Fashion Plc. Information reported to the Chief Operating Decision Maker is focused on the nature of the businesses within the\ue61fGroup. The Group\u2019s reportable segments under IFRS 8 are Sports Fashion and Outdoor. In accordance with IFRS 8.12, we have aggregated several operating segments with similar economic characteristics into a larger Sports Fashion operating segment and concluded that, in doing so, the aggregation is still consistent with the core principles of IFRS 8. When aggregating the operating segments into the larger Sports Fashion operating segment, we have primarily taken into\ue61fconsideration: \u2013 IFRS 8.12.a the nature of products or services \u2013 IFRS 8.12.c the type or class of customer \u2013 IFRS 8.12.d the methods used to distribute their products. The entities included in the Sports Fashion operating segment have similar characteristics as well-established, leading retailers\ue61for\ue61fwholesalers of footwear, apparel and accessories from a mix of international sports fashion brands and private\ue61flabels. When determining what to include within the Sports Fashion segment, we have considered that the fascias\ue61fall\ue61ftarget a\ue61fsimilar demographic in terms of both age range and an aspiration to achieve a certain style, whether the\ue61fproduct is\ue61fto be used for lifestyle wear or active sports participation. The entities typically have similar economic characteristics in\ue61fterms of\ue61fsales metrics, long-term average gross margins, levels of capital investment and operating cash flows. The Outdoor segment differs from the Sports Fashion segment in that Outdoor is focused on retailing specialist apparel, footwear and technical products for outdoor pursuits. Further, the Outdoor segment typically appeals to an older and/or family-oriented demographic as\ue61fcompared with the younger and more style-focused demographic targeted by the\ue61fSports Fashion businesses.The Chief Operating Decision Maker receives and reviews segmental operating profit. Certain central administrative costs including Group Directors\u2019 salaries are included within the Group\u2019s Sports Fashion result. This is consistent with the results as\ue61freported to the Chief Operating Decision Maker.IFRS 8 requires disclosure of information regarding revenue from major customers. The majority of the Group\u2019s revenue is derived from the retail of a wide range of apparel, footwear and accessories to the general public. As such, the disclosure of\ue61frevenues from major customers is not appropriate.The Board considers that certain items are cross-divisional in nature and cannot be allocated between the segments on a\ue61fmeaningful basis. Certain net funding costs are treated as unallocated, reflecting the nature of the Group\u2019s syndicated borrowing facilities. The eliminations remove intercompany transactions and balances between different segments which primarily relate to the net drawdown of long-term loans and short-term working capital funding provided by JD Sports Fashion Plc (within Sports Fashion) to\ue61fother\ue61fcompanies in\ue61fthe Group, and intercompany trading between companies in different segments. Inter-segment transactions are undertaken in the ordinary course of business on arm\u2019s length terms.",
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"language": "en",
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"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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"s9_notes__6__31": {
"value": "2. Segmental AnalysisIFRS 8 \u2018Operating Segments\u2019 requires the Group\u2019s segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker to allocate resources to the\ue61fsegments and to assess their performance. The Chief Operating Decision Maker is considered to be the Chief Executive Officer of\ue61fJD Sports Fashion Plc. Information reported to the Chief Operating Decision Maker is focused on the nature of the businesses within the\ue61fGroup. The Group\u2019s reportable segments under IFRS 8 are Sports Fashion and Outdoor. In accordance with IFRS 8.12, we have aggregated several operating segments with similar economic characteristics into a larger Sports Fashion operating segment and concluded that, in doing so, the aggregation is still consistent with the core principles of IFRS 8. When aggregating the operating segments into the larger Sports Fashion operating segment, we have primarily taken into\ue61fconsideration: \u2013 IFRS 8.12.a the nature of products or services \u2013 IFRS 8.12.c the type or class of customer \u2013 IFRS 8.12.d the methods used to distribute their products. The entities included in the Sports Fashion operating segment have similar characteristics as well-established, leading retailers\ue61for\ue61fwholesalers of footwear, apparel and accessories from a mix of international sports fashion brands and private\ue61flabels. When determining what to include within the Sports Fashion segment, we have considered that the fascias\ue61fall\ue61ftarget a\ue61fsimilar demographic in terms of both age range and an aspiration to achieve a certain style, whether the\ue61fproduct is\ue61fto be used for lifestyle wear or active sports participation. The entities typically have similar economic characteristics in\ue61fterms of\ue61fsales metrics, long-term average gross margins, levels of capital investment and operating cash flows. The Outdoor segment differs from the Sports Fashion segment in that Outdoor is focused on retailing specialist apparel, footwear and technical products for outdoor pursuits. Further, the Outdoor segment typically appeals to an older and/or family-oriented demographic as\ue61fcompared with the younger and more style-focused demographic targeted by the\ue61fSports Fashion businesses.The Chief Operating Decision Maker receives and reviews segmental operating profit. Certain central administrative costs including Group Directors\u2019 salaries are included within the Group\u2019s Sports Fashion result. This is consistent with the results as\ue61freported to the Chief Operating Decision Maker.IFRS 8 requires disclosure of information regarding revenue from major customers. The majority of the Group\u2019s revenue is derived from the retail of a wide range of apparel, footwear and accessories to the general public. As such, the disclosure of\ue61frevenues from major customers is not appropriate.The Board considers that certain items are cross-divisional in nature and cannot be allocated between the segments on a\ue61fmeaningful basis. Certain net funding costs are treated as unallocated, reflecting the nature of the Group\u2019s syndicated borrowing facilities. The eliminations remove intercompany transactions and balances between different segments which primarily relate to the net drawdown of long-term loans and short-term working capital funding provided by JD Sports Fashion Plc (within Sports Fashion) to\ue61fother\ue61fcompanies in\ue61fthe Group, and intercompany trading between companies in different segments. Inter-segment transactions are undertaken in the ordinary course of business on arm\u2019s length terms. Information regarding the Group\u2019s reportable segments for the 53 weeks to 3 February 2024 is shown below:Sports Fashion Outdoor Unallocated Total Income statement\u00a3m \u00a3m\u00a3m\u00a3m Gross revenue 9,982.4 559.6 \u2013 10,542.0Inter-segment revenue (0.3) 0.3 \u2013 \u2013Revenue 9,982.1 559.9 \u2013 10,542.0Gross profit % 48.4% 42.3% \u2013 47.9%Operating profit before adjusting items 987.2 (7.3) \u2013 979.9Adjusting items (42.9) (9.8) \u2013 (52.7)Operating profit/(loss) 944.3 (17.1) \u2013 927. 2Finance income \u2013 \u2013 39.2 39.2Impairment loss on financial assets (58.8) \u2013 \u2013 (58.8)Finance expenses (96.4) \u2013 \u2013 (96.4)Profit/(loss) before tax 789.1 (17.1) 39.2 811.2Income tax expense (206.1) (0.1) \u2013 (206.2)Profit/(loss) for the period 583.0 (17.2) 39.2 605.0Sports Fashion Outdoor Eliminations Total Total assets and liabilities\u00a3m \u00a3m\u00a3m\u00a3m Total assets 7,815.1 385.0 (153.9) 8,046.2Total liabilities (4,986.3) (345.4) 153.9 (5,177.8)Total segment net assets 2,828.8 39.6 \u2013 2,868.4Sports Fashion Outdoor Total Other segment information Note\u00a3m \u00a3m\u00a3m Capital expenditure:Intangible assets (software development)13 29.5 \u2013 29.5Intangible assets (brand licences)13 73.0 \u2013 73.0Property, plant and equipment14 518.9 10.9 529.8Right-of-use assets16 582.8 10.0 592.8Other non-current assets 18 10.2 \u2013 10.2Depreciation, amortisation and impairments: Amortisation of intangible assets13 68.3 4.7 73.0Depreciation of property, plant and equipment14 168.8 9.0 177.8Depreciation and amortisation of right-of-use assets16 391.3 22.0 413.3Impairment of non-current assets (adjusting items) 29.4 9.8 39.2Impairment of non-current assets (non-adjusting items) 21.6 \u2013 21.6The comparative segmental results for the 52 weeks to 28 January 2023 are shown below:(1)RestatedSports Fashion Outdoor Unallocated Total Income statement\u00a3m \u00a3m\u00a3m\u00a3m Gross revenue 9,560.9 564.1 \u2013 10,125.0Inter-segment revenue (0.3) 0.3 \u2013 \u2013Revenue 9,560.6 564.4 \u2013 10,125.0Gross profit % 48.5% 43.0% 48.2%Operating profit before adjusting items 1,043.9 16.4 \u2013 1,060.3Adjusting items (214.5) (39.8) \u2013 (254.3)Operating profit/(loss) 829.4 (23.4) \u2013 806.0Finance income \u2013 \u2013 8.4 8.4Finance expenses (327.7) \u2013 \u2013 (327.7)Profit/(loss) before tax 501.7 (23.4) 8.4 486.7Income tax expense (208.9) (5.3) \u2013 (214.2)Profit/(loss) for the period 292.8 (28.7) 8.4 272.5(1)RestatedSports Fashion OutdoorEliminationsTotal Total assets and liabilities\u00a3m \u00a3m\u00a3m\u00a3m Total assets 7,842.1 462.1 (193.6) 8,110.6Total liabilities (5,273.5) (399.7) 193.6 (5,479.6)Total segment net assets 2,568.6 62.4 \u2013 2,631.0(1)RestatedSports Fashion Outdoor Total Other segment information Note\u00a3m \u00a3m\u00a3m Capital expenditure:Intangible assets (software development)13 19.9 \u2013 19.9Intangible assets (brand licences)13 78.4 \u2013 78.4Property, plant and equipment14 305.6 21.0 326.6Right-of-use assets16 374.3 35.6 409.9Other non-current assets 18 12.8 \u2013 12.8Depreciation, amortisation and impairments: Amortisation of intangible assets13 71.6 4.4 76.0Depreciation of property, plant and equipment14 154.1 7.9 162.0Depreciation of right-of-use assets16 372.2 23.0 395.2Impairment of non-current assets (adjusting items) 83.8 39.8 123.6Impairment of investment in associates and joint ventures (adjusting items)17 19.6 \u2013 19.6Impairment of non-current assets (non-adjusting items) 3.4 \u2013 3.4(1) Please refer to Note 39 for further details of the restatement.Geographical InformationThe Group\u2019s operations are located in the UK, Andorra, Australia, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark,\ue61fEstonia, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Israel, Italy, Latvia, Lithuania, Malaysia, the Netherlands, New Zealand, Poland, Portugal, the Republic of Ireland (\u2018ROI\u2019), Romania, Serbia, Singapore, Slovakia,\ue61fSlovenia, South\ue61fKorea, Spain\ue61fand the Canary Islands, Sweden, Thailand, the UAE and\ue61fthe\ue61fUS.The following table provides analysis of the Group\u2019s revenue by geographical market, irrespective of the origin of the goods/services:53 weeks to 52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023Revenue\u00a3m\u00a3mUK & ROI 3,510.2 3,826.7Europe 3,093.5 2,659.9North America 3,413.5 3,150.1Rest of world 524.8 488.310,542.0 10,125.0The revenue from any individual country, with the exception of the UK, US and Spain, is not more than 10% of the Group\u2019s total\ue61frevenue.Revenue by ChannelRestated(1)53 weeks to 52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023Revenue\u00a3m\u00a3mRetail stores 7,956.6 7,306.5Online 2,350.3 2,543.3(2)Other235.1 275.210,542.0 10,125.0(1) An error has been identified in the prior period disclosure in the classification of these balances. Retail store revenue was overstated by \u00a339.1 million, online was understated by \u00a382.5 million and other was overstated by \u00a343.4 million. These reclassifications have no effect on the overall reported results.(2) Other relates to revenue from leisure club memberships, wholesale and commission sales.Revenue by Product Type53 weeks to 52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023Revenue\u00a3m\u00a3mFootwear 5,920.4 5,471.4Apparel 3,408.4 3,560.6Accessories 669.5 629.6(3)Other543.7 463.410,542.0 10,125.0(3) Other relates to revenue from sales of outdoor living equipment, delivery income and revenue from leisure club memberships. The following is an analysis of the carrying amount of segmental non-current assets by the geographical area in which the assets are located.(4)(4)RestatedRestated53 weeks to 52 weeks to 52 weeks to 3 February28\ue61fJanuary 30\ue61fJanuary 202420232022Non-Current Assets\u00a3m\u00a3m\u00a3mUK & ROI 1,254.1 1,239.6 1,252.5Europe 1,702.5 1,472.8 1,378.2North America 1,901.7 1,800.6 1,682.5Rest of world 144.9 161.9 163.35,003.2 4,674.9 4,476.5(4) Please refer to Note 39 for further details of the restatement.",
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"s9_notes__6__34": {
"value": "3. Profit Before Tax(1)Restated53 weeks to 52 weeks to 3 February 28\ue61fJanuary 20242023Note\u00a3m\u00a3mProfit before tax is stated after charging/(crediting): Auditor's remuneration: (2)Audit of these financial statements (Deloitte LLP / KPMG LLP)5.0 4.0Amounts receivable by the Company's Auditor (Deloitte LLP / KPMG LLP) and its associates in respect of: Audit of financial statements of subsidiaries of the Company 1.3 2.2Interim review \u2013 0.2Depreciation and amortisation of non-current assets: Depreciation of property, plant and equipment 14 177.8 162.0Depreciation of right-of-use assets16 413.3 398.4Amortisation of intangible assets13 73.0 76.0Impairments of non-current assets:Property, plant and equipment (adjusting items)14 2.5 \u2013Property, plant and equipment (non-adjusting items)14 7.0 1.5Right-of-use assets (adjusting items)16 1.8 4.5Right-of-use assets (non-adjusting items)16 14.6 0.3Goodwill and fascia names (adjusting items)13 34.9 117.6Other intangible assets (non-adjusting items)13 \u2013 0.8Other non-current assets (non-adjusting items)18 \u2013 3.0Impairment of investment in joint ventures and associates (adjusting)17 \u2013 19.6Loss on disposal of non-current assets (non-adjusting) 7.6 5.1Impairment loss on financial assets (adjusting)4 58.8 \u2013Rentals payable under non-cancellable leases for: (3)Land and buildings \u2013 variable lease payments16 104.5 91.3(3)Land and buildings \u2013 short-term leases16 2.0 3.4(3)Plant and equipment \u2013 short-term leases\u2013 0.4Other items:Movement in the present value of put and call option liabilities (adjusting) (5.5) 250.4Movement in the fair value of forward contracts (16.7) 32.2Foreign exchange (gain)/loss recognised (10.4) 3.7Share of associate profit and joint ventures (7.6) (4.9)(4)Other operating income(30.5) (28.6)(1) Please refer to Note 39 for further details of the restatement.(2) The \u00a36.3 million audit fee for the period ended 3 February 2024 represents the costs incurred to the balance sheet date. The total audit fee payable to Deloitte LLP for the audit of the Group\u2019s financial statements for the period ended 3 February 2024 is expected to be in the region of \u00a314 million. In addition to this, the Company bears the cost of the audit of the Group for the purpose of inclusion in Pentland\u2019s consolidated financial statements for the 13 month period to 31 January 2024. The \u00a34.0 million audit fee for the period ended 28 January 2023 includes \u00a30.7 million of prior period fees paid to KPMG LLP that were agreed after the financial statements for the period ended 29 January 2022 were signed. In addition to the above, fees of \u00a30.2 million were incurred in the period ended 28 January 2023 and paid to KPMG LLP by Pentland Group Limited in relation to the non-coterminous audit of the Group for the purpose of inclusion in its Consolidated Financial Statements for the 12 month period to December 2022. Further fees of \u00a332,000 were incurred and paid to KPMG LLP for non-audit services. No further fees were paid to KPMG LLP for the period ended 3 February 2024. Fees of \u00a320,000 were payable to Deloitte LLP in respect of non-audit services for the period ended 3 February 2024.(3) Since transition to IFRS 16 on 3 February 2019, lease rentals in relation to variable, rolling leases and short-term lease payments have been charged to the Consolidated Income Statement. The variable lease payments shown above relate to turnover rents which are impacted by changes in sales at certain stores where the lease includes an element of turnover rent. Rolling lease payments are in relation to leases where the Group has applied judgement to determine the lease term for certain lease contracts in which the Group is a lessee that either have no specified end date, or where the Group continues to occupy the property despite the contractual lease end date having passed.(4) Other operating income relates to income receivable for online and in-store advertising services, commission income, rental income, sub-lease payments receivable and amounts receivable not in the ordinary course of business.",
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"s9_notes__6__36": {
"value": "4. Adjusting ItemsFor the financial period ended 3 February 2024, the Group has updated the presentation of the Consolidated Income Statement to\ue61fa three-column format to show adjusting items against the relevant income statement line item. The term \u2018adjusting items\u2019, as\ue61fopposed to \u2018adjusted items\u2019 that was used in the prior financial period, has been updated as has the definition of adjusting items\ue61fto include the impairment of loan receivables not recoverable. These updates are intended to provide enhanced disclosure and greater clarity over what is classified as an adjusting item and, by being more specific in terms of defining the adjusting items, result in the provision of more relevant information with greater comparability between financial periods.The Group exercises judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and scale of impact of that item on the reported performance. In determining whether items should be presented as adjusting items, the Group considers items that are significant because of either their size or their nature which management believe would distort an understanding of earnings if not adjusted. In order for an item to be presented as an adjusting item, it should typically meet at least one of the following criteria: Impairments of tangible and intangible assets, investments and loan receivables not recoverable \u2013 Unusual in nature or outside the normal course of business (for example, the non-cash movement in the present value of put and call options) \u2013 Items directly incurred as a result of either an acquisition, an anticipated acquisition or a divestment, or\ue61farising from a major business change or\ue61frestructuring programme. The separate reporting of items, which are presented as adjusting items within the relevant category in the Consolidated Income Statement,",
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"s9_notes__6__35": {
"value": "4. Adjusting ItemsFor the financial period ended 3 February 2024, the Group has updated the presentation of the Consolidated Income Statement to\ue61fa three-column format to show adjusting items against the relevant income statement line item. The term \u2018adjusting items\u2019, as\ue61fopposed to \u2018adjusted items\u2019 that was used in the prior financial period, has been updated as has the definition of adjusting items\ue61fto include the impairment of loan receivables not recoverable. These updates are intended to provide enhanced disclosure and greater clarity over what is classified as an adjusting item and, by being more specific in terms of defining the adjusting items, result in the provision of more relevant information with greater comparability between financial periods.The Group exercises judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and scale of impact of that item on the reported performance. In determining whether items should be presented as adjusting items, the Group considers items that are significant because of either their size or their nature which management believe would distort an understanding of earnings if not adjusted. In order for an item to be presented as an adjusting item, it should typically meet at least one of the following criteria: Impairments of tangible and intangible assets, investments and loan receivables not recoverable \u2013 Unusual in nature or outside the normal course of business (for example, the non-cash movement in the present value of put and call options) \u2013 Items directly incurred as a result of either an acquisition, an anticipated acquisition or a divestment, or\ue61farising from a major business change or\ue61frestructuring programme. The separate reporting of items, which are presented as adjusting items within the relevant category in the Consolidated Income Statement, helps provide an indication of the Group\u2019s trading performance in the normal course of business. The tax impact of\ue61fthese adjusting items is a tax credit of \u00a318.4 million (2023: \u00a32.4 million) as shown in Note 10 and on the face of the Consolidated Income\ue61fStatement.(1)Restated53 weeks to52 weeks to 3 February28\ue61fJanuary2024 2023Note\u00a3m\u00a3mImpairments of tangible and intangible assets and investments:(2)Impairments of tangible and intangible assets and investments13, 17 39.2 137.2Items as a result of acquisitions, divestments, major business changes or restructuring:(3)Divestment and restructuring38.3 129.6(4)Gain arising on deconsolidation(36.1) \u2013(5)Acquisition-related costs10.8 \u2013(6)Deferred consideration charge/(release)0.5 (12.5)Administrative expenses \u2013 Adjusting items 52.7 254.3Items that are unusual in nature or outside the normal course of business:Movement in present value of put and call options24b (5.5) 250.4Finance expenses \u2013 Adjusting items (5.5) 250.4(7)Impairments of loan receivables not recoverable58.8 \u2013Impairment loss on financial assets \u2013 Adjusting items 58.8 \u2013Adjusting items 106.0 504.7(1) Please refer to Note 39 for further details of the restatement.(2) The impairment of tangible and intangible assets and investments in the current period relates to the impairment of goodwill (\u00a312.2 million), fascia name (\u00a33.4 million), right-of-use assets (\u00a32.5 million), and property, plant and equipment (\u00a31.8 million) arising on the acquisition of Total Swimming Holdings Limited. The charge also includes goodwill impairment prior to the divestment of GymNation (\u00a37.9 million), the impairment of the Go Outdoors fascia (\u00a39.8 million) and impairment of the goodwill and fascia names on three non-core businesses (\u00a31.6 million). The impairment in the prior period primarily related to the goodwill and fascia name arising on the acquisition of Deporvillage (\u00a324.7 million), Hairburst (\u00a321.6 million), Leisure Lakes (\u00a321.1 million), Wheelbase (\u00a318.7 million), Bodytone (\u00a312.4 million), Missy Empire (\u00a310.2 million), Livestock (\u00a37.1 million), Wellgosh (\u00a31.0 million), Oi Polloi (\u00a30.7 million) and Philip Browne (\u00a30.1 million). In addition there was an impairment charge for the investment in Gym King of \u00a319.6 million.(3) During the current period, \u00a331.5 million of divestment costs (2023: \u00a3121.5 million) and \u00a36.9 million of restructuring charges (2023: \u00a38.1 million) were incurred.(4) A net gain of \u00a336.1 million arose following the deconsolidation of Sports Unlimited Retail (\u2018SUR\u2019) after the entity entered bankruptcy on 6 December 2023. From this point onwards the entity was no longer under the control of JD Sports Fashion Plc and was deconsolidated (see footnote (7) and Note 12 for further information). (5) Acquisition-related costs of \u00a310.8 million are in respect of the Groupe Courir acquisition which remains subject to review by the European Commission and hence as\ue61fat\ue61fthe date of this report, has not been concluded. (6) In the current period, the \u00a30.5 million is related to acquisition-related deferred consideration. In the prior period, this related to acquisition-related release of contingent consideration for Leisure Lakes (\u00a310.5 million) and Total Swimming Holdings Limited (\u00a32.0 million).(7) A \u00a357.9 million impairment loss arose on the loan owed by Sports Unlimited Retail to Iberian Sports Retail Group and Sprinter Megacentros del Deporte SLU, at the time the entity entered bankruptcy (see footnote (4)). The remaining \u00a30.9 million relates to other impairments.",
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"language": "en",
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"s9_notes__6__40-1": {
"value": "5. Remuneration of DirectorsFull disclosure of the Directors\u2019 remuneration is given in the Directors\u2019 Remuneration Report on\ue61fpages 117 to 130.53 weeks to52 weeks to 3 February 28\ue61fJanuary2024 2023\u00a3m\u00a3mDirectors' emoluments: As Non-Executive Directors 1.2 0.8As Executive Directors 3.4 6.1Pension contributions \u2013 \u20134.6 6.9During the period, there was one (2023: one) Director within the defined contribution pension scheme. Additional information in relation to the remuneration of key management personnel can be found in Note 34.31. Pension SchemesThe Group operates defined contribution pension schemes, the assets of which are held separately from those of the Group in\ue61findependently administered funds. Obligations for contributions to the defined contribution schemes are recognised as an\ue61fexpense in the Consolidated Income Statement when incurred.The pension charge for the period represents contributions payable by the Group of \u00a323.2 million (2023: \u00a320.1 million) in\ue61frespect\ue61fof employees. Disclosure of the pension contributions payable in respect of the Directors is included in the Directors\u2019 Remuneration Report on pages 117 to 130. The amount owed to the schemes at the period end was \u00a36.9 million (2023: \u00a36.1 million).",
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"s9_notes__6__39-1": {
"value": "5. Remuneration of DirectorsFull disclosure of the Directors\u2019 remuneration is given in the Directors\u2019 Remuneration Report on\ue61fpages 117 to 130.53 weeks to52 weeks to 3 February 28\ue61fJanuary2024 2023\u00a3m\u00a3mDirectors' emoluments: As Non-Executive Directors 1.2 0.8As Executive Directors 3.4 6.1Pension contributions \u2013 \u20134.6 6.9During the period, there was one (2023: one) Director within the defined contribution pension scheme. Additional information in relation to the remuneration of key management personnel can be found in Note 34.32. Share-Based PaymentsThe share-based payment expense for the year is \u00a32.6 million (2023: \u00a30.2 million), which is made up of share option schemes, share awards and cash-settled awards. Of this amount, \u00a32.1 million (2023: \u00a30.1 million) will be settled in equity (see Note 27) and \u00a30.5 million (2023: \u00a3Nil) in cash.As at the reporting date, there was no liability arising from cash-settled share-based payments (2023: \u00a3Nil).Share Option and Share SchemesThe Company had three share schemes in operation during the financial year, all of which are primarily equity-settled schemes (save for a proportion of cash-settled awards granted under the JD Sports Fashion Plc LTIP (2022)).1. The JD Sports Fashion Plc LTIP (2021) permits the grant of a hybrid of cash and options in respect of ordinary shares to selected Executives. Options are normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The vesting of options will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.2. The JD Sports Fashion Plc LTIP (2022) permits the grant of a hybrid of cash and options in respect of ordinary shares to selected Executives. Options are normally exercisable between the vesting date(s) set at grant and 5 years from the date of grant for nil consideration. The vesting of options will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.3. JD Sports Fashion Plc LTIP (2023) permits the grant of share options in respect of ordinary shares, share awards and cash-settled awards to selected executives. Options are normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The vesting of options, share awards and cash-settled awards will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.4. The Deferred Bonus Plan permits the grant of options in respect of ordinary shares to selected Senior Executives as a proportion of annual bonus following the completion of a required service period and is dependent on the achievement of corporate performance and individual targets. Options are normally exercisable between three and 10 years from the date of grant for nil consideration. There are no awards in the period in relation to this scheme but the details are included as the scheme has been established in the period.The following tables reconcile the number of share options outstanding and the weighted average exercise price (\u2018WAEP\u2019):53 week period ended 3 February 2024Long-Term Long-Term Long-Term Incentive Plan (2021)Incentive Plan (2022)Incentive Plan (2023)Options WAEP (\u00a3) Options WAEP (\u00a3) Options WAEP (\u00a3)Outstanding as at 29 January 2023 53,225 \u2013 \u2013 \u2013 \u2013 \u2013Options granted \u2013 \u2013 980,100 \u2013 20,750,183 \u2013Options forfeited \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Options exercised \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Options expired \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Outstanding as at 3 February 2024 53,225 \u2013 980,100 \u2013 20,750,183 \u2013Exercise price (pence) \u2013 \u2013 \u2013Exercisable at 3 February 2024 \u2013 \u2013 \u2013Weighted average remaining contractual (1)life (years)2.6 3.6 2.5Range of exercise price \u2013 \u2013 \u2013(1) Contractual life represents the period from award to the vesting date. Certain schemes may be exercised later than the vesting date at the discretion of the individual.52 week period ended 28 January 2023Long-Term Long-Term Incentive Plan (2021)Incentive Plan (2022)Options WAEP (\u00a3) Options WAEP (\u00a3)Outstanding as at 29 January 2022 462,500 \u2013 \u2013 \u2013Options granted \u2013 \u2013 \u2013 \u2013Options forfeited (409,275) \u2013 \u2013 \u2013Options exercised \u2013 \u2013 \u2013 \u2013Options expired \u2013 \u2013 \u2013 \u2013Outstanding as at 28 January 2023 53,225 \u2013 \u2013 \u2013Exercise price (pence) \u2013 \u2013 \u2013 \u2013Exercisable at 28 January 2023 \u2013 \u2013 \u2013 \u2013Long-Term Incentive Plan (2021) Long-Term Incentive Plan (2022)(1)Weighted average remaining contractual life (years)3.6 \u2013(1) Contractual life represents the period from award to the vesting date. Certain schemes may be exercised later than the vesting date at the discretion of the individual.The number and weighted average fair value (\u2018WAFV\u2019) of share awards granted during the financial year were:53 week period ended 52 week period ended 3 February 202428 January 2023(1) (2)(1) (2)Number of WAFVNumber of WAFVshares(pence)shares(pence)Long-Term Incentive Plan (2021) 53,225 113.0 53,225 113.0Long-Term Incentive Plan (2022) 980,100 129.0 \u2013 \u2013Long-Term Incentive Plan (2023) \u2013 equity-settled 20,750,183 129.0 \u2013 \u2013Deferred Bonus Plan \u2013 \u2013 \u2013 \u2013(1)Buy-out awards 541,183 140.7 996,066 114.4(1) Buy-out awards granted to selected Executives during the year. Further details of these are set out below.(2) The weighted average fair value (\u2018WAFV\u2019) price is calculated as the share price at the grant date less dividends foregone over the expected life of the award.Buy-out awardsSelected Executives were granted buyout awards during the year in respect of awards forfeited from their previous employer on\ue61fcommencement of employment with the Group. Buy-out awards are typically structured as restricted shares such that a proportion of the overall award is used to settle the tax and social security due on the award, with the net number of restricted shares subject to continued employment over a specified period. These restrictions fall away evenly over the service period and therefore the share-based payment expense has been spread over the service period.No share-based awards were modified during the financial year.As disclosed in an RNS announcement published on 13 January 2023, R\u00e9gis Schultz received a buyout award in respect of the cash\ue61fannual bonus he forfeited from his previous employer on commencement of his employment with the Group. The gross value of the award was \u00a32.2 million and, in line with the Group\u2019s Remuneration Policy, the net value of \u00a31.1 million (after the application of tax and social security) was delivered in shares in order to give R\u00e9gis Schultz a stake in the business and align with the interests of\ue61fshareholders. During the period ended 3 February 2024, further buy-out awards were issued to Dominic Platt (gross value \u00a30.3 million) and other key management personnel (gross value \u00a30.9 million).Cash Settled AwardsThe number and weighted average fair value of cash-settled awards granted during the financial year were:53 weeks endingFinancial year ending3 February 2024 28 January 2023Number of shares Number of sharesLong-Term Incentive Plan (2022) \u2013 cash-settled 3,276,854 \u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__38-1": {
"value": "5. Remuneration of DirectorsFull disclosure of the Directors\u2019 remuneration is given in the Directors\u2019 Remuneration Report on\ue61fpages 117 to 130.53 weeks to52 weeks to 3 February 28\ue61fJanuary2024 2023\u00a3m\u00a3mDirectors' emoluments: As Non-Executive Directors 1.2 0.8As Executive Directors 3.4 6.1Pension contributions \u2013 \u20134.6 6.9During the period, there was one (2023: one) Director within the defined contribution pension scheme. Additional information in relation to the remuneration of key management personnel can be found in Note 34.34. Related Party Transactions and BalancesTransactions and balances with each category of related parties during the period are shown below. Outstanding balances are unsecured (unless otherwise\ue61fstated) and will be settled in cash.Transactions with Related Parties who are not Members of the GroupPentland Group LimitedDuring the financial period, Pentland Group Limited and its subsidiaries owned 51.6% (2023: 51.6%) of the issued ordinary share capital of JD Sports Fashion Plc. The Group made purchases of inventory from Pentland Group Limited in the period and the Group also sold inventory to Pentland Group Limited. The Group also paid royalty costs to Pentland Group Limited for the use of\ue61fa\ue61fbrand. During the period, the Group entered into the following transactions with Pentland Group Limited:Income from Expenditure with Income from Expenditure with related partiesrelated partiesrelated partiesrelated parties2024202420232023\u00a3m\u00a3m\u00a3m\u00a3mSale of inventory 0.3 \u2013 1.2 \u2013Purchase of inventory \u2013 (32.3) \u2013 (43.3)Royalty costs \u2013 (5.1) \u2013 (4.0)Marketing costs \u2013 \u2013 \u2013 (0.4)Dividends \u2013 (26.0) \u2013 (12.8)At the end of the period, the following balances were outstanding with Pentland Group Limited:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related partiesrelated partiesrelated partiesrelated parties2024202420232023\u00a3m\u00a3m\u00a3m\u00a3mTrade receivables/(payables) \u2013 (1.3) 0.4 (4.9)Associates and Joint VenturesDuring the period, the Group entered into the following transactions with its associates and joint ventures:Income from Expenditure with Income from Expenditure with related partiesrelated partiesrelated partiesrelated parties2024202420232023\u00a3m\u00a3m\u00a3m\u00a3mSale of inventory \u2013 \u2013 0.1 \u2013Purchase of inventory \u2013 (3.3) \u2013 (12.4)Recharge of expenses 1.9 \u2013 2.6 \u2013Dividends and distributions received \u2013 \u2013 3.4 \u2013At the end of the period, the Group had the following balances outstanding with its associates and joint ventures:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related partiesrelated partiesrelated partiesrelated parties2024202420232023\u00a3m\u00a3m\u00a3m\u00a3mTrade receivables 3.8 \u2013 2.9 \u2013Loans receivable in less than 1 year 0.4 \u2013 0.2 \u2013Loans receivable in more than 1 year \u2013 \u2013 7.6 \u2013Trade payables \u2013 \u2013 \u2013 (1.0)Other receivables from associates and joint ventures relate to costs incurred by the Group on behalf of these entities, which have then been recharged. The loan receivable in less than one year of \u00a30.4 million (2023: \u00a30.2 million) is presented within other receivables within current assets. In addition to the above transactions a number of non-controlling interest buyout transactions occurred in the course of the financial period, as disclosed in Note 11.Transactions with Directors and Key Management PersonnelDuring the period, the Group entered into the following transactions with its key management personnel:Income from Expenditure with Income from Expenditure with related parties related parties related parties related parties 2024 2024 20232023 \u00a3m\u00a3m \u00a3m\u00a3mProperty rental \u2013 10.8 \u2013 10.8At the end of the period, the Group had the following balances outstanding with its key management personnel:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related parties related parties related parties related parties 202420242023 2023 \u00a3m \u00a3m\u00a3m\u00a3mTrade receivables/(payables) \u2013 0.9 \u2013 0.6Transactions with Directors and Key Management PersonnelMembers of the Board of Directors and Executive Committee of JD Sports Fashion Plc are deemed to be key management personnel. The Executive Committee are comprised Heads of Centres of Excellence and Heads of Business Units as outlined on pages 98 to 99.Cost of key management personnel compensation for the financial year is as follows: 2024 2023 \u00a3m\u00a3mSalaries and short-term benefits 13.1 16.3Pensions and cash in lieu of pensions 0.1 0.113.2 16.4Attributable to:The Board of Directors (including Non-Executive Directors) 4.6 6.9Executive Committee (members not on the Board of Directors) 8.6 9.513.2 16.4At 3 February At 28 January 20242023Number of key management personnel (Executive committee) 11 13The JD FoundationThe JD Foundation receives its income from, but is independent of, JD Sports Fashion Plc. The Foundation is dependent on all\ue61fincome net of VAT arising from the sale of single-use carrier bags in JD stores in England, Scotland, Wales, Northern Ireland and\ue61fother European countries, as well as micro-donations from customers at the store point of sale and colleague donations and\ue61ffundraising.During the period, the Group entered into the following transactions with The JD Foundation:Income from Expenditure with Income from Expenditure with related parties related parties related parties related parties 2024 2024 20232023 \u00a3m\u00a3m \u00a3m\u00a3mDonations \u2013 (2.6) \u2013 (1.7)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__43": {
"value": "6. Staff Numbers and CostsThe average number of persons employed by the Group (including Directors) during the period, analysed by category, was\ue61fas\ue61ffollows:53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023NumberNumberSales and distribution 75,491 71,744Administration 4,226 3,405Total average staff employed 79,717 75,149Full-time equivalents 53,499 51,297The aggregate payroll costs of these persons is charged to selling and distribution expenses and administrative expenses lines in the Consolidated Income Statement and is split as follows:53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023\u00a3m\u00a3mWages and salaries 1,352.9 1,156.0Social security costs 151.9 135.5Pension costs 23.2 20.1Share-based payments 2.6 0.1Other employed staff costs 20.2 18.61,550.8 1,330.3See Note 32 for details of the share-based payments made in the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__42": {
"value": "6. Staff Numbers and CostsThe average number of persons employed by the Group (including Directors) during the period, analysed by category, was\ue61fas\ue61ffollows:53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023NumberNumberSales and distribution 75,491 71,744Administration 4,226 3,405Total average staff employed 79,717 75,149Full-time equivalents 53,499 51,297The aggregate payroll costs of these persons is charged to selling and distribution expenses and administrative expenses lines in the Consolidated Income Statement and is split as follows:53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023\u00a3m\u00a3mWages and salaries 1,352.9 1,156.0Social security costs 151.9 135.5Pension costs 23.2 20.1Share-based payments 2.6 0.1Other employed staff costs 20.2 18.61,550.8 1,330.3See Note 32 for details of the share-based payments made in the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__41-1": {
"value": "6. Staff Numbers and CostsThe average number of persons employed by the Group (including Directors) during the period, analysed by category, was\ue61fas\ue61ffollows:53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023NumberNumberSales and distribution 75,491 71,744Administration 4,226 3,405Total average staff employed 79,717 75,149Full-time equivalents 53,499 51,297The aggregate payroll costs of these persons is charged to selling and distribution expenses and administrative expenses lines in the Consolidated Income Statement and is split as follows:53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023\u00a3m\u00a3mWages and salaries 1,352.9 1,156.0Social security costs 151.9 135.5Pension costs 23.2 20.1Share-based payments 2.6 0.1Other employed staff costs 20.2 18.61,550.8 1,330.3See Note 32 for details of the share-based payments made in the period.31. Pension SchemesThe Group operates defined contribution pension schemes, the assets of which are held separately from those of the Group in\ue61findependently administered funds. Obligations for contributions to the defined contribution schemes are recognised as an\ue61fexpense in the Consolidated Income Statement when incurred.The pension charge for the period represents contributions payable by the Group of \u00a323.2 million (2023: \u00a320.1 million) in\ue61frespect\ue61fof employees. Disclosure of the pension contributions payable in respect of the Directors is included in the Directors\u2019 Remuneration Report on pages 117 to 130. The amount owed to the schemes at the period end was \u00a36.9 million (2023: \u00a36.1 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__46": {
"value": "7. Finance Income Finance income is recognised in the Consolidated Income Statement on an effective interest method.53 weeks to52 weeks to 3\ue61fFebruary 28\ue61fJanuary20242023\u00a3m\u00a3mBank interest 35.8 7.1Other interest 3.4 1.3Finance income 39.2 8.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__44-1": {
"value": "7. Finance Income Finance income is recognised in the Consolidated Income Statement on an effective interest method.53 weeks to52 weeks to 3\ue61fFebruary 28\ue61fJanuary20242023\u00a3m\u00a3mBank interest 35.8 7.1Other interest 3.4 1.3Finance income 39.2 8.48. Finance ExpensesFinance expenses comprise of interest payable on interest-bearing loans and borrowings and lease liabilities. The interest expense on borrowings is recognised using the effective interest method. The interest expense on lease liabilities is recognised over the lease periods so as to produce constant periodic rates of interest on the remaining balances of the liabilities.(1)Restated53 weeks to52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023Note\u00a3m\u00a3mOn bank loans and overdrafts 8.0 5.5Amortisation of facility fees 1.5 1.4Interest on lease liabilities16 84.4 68.9Movement in the present value of the put and call options (adjusting items)4 (5.5) 250.4Other interest 8.0 1.5Finance expenses 96.4 327.7(1) Please refer to Note 39 for further details of the restatement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__47": {
"value": "8. Finance ExpensesFinance expenses comprise of interest payable on interest-bearing loans and borrowings and lease liabilities. The interest expense on borrowings is recognised using the effective interest method. The interest expense on lease liabilities is recognised over the lease periods so as to produce constant periodic rates of interest on the remaining balances of the liabilities.(1)Restated53 weeks to52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023Note\u00a3m\u00a3mOn bank loans and overdrafts 8.0 5.5Amortisation of facility fees 1.5 1.4Interest on lease liabilities16 84.4 68.9Movement in the present value of the put and call options (adjusting items)4 (5.5) 250.4Other interest 8.0 1.5Finance expenses 96.4 327.7(1) Please refer to Note 39 for further details of the restatement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__49-1": {
"value": "9. Income Tax ExpenseThe total tax charge included in the Consolidated Income Statement consists of current and deferred tax. Current Income Tax Current tax is the expected tax payable on taxable income for the financial period, using the applicable enacted tax rates in each relevant jurisdiction. Tax expense is recognised in the Consolidated Income Statement except to the extent it relates to items recognised in the Consolidated Statement of Comprehensive Income or directly in the Consolidated Statement of Changes in Equity, in which case it is recognised in the relevant statement, respectively. Deferred TaxDeferred tax is accounted for using the balance sheet liability method, by providing for temporary differences that arise between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: \u2013 Goodwill not deductible for tax purposes. \u2013 The initial recognition of assets or liabilities that affect neither accounting nor taxable profit. \u2013 Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited directly to the Consolidated Statement of Changes in Equity or the Consolidated Statement of Comprehensive Income, in which case the deferred tax is recognised in the relevant statement, respectively. Deferred tax assets are reviewed at each reporting date. In considering their recoverability, the Group assesses the likelihood of them being recovered within a reasonably foreseeable timeframe and considers the future expected profit profile and business model of each relevant company or country, together with any legislative restrictions on use. This approach is consistent with that adopted for the assessment of other financial statement items, with the recognition period based on the appropriate jurisdictional tax rules. The estimates take account of the inherent uncertainties constraining the expected level of profit in some territories and any associated climate-related risks identified on page 60. Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to offset current taxation assets against current taxation liabilities and the intention is to settle these on a net basis. Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identified and it is probable that the Group will be required to settle that tax. Measurement is dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts, professional advisers and previous experience. Pillar Two Model RulesThe Group has continued to monitor developments in relation to the OECD\u2019s Two Pillar Solution to Address the Tax Challenges arising from the Digitalisation of the Economy (\u201cPillar Two Model Rules\u201d).The Pillar Two Model Rules have made considerable progress during the year and specific local legislation has been enacted across several territories in which the Group operates. The first accounting period in which these rules will apply to the Group will be the period ending 1 February 2025. The definition of a \u2018Group\u2019 requires the impact of the Pillar Two Model Rules to be calculated in conjunction with that of Pentland Group Holdings Limited and its subsidiaries (\u2018the Pentland Group\u2019). The Group is working with the Pentland Group to ensure it will be compliant. The Group has prepared a high-level assessment of the potential impact of the Pillar Two Model Rules on a stand-alone basis using\ue61finformation that was available at the time the Group financial statements were prepared. As the JD Group is the material component of the consolidated Pentland Group position, we would not expect the Pentland Group entities to have a material impact on the conclusion reached below.The Pillar Two Model Rules assessment was based on the position in the UK. The UK government enacted the Pillar Two Model Rules income taxes legislation on 11 July 2023, with the rules taking effect for accounting periods beginning on or after 1 January 2024. The transitional safe harbour tests within the Pillar Two Model Rules were applied during the assessment, followed by a high-level calculation of any top-up tax for jurisdictions where the safe harbour tests were not met. Under the legislation, JD Sports Fashion Plc will be required to pay top-up tax in the UK on the profits of its subsidiaries that are taxed at an effective tax rate of less than 15%. The principal jurisdictions in which exposures to this tax may exist include Ireland, Cyprus, Hungary and\ue61fBulgaria. Based on the financial forecasts for the period ended 1 February 2025, approximately 1.8% of the Group\u2019s annual profits for that period may be subject to a top-up tax. Prior to the application of the Pillar Two Model Rules, the Group would have expected these profits to be taxed at an average effective tax rate of 13.0%. As such, any top-up tax payable under the Pillar Two Model Rules is not expected to have a material impact on the Group\u2019s overall income tax charge. The Group continues to assess the impact of the Pillar Two Model Rules income taxes legislation on its future financial performance. It has also applied the temporary exemption issued by the IASB in May 2023 in respect of IAS 12 and has not recognised or disclosed information in respect of deferred tax assets and liabilities relating to Pillar Two Model Rules income taxes.(1)Restated53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023\u00a3m\u00a3mCurrent tax (2)UK corporation tax at 24.0% (2023: 19.0%)221.9 198.9Adjustment relating to prior periods (5.8) (6.5)Total current tax charge 216.1 192.4Deferred tax Deferred tax (origination and reversal of temporary differences) (2.5) 14.1Adjustment relating to prior periods (7.4) 7.7Total deferred tax (credit)/charge (9.9) 21.8Income tax expense 206.2 214.2(1)Restated53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023\u00a3m\u00a3m(2)Profit before tax multiplied by the standard rate of corporation tax 24.0% (2023: 19.0%) 194.7 92.5Effects of:(3)Expenses not deductible31.0 23.2(4)Put and call option movement not deductible(3.3) 47.5(5)Depreciation and impairment of non-qualifying non-current assets2.1 1.2(6)Non-qualifying profit on sale of PPE0.1 (0.2)(7)Utilisation of previously unrecognised tax losses(0.9) (4.0)(8)Non-taxable income(21.1) (4.0)(9)Effect of tax rates in foreign jurisdictions(10.3) 14.9(10)Research and development tax credits and other allowances(5.2) (10.4)(11)Adjustments related to prior periods(13.2) 1.2(12)Other differences in tax rate0.5 3.7(13)Non-qualifying impairment of goodwill on consolidation2.2 24.4(14)Change in unrecognised temporary differences12.9 7.2(15)Other taxes due16.7 17.0Income tax expense 206.2 214.2(1) Please refer to Note 39 for further details of the restatement.(2) The weighted standard rate of corporation tax for the period is 24% as the UK mainstream tax rate was 19% until 31 March 2023, when it increased to 25%.(3) Certain legal and professional fees, together with the losses incurred on the divestment of non-core businesses in the current period, are not deductiblefor\ue61ftax\ue61fpurposes. (4) The movements in the put and call options per Note 24b are not deductible for tax.(5) The depreciation adjustment relates to UK assets which are not eligible for capital allowances.(6) The loss relates to the sale of tangible assets which are not eligible for capital allowances.(7) Following a return to profitability of certain Group subsidiaries, brought forward losses have been utilised in the period and a deferred tax asset recognised in\ue61frespectof any remaining losses.(8) Non-taxable gain on deconsolidation of Sports Unlimited Retail Limited (see Note 4), the receipt of dividends and the release of deferred consideration which nolonger falls due.(9) A proportion of the Group\u2019s profits arise outside of the UK and are taxed at the prevailing tax rate. As the UK corporation tax rate has increased from 19% to 25% inthe period, the impact of overseas tax rates has reduced.(10) R&D and general business tax credits have been claimed in the US, Spain and Poland.(11) The prior period adjustment reflects net current and deferred tax movements between Group reporting provisions and submitted returns.(12) The adjustment reflects the difference between the deferred tax rate and corporate income tax rate. These differences have reduced as a result of the UK corporateincome tax increasing to 25% on 1 April 2023.(13) The impairment of goodwill on consolidation and investments in associates are non-deductible for corporate income tax purposes and does not attract deferred\ue61ftax.(14) The adjustment represents losses created in the period for which no deferred tax asset has been recognised, due to a lack of certainty over future taxable profitsarising (see Note 26).(15) Other taxes due are primarily in respect of US state taxes but also include local taxes payable in other overseas jurisdictions.26. Deferred Tax Assets and LiabilitiesDeferred tax assets and liabilities are attributable to the following:Assets Assets Liabilities Liabilities NetNet 2024 2023 2024 20232024 2023 \u00a3m\u00a3m\u00a3m \u00a3m\u00a3m\u00a3mProperty, plant and equipment 3.8 2.1 (68.9) (57.9) (65.1) (55.8)Employee benefits 12.4 13.1 \u2013 \u2013 12.4 13.1Property 32.2 31.0 (0.5) (0.4) 31.7 30.6Specific trade provisions 8.5 12.3 \u2013 \u2013 8.5 12.3Losses 10.1 5.0 \u2013 \u2013 10.1 5.0Fascia names \u2013 \u2013 (66.3) (85.0) (66.3) (85.0)Other 3.7 2.6 (0.9) (0.1) 2.8 2.5Tax assets/(liabilities) 70.7 66.1 (136.6) (143.4) (65.9) (77.3)In accordance with IAS 12, UK deferred tax has been recognised at the enacted rate of 25% at the balance sheet date. Deferred tax is recognised at the local enacted rate for overseas territories.The table above shows the split of the deferred tax balance by category. The Consolidated Statement of Financial Position shows the position after the legally enforceable right of offset. This results in an asset of \u00a323.8 million (2023: \u00a312.9 million) and a liability of \u00a389.7 million (2023: net liability \u00a390.2 million) in the Consolidated Statement of Financial Position. This reflects the net position of \u00a365.9 million liability (2023: \u00a377.3 million liability) shown in the table above. Movement in deferred tax during the periodSpecific Employee trade Fascia PPEbenefits Propertyprovisions Lossesnames Other TotalBalance as at 29\ue61fJanuary\ue61f2022 (9.8) \u2013 \u2013 \u2013 6.5 (97.6) 55.2 (45.7)Recognised on acquisition/(divestment) (0.2) (0.1) (1.9) \u2013 0.3 (2.3) 0.5 (3.7)Recognised in income statement (34.4) (2.1) 4.1 (3.1) (1.9) 16.3 (0.7) (21.8)Reclassification (9.3) 15.2 27.9 15.5 0.2 2.9 (52.4) \u2013Foreign exchange movement (2.1) 0.1 0.5 (0.1) (0.1) (4.3) (0.1) (6.1)Balance as at 28\ue61fJanuary\ue61f2023 \u2013 Restated(1)(55.8) 13.1 30.6 12.3 5.0 (85.0) 2.5 (77.3)Reclassification 0.8 \u2013 (0.8) \u2013 \u2013 \u2013 \u2013 \u2013Disposed during the period 0.1 \u2013 \u2013 \u2013 \u2013 0.8 \u2013 0.9Recognised in income statement (11.2) (0.5) 1.7 (2.0) 5.2 16.7 \u2013 9.9Foreign exchange movement 1.0 (0.2) 0.2 (1.8) (0.1) 1.2 0.3 0.6Balance as at 3\ue61fFebruary\ue61f2024 (65.1) 12.4 31.7 8.5 10.1 (66.3) 2.8 (65.9)(1) Please refer to Note 39 for further details of the restatement.As at 3 February 2024, the Group had not recognised deferred income tax liability (2023: \u00a3Nil) in respect of taxes that would be payable on the unremitted earnings of certain overseas subsidiaries. At this date, the unrecognised gross temporary differences in\ue61frespect of overseas subsidiaries was \u00a31,344.2 million (2023 restated: \u00a31,600.6 million). Deferred tax is not provided on these differences as: i) No withholding tax is due under domestic tax legislation or the relevant tax treaty with the UK; orii) Withholding is recoverable in the UK; and/oriii) Management has the ability to control any future reversal and does not consider such a reversal to be probable.Unrecognised Deferred Tax AssetsIn line with its accounting policy, deferred tax assets have not been recognised on gross timing differences of \u00a392.8 million (2023: \u00a3100.2 million) as there is uncertainty over the timing of their utilisation. Additional information in relation to unrecognised deferred tax is shown in the table below. GrossTax Gross Tax Amount Effected Amount Effected 2024 202420232023 \u00a3m \u00a3m \u00a3m\u00a3mProperty, plant and equipment 6.8 1.9 11.1 2.9Property 0.6 0.1 \u2013 \u2013Specific trade provisions 1.8 0.5 \u2013 \u2013Losses 83.6 20.7 89.1 29.3Tax assets 92.8 23.2 100.2 32.2Tax Losses Carried Forward To assess the recoverability of potential deferred tax assets arising on carry forward tax losses, both the historic profitability of the entity and the forecast financial performance for the next financial year are reviewed. Consideration is given to the reasons behind the historic losses, i.e. whether they arose due to one-off events, such as the lockdown of stores due to COVID restrictions, or longer-term factors, such as initial organic growth in a new jurisdiction.Where forecasts reflect a return to profitability, the key drivers are challenged and assessed. If there is sufficient evidence that it is \u2018more likely than not\u2019 that future taxable profits will exist against which unused tax losses may be offset, a deferred tax asset will be recognised. The Group has recognised deferred tax assets on gross losses of \u00a340.2 million (2023: \u00a319.5 million) as outlined in the table below. 20242023\u00a3m\u00a3mGross amount Tax effected Gross amount Tax effectedTax losses expiring:Within 10 years \u2013 \u2013 \u2013 \u2013More than 10 years 0.6 0.2 0.1 \u2013Available indefinitely 39.6 9.9 19.4 5.0Total 40.2 10.1 19.5 5.020242023Recognised tax losses (gross) \u00a3m \u00a3mIberian Sports Retail Group SL 14.6 \u2013Sprinter Megacentros Del Deporte SLU 10.7 \u2013JD Sports Fashion B.V. 8.0 11.7Sport Zone Canarias SL 0.6 3.4Swim Sports Company Limited 4.8 2.1Other 1.5 2.3Total 40.2 19.5In line with its accounting policy, deferred tax assets have not been recognised on gross losses of \u00a383.6 million (2023: \u00a389.1 million) as there is uncertainty over the timing of their utilisation. These losses are outlined in the table below. 20242023\u00a3m\u00a3mGross amount Tax effected Gross amount Tax effectedTax losses expiring:Within 10 years 22.1 4.7 16.4 3.4More than 10 years 16.1 4.2 17.3 4.3Available indefinitely 45.4 11.8 55.4 21.6Total 83.6 20.7 89.1 29.32024 2023 \u00a3m\u00a3mJD Sports Fashion Germany B.V. & Co. KG 10.0 \u2013JD Size GmbH 6.0 4.9JD Sports Fashion AT GmbH 8.1 6.4JD Sports Fashion Sweden AB 11.1 8.4JD Sports Fashion Korea Inc 17.5 14.1JDSF Retail (Canada) Inc 16.1 11.3JD Sports Fashion Finland OY 3.1 3.7JD Sports (Thailand) Limited \u2013 4.2Sports Unlimited Retail B.V. \u2013 26.0Tiso Group Limited and its subsidiaries 2.7 3.0Total Swimming Holdings Limited and its subsidiaries 3.9 \u2013Other 5.1 7.1Total 83.6 89.1",
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"s9_notes__6__48": {
"value": "9. Income Tax ExpenseThe total tax charge included in the Consolidated Income Statement consists of current and deferred tax. Current Income Tax Current tax is the expected tax payable on taxable income for the financial period, using the applicable enacted tax rates in each relevant jurisdiction. Tax expense is recognised in the Consolidated Income Statement except to the extent it relates to items recognised in the Consolidated Statement of Comprehensive Income or directly in the Consolidated Statement of Changes in Equity, in which case it is recognised in the relevant statement, respectively. Deferred TaxDeferred tax is accounted for using the balance sheet liability method, by providing for temporary differences that arise between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: \u2013 Goodwill not deductible for tax purposes. \u2013 The initial recognition of assets or liabilities that affect neither accounting nor taxable profit. \u2013 Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited directly to the Consolidated Statement of Changes in Equity or the Consolidated Statement of Comprehensive Income, in which case the deferred tax is recognised in the relevant statement, respectively. Deferred tax assets are reviewed at each reporting date. In considering their recoverability, the Group assesses the likelihood of them being recovered within a reasonably foreseeable timeframe and considers the future expected profit profile and business model of each relevant company or country, together with any legislative restrictions on use. This approach is consistent with that adopted for the assessment of other financial statement items, with the recognition period based on the appropriate jurisdictional tax rules. The estimates take account of the inherent uncertainties constraining the expected level of profit in some territories and any associated climate-related risks identified on page 60. Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to offset current taxation assets against current taxation liabilities and the intention is to settle these on a net basis. Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identified and it is probable that the Group will be required to settle that tax. Measurement is dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts, professional advisers and previous experience. Pillar Two Model RulesThe Group has continued to monitor developments in relation to the OECD\u2019s Two Pillar Solution to Address the Tax Challenges arising from the Digitalisation of the Economy (\u201cPillar Two Model Rules\u201d).The Pillar Two Model Rules have made considerable progress during the year and specific local legislation has been enacted across several territories in which the Group operates. The first accounting period in which these rules will apply to the Group will be the period ending 1 February 2025. The definition of a \u2018Group\u2019 requires the impact of the Pillar Two Model Rules to be calculated in conjunction with that of Pentland Group Holdings Limited and its subsidiaries (\u2018the Pentland Group\u2019). The Group is working with the Pentland Group to ensure it will be compliant. The Group has prepared a high-level assessment of the potential impact of the Pillar Two Model Rules on a stand-alone basis using\ue61finformation that was available at the time the Group financial statements were prepared. As the JD Group is the material component of the consolidated Pentland Group position, we would not expect the Pentland Group entities to have a material impact on the conclusion reached below.The Pillar Two Model Rules assessment was based on the position in the UK. The UK government enacted the Pillar Two Model Rules income taxes legislation on 11 July 2023, with the rules taking effect for accounting periods beginning on or after 1 January 2024. The transitional safe harbour tests within the Pillar Two Model Rules were applied during the assessment, followed by a high-level calculation of any top-up tax for jurisdictions where the safe harbour tests were not met. Under the legislation, JD Sports Fashion Plc will be required to pay top-up tax in the UK on the profits of its subsidiaries that are taxed at an effective tax rate of less than 15%. The principal jurisdictions in which exposures to this tax may exist include Ireland, Cyprus, Hungary and\ue61fBulgaria. Based on the financial forecasts for the period ended 1 February 2025, approximately 1.8% of the Group\u2019s annual profits for that period may be subject to a top-up tax. Prior to the application of the Pillar Two Model Rules, the Group would have expected these profits to be taxed at an average effective tax rate of 13.0%. As such, any top-up tax payable under the Pillar Two Model Rules is not expected to have a material impact on the Group\u2019s overall income tax charge. The Group continues to assess the impact of the Pillar Two Model Rules income taxes legislation on its future financial performance. It has also applied the temporary exemption issued by the IASB in May 2023 in respect of IAS 12 and has not recognised or disclosed information in respect of deferred tax assets and liabilities relating to Pillar Two Model Rules income taxes.(1)Restated53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023\u00a3m\u00a3mCurrent tax (2)UK corporation tax at 24.0% (2023: 19.0%)221.9 198.9Adjustment relating to prior periods (5.8) (6.5)Total current tax charge 216.1 192.4Deferred tax Deferred tax (origination and reversal of temporary differences) (2.5) 14.1Adjustment relating to prior periods (7.4) 7.7Total deferred tax (credit)/charge (9.9) 21.8Income tax expense 206.2 214.2(1)Restated53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023\u00a3m\u00a3m(2)Profit before tax multiplied by the standard rate of corporation tax 24.0% (2023: 19.0%) 194.7 92.5Effects of:(3)Expenses not deductible31.0 23.2(4)Put and call option movement not deductible(3.3) 47.5(5)Depreciation and impairment of non-qualifying non-current assets2.1 1.2(6)Non-qualifying profit on sale of PPE0.1 (0.2)(7)Utilisation of previously unrecognised tax losses(0.9) (4.0)(8)Non-taxable income(21.1) (4.0)(9)Effect of tax rates in foreign jurisdictions(10.3) 14.9(10)Research and development tax credits and other allowances(5.2) (10.4)(11)Adjustments related to prior periods(13.2) 1.2(12)Other differences in tax rate0.5 3.7(13)Non-qualifying impairment of goodwill on consolidation2.2 24.4(14)Change in unrecognised temporary differences12.9 7.2(15)Other taxes due16.7 17.0Income tax expense 206.2 214.2(1) Please refer to Note 39 for further details of the restatement.(2) The weighted standard rate of corporation tax for the period is 24% as the UK mainstream tax rate was 19% until 31 March 2023, when it increased to 25%.(3) Certain legal and professional fees, together with the losses incurred on the divestment of non-core businesses in the current period, are not deductiblefor\ue61ftax\ue61fpurposes. (4) The movements in the put and call options per Note 24b are not deductible for tax.(5) The depreciation adjustment relates to UK assets which are not eligible for capital allowances.(6) The loss relates to the sale of tangible assets which are not eligible for capital allowances.(7) Following a return to profitability of certain Group subsidiaries, brought forward losses have been utilised in the period and a deferred tax asset recognised in\ue61frespectof any remaining losses.(8) Non-taxable gain on deconsolidation of Sports Unlimited Retail Limited (see Note 4), the receipt of dividends and the release of deferred consideration which nolonger falls due.(9) A proportion of the Group\u2019s profits arise outside of the UK and are taxed at the prevailing tax rate. As the UK corporation tax rate has increased from 19% to 25% inthe period, the impact of overseas tax rates has reduced.(10) R&D and general business tax credits have been claimed in the US, Spain and Poland.(11) The prior period adjustment reflects net current and deferred tax movements between Group reporting provisions and submitted returns.(12) The adjustment reflects the difference between the deferred tax rate and corporate income tax rate. These differences have reduced as a result of the UK corporateincome tax increasing to 25% on 1 April 2023.(13) The impairment of goodwill on consolidation and investments in associates are non-deductible for corporate income tax purposes and does not attract deferred\ue61ftax.(14) The adjustment represents losses created in the period for which no deferred tax asset has been recognised, due to a lack of certainty over future taxable profitsarising (see Note 26).(15) Other taxes due are primarily in respect of US state taxes but also include local taxes payable in other overseas jurisdictions.",
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"s9_notes__6__50": {
"value": "10. Earnings Per Ordinary ShareBasic and Adjusted Earnings Per Ordinary ShareOn 20 December 2022, JD Sports Fashion Plc completed the placing of new ordinary shares in the capital of the Company. A\ue61ftotal\ue61fof 25,000,000 new ordinary shares were issued at par, increasing the total ordinary shares in issue to 5,183,135,745.The calculation of basic earnings per ordinary share at 3 February 2024 is based on the profit for the period attributable (1)to\ue61fequity\ue61fholders of the parent of \u00a3538.8 million (2023: \u00a3188.3 million restated) and a weighted average number of ordinary shares outstanding during the 53 week period ended 3 February 2024 of 5,183,135,745 (2023: 5,158,497,877). There have been no other transactions involving ordinary shares or potential ordinary shares in the period or since the period end date and the date of signing of these financial statements.Adjusted basic earnings per ordinary share have been based on the profit for the period attributable to equity holders of the parent for each financial period but excluding the post-tax effect of adjusting items. The Directors consider that this gives a\ue61fmore useful measure of the trading performance and profitability of the Group.53 weeks to52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023millionsmillionsIssued ordinary shares at beginning of period 5,183.1 5,158.1(2)Ordinary shares issued on 20 December 2022 \u2013 25.0Issued ordinary shares at end of period 5,183.1 5,183.1(1)Restated53 weeks to52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023Note\u00a3m\u00a3mProfit for the period attributable to equity holders of the parent 538.8 188.3Adjusting items 4 106.0 504.7Tax relating to adjusting items (18.4) (2.4)Profit for the period attributable to equity holders of the parent excluding adjusting items 626.4 690.6millions millionsWeighted average number of ordinary shares at end of the period (basic) 5,158.2 5,158.1Dilution \u2013 Effect of potentially dilutive share options and awards 0.7 \u2013Weighted average number of ordinary shares at the end of the period (diluted) 5,158.9 5,158.1Basic earnings per ordinary share 10.45p 3.65pDiluted earnings per ordinary share 10.45p 3.65pAdjusted basic earnings per ordinary share 12.14p 13.39pAdjusted diluted earnings per ordinary share 12.14p 13.39p(1) See Note 39 for further details of the restatement.(2) On 20 December 2022, a total of 25,000,000 ordinary shares of 0.05 pence each were issued at par. The shares were delivered to the JD Sports Employee Benefit Trust (\u2018Trust\u2019) and were issued, in part, to satisfy a buy-out award due to R\u00e9gis Schultz, the Group\u2019s Chief Executive Officer with an effective date of 5 September 2022 (see Note 5), of which a proportion of the award became vested in the period ended 3 February 2024 after certain continuous employment requirements were satisfied. In the same period, the remaining shares became dilutive.",
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"s9_notes__6__51-1": {
"value": "11.\u2002AcquisitionsBusiness CombinationsThe Group accounts for business combinations using the acquisition method when control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect the returns through its power over the entity.Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred.The consideration transferred in the acquisition is measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment; however, any resulting impairment will not be tax deductible. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in the Consolidated Income Statement.Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and the settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in the Consolidated Income Statement.The valuation techniques used for measuring the fair value of material assets acquired are as follows: \u2013 Assembled workforce \u2013 In accordance with IAS 38, the assembled workforce is not recognised as a separate intangible asset but is subsumed within goodwill. The assembled workforce is valued using the cost savings method, which estimates the costs saved by the acquirer from purchasing the asset vs. building or developing the asset internally. \u2013 Intangible assets (computer software) \u2013 The cost approach is used which reflects the amount that would be required to currently replace the service capacity of an asset (often referred to as current replacement cost). \u2013 Intangible assets (fascia names and brand names) \u2013 The relief from royalty method considers the discounted estimated royalty payments that are expected to be avoided as a result of the intangible assets being owned. \u2013 Inventories \u2013 The fair value is determined based on the estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to sell the inventories. \u2013 Leases \u2013 A right-of-use asset and lease liability are recognised, measured as if the acquired lease were a new lease at the date of\ue61facquisition. The fair value of the acquired leases is estimated by comparing the annual rent to a normalised rent level based on a market-oriented occupancy rate. The difference is calculated over the remaining lease term and discounted at the estimated pre-tax discount rate, adjusting the value of the right-of-use asset recognised under IFRS 16 \u2018Leases\u2019. The lease liability recognised is measured at the present value of the remaining lease payments, using a discount rate determined in accordance with IFRS 16 at the date of acquisition. \u2013 Owned property \u2013 The cost approach considers the cost to replace the existing property, less accrued depreciation, plus the fair value of the land. The value of the properties is derived by adding the estimated value of the land to the cost of constructing a reproduction or replacement for the improvements and then subtracting the amount of depreciation. \u2013 Property, plant and equipment \u2013 The depreciated replacement cost new valuation approach is utilised, reflecting adjustments for physical deterioration as well as functional and economic obsolescence. \u2013 Customer relationships \u2013 The excess earnings method is used to value these intangible assets on acquisition. This method considers the use of other assets in the generation of the projected cash flows of a specific asset to isolate the economic benefit\ue61fgenerated by the subject intangible asset. The contribution of other assets, such as fixed assets, working capital, workforce, and other intangible assets, to overall cash flows is estimated through contributory asset \u2018capital charges\u2019. The latter\ue61fadjustment is made to separate the value of the particular intangible asset from the portion of the purchase price that has\ue61falready been allocated to the net tangible assets and other intangible assets employed. Therefore, the value of the intangible asset is the present value of the after-tax cash flows potentially attributable to it, net of the return on fair value attributable to tangible and other intangible assets.Business combinations with no change in controlChanges in the group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The\ue61fcarrying amount of the group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the parent company.Current Period Acquisitions \u2013 Acquisition of Non-Controlling InterestsJD Sports Fashion Germany GmbHOn 25 April 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 20% of the issued share capital in its existing subsidiary JD\ue61fSports Fashion Germany GmBH (\u2018JD Germany\u2019) for a cash consideration of \u20ac7.2 million (\u00a36.1 million). At the date of acquisition the Group held a put and call option liability on the remaining 20% which carried a value of \u00a30.4 million (see Note 24). The Group now owns 100% of the issued share capital of JD Germany. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 25 April 2023 does not result in a change of control, this has been\ue61faccounted for as an equity transaction.JD Sports Fashion SDN BDH On 30 August 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 20% of the issued share capital in its existing subsidiary JD Sports Fashion SDN BDH (\u2018JD Malaysia\u2019) for a cash consideration of 195.5 million MYR (\u00a335.5 million). The Group now owns 100% of the issued share capital of JD Malaysia. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 30 August 2023 does not result in a change of control, this has been accounted for as an equity transaction.Iberian Sports Retail Group S.L.On 10 October 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 49.99% of the issued share capital in its existing subsidiary Iberian Sports Retail Group S.L. (\u2018ISRG\u2019) for a cash consideration of \u20ac500.1 million (\u00a3434.6 million). At the date of acquisition the Group held a put and call option liability on the remaining 49.99% which carried a value of \u00a3428.8 million (see Note 24). The Group now owns 100% of the issued share capital of ISRG. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 10 October 2023 does not result in a change of control, this has been accounted for as an equity transaction.Marketing Investment Group S.A. On 21 December 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 40% of the issued share capital in its existing subsidiary Marketing Investment Group S. A. (\u2018MIG\u2019) for a cash consideration of 343.2 million PLN (\u00a368.7 million). At the date of acquisition the Group held a put and call option liability on the remaining 40% which carried a value of \u00a366.7 million (see Note 24). The Group now owns 100% of the issued share capital of MIG. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 21 December 2023 does not result in a change of control, this has been accounted for as an equity transaction.Other Acquisitions of Non-Controlling InterestDuring the period ended 3 February 2024, the Group made four other acquisitions of non-controlling interests which were not material for a cash consideration of \u00a36.9 million. The table below presents the amounts recognised within retained earnings and non-controlling interest within the statement of changes in equity during the year.Non-controlling Retained earningsinterestTotal\u00a3m\u00a3m\u00a3mAcquisition of non controlling interest:ISRG 308.2 126.4 434.6JD Germany 10.9 (4.8) 6.1JD Malaysia 32.1 3.4 35.5MIG 44.0 24.7 68.7Other 7.2 (0.3) 6.9402.4 149.4 551.8Prior Period Acquisitions \u2013 52 weeks to 28 January 2023There were no significant acquisitions in the 52 week period ended 28 January 2023. The table below summarises the net assets acquired, consideration paid and goodwill arising on the acquisition in totality across all acquisitions in the period: Fair values acquired \u00a3mAcquiree\u2019s net assets at acquisition date:Intangible assets 6.6Property, plant and equipment 19.3Right-of-use assets 9.2Inventories 0.4Cash and cash equivalents 1.1Trade and other receivables 3.3Trade and other payables (11.6)Bank loans and overdrafts (3.8)Deferred tax liability (3.7)Lease liabilities (6.7)Provisions (0.5)Net identifiable assets 13.6Non-controlling interest (various) (1.6)Goodwill on acquisition 12.624.6Consideration \u2013 satisfied in cash 21.1Consideration \u2013 deferred 3.5Total consideration 24.6Total Swimming Holdings LtdOn 27 May 2022, JD Sports Fashion Plc completed, via its existing subsidiary JD Sports Gyms Limited, the acquisition of 60% of\ue61fthe issued share capital of Total Swimming Holdings Limited for an initial cash consideration of \u00a311.1 million. Total Swimming Holdings was founded by former Olympic swimmers Steve Parry, Rebecca Adlington and Adrian Turner to make swimming more accessible and includes Swim!, the first multi-site operator of dedicated children\u2019s \u2018learn to swim\u2019 centres in the UK. The acquisition provided a broadening of the Group\u2019s leisure interests, which now include gyms and pools.Additional deferred contingent consideration of up to \u00a34.0 million was payable if certain targets and performance criteria were achieved. The fair value of the contingent consideration as at the acquisition date was determined to be \u00a33.5 million. During the financial period ended 28 January 2023, one of the performance criteria for receiving the deferred consideration was not met. Since this was as a result of a post-acquisition event, the release of \u00a32.0 million of contingent consideration was taken through the Consolidated Income Statement (see Note 4) for the period ended 28 January 2023. The fair value of the remaining contingent consideration as at 3 February 2024 was determined to be \u00a31.4 million. Included within the fair value of the net identifiable assets on acquisition was an intangible asset of \u00a35.5 million representing the fascia names acquired on acquisition and \u00a31.1 million representing the customer relationships. The Board believes that the excess of consideration paid over net assets on acquisition of \u00a312.4 million is best considered as goodwill on acquisition representing the market position of the business, the assembled workforce and the potential future growth opportunities from opening new sites under the Swim! concept. As at the date of this report, the period in which measurement adjustments could be made has now closed on this acquisition and no further fair value measurement adjustments have been made.Included in the 52 week period ended 28 January 2023 was revenue of \u00a315.4 million and a profit before tax of \u00a30.1 million in respect of Total Swimming Holdings Limited.Other AcquisitionsDuring the 52 week period to 28 January 2023, the Group made two other acquisitions for total cash consideration of \u00a310 million, which were not material. The acquiree\u2019s net assets at acquisition related to these acquisitions are also included in the fair value table above.Full Period Impact of AcquisitionsHad the acquisitions of the entities acquired during the 52 week period to 28 January 2023 been affected at 30 January 2022, the\ue61frevenue and profit before tax of the Group for the 52 week period to 28 January 2023 would have been \u00a310.1 billion and \u00a3227.1 million respectively.JD Sports Fashion Korea IncOn 6 September 2022, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 50% of the issued share capital in its existing subsidiary\ue61fJD Sports Fashion Korea Inc (\u2018JD Korea\u2019) for a cash consideration of 26.1 billion KRW (\u00a316.4 million). The Group now owns 100% of the issued share capital of JD Korea. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the acquisition on 6 September 2022 does not result in a change of control, this has been accounted for as an equity transaction.After the period ended 28 January 2023, the Group announced that JD would be withdrawing from the South Korean market.Deporvillage S.L.On 14 October 2022, ISRG, the Group\u2019s existing intermediate holding company in Spain, acquired a further 18% of the issued share\ue61fcapital in its existing subsidiary Deporvillage S.L. (\u2018Deporvillage\u2019) for a cash consideration of \u20ac14.8 million (\u00a312.9 million) and\ue61fdeferred consideration of \u20ac5.0 million (\u00a34.3 million) subject to the non-controlling interests abiding by certain non-compete obligations. 50% of the deferred consideration was settled in the 53 week period to 3 February 2024 with the remaining 50% due\ue61fon the second anniversary of the completion date. ISRG now owns 98% of the issued share capital and at the date of the acquisition, the Group owned an effective shareholding of 49% of the issued share capital of Deporvillage. In accordance with IFRS\ue61f10, the Group had previously assessed and concluded that it controlled the subsidiary. As the acquisition on 14 October 2022 does not result in a change of control, this was accounted for as an equity transaction. Subsequent to the acquisition of the remaining 49.99% of ISRG on 10 October 2023, the Group now owns an effective shareholding of 98% of the issued share capital\ue61fin Deporvillage.12.\u2002DivestmentsOn 16 December 2022, the Group announced its plan to significantly simplify its business offering through the divestment of a number of non-core businesses in order to focus more fully on the opportunities across the rest of the Group. As a result, 16 businesses in total were divested for total cash consideration of \u00a318.8m received in the period ended 3 February 2024, with deferred consideration of \u00a32.0m.The Group completed the divestment of 12 businesses for \u00a314.7m at various dates in the period ended 3 February 2024: \u2013 Tessuti Group Limited (100% equity interest) \u2013 including its subsidiaries Tessuti Limited (87.5% equity interest), Tessuti (Ireland) Limited (87.5% equity interest), Tessuti Retail Limited (100% equity interest) and Prima Designer Limited (100% equity interest) (divested on 7 February 2023); \u2013 Choice Limited (87.5% equity interest) \u2013 including its subsidiary Choice 33 Limited (87.5% equity interest) (divested on 7 February 2023); \u2013 Giulio Limited (87.5% equity interest) \u2013 including its subsidiaries Giulio Fashion Limited (87.5% equity interest) and Giulio Woman Limited (87.5% equity interest) (divested on 7 February 2023); \u2013 R.D. Scott Limited (100% equity interest) (divested on 7 February 2023); \u2013 Catchbest Limited (80% equity interest) (divested on 7 February 2023); \u2013 Rascal Clothing Limited (75% equity interest) (divested on 6 February 2023); \u2013 Source Lab Limited (85% equity interest) (divested on 28 February 2023); \u2013 Topgrade Sportswear Holdings Limited including its subsidiaries Topgrade Sportwear Limited and GetTheLabel.com Limited (80% equity interest) (divested on 2 March 2023); \u2013 Woodlandslove Limited (80% equity interest) (divested on 9 March 2023); \u2013 80s Casual Classics Limited including its subsidiary Modern Casuals Limited (70% equity interest) (divested on 26 May 2023); \u2013 Bernard Esher Limited (80% equity interest) (divested on 4 July 2023); and \u2013 Hairburst Holding Group Limited including its subsidiaries Hair Burst Limited, JMH Cosmetics Limited and Mrblancteeth Limited (75% equity interest) (divested on 24 July 2023).In addition, on 23 May 2023, the Group disposed of Brand Stable Limited (49% equity interest) a fixed asset investment in a joint venture for cash consideration of \u00a30.5m. On 2 February 2024, the group sold 0.64% of its holding in Applied Nutrition Limited, while still retaining the Group as an associate, for cash consideration of \u00a31.6m. The consideration was received fully in cash during the period. Costs to sell amounted to \u00a30.3m.On 30 August 2023, the Group disposed of SEA Sports Fashion SDN BHD (60% equity interest). The total cash consideration was\ue61f\u00a31.Additionally, on 20 December 2023, the Group disposed of Kukri Sports Limited (75% equity interest) including its subsidiaries Kukri Asia Limited (100% equity interest), Kukri Sports Middle East JLT (100% equity interest, Kukri GB Limited (100% equity interest), Kukri PTE Limited (100% equity interest), Kukri NZ Limited (75% equity interest), Kukri Events Limited (100% equity interest), Kukri Sports Ireland Limited (100% equity interest), Frank Harrison Limited (90% equity interest), Kukri Sports Canada Inc (75% equity interest), Kukri (HK) Limited (100% equity interest), Kukri Australia Pty Limited (100% equity interest), Kukri (Shanghai) Limited (100% equity interest) and Squirrel Sports Limited (100% equity interest). The total consideration was \u00a32.5m, of which \u00a30.5m was deferred. Of the 16 divested businesses, seven were held-for-sale in the 2023 Consolidated Financial Statements (see Note 35). At the date of disposal, the carrying amounts of the 16 divested businesses\u2019 (including one joint venture and part of an associate \u2013 see Note 17) net assets were as follows:\u00a3mIntangible assets 20.6Property, plant and equipment 17.1Right-of-use assets 31.0Deferred tax assets 0.2Other non-current assets 0.4Investments 1.3Total non-current assets 70.6Inventories 63.0Trade and other receivables 19.8Income tax recoverable 0.1Cash and cash equivalents 77.7Total current assets 160.6Trade and other payables (174.4)Provisions (0.2)Lease liabilities (5.4)Total current liabilities (180.0)Deferred tax liabilities (1.1)Lease liabilities (27.6)Other payables and accrued expenses (1.2)Total non-current liabilities (29.9)Total assets less total liabilities 21.3Net assets disposed of (21.3)Total consideration received in cash 18.8Total deferred consideration 2.0Provision for additional onerous leases (1.7)Intercompany debt written off (7.1)Loss on disposal (9.3)Total consideration received in cash 18.8Cash and cash equivalents disposed of (77.7)Net cash paid (58.9)GymNationOn 1 November 2023, the Group disposed of GymNation Holding Ltd (78.2% equity interest) including its subsidiary GymNation LLC. The total consideration was \u00a334.2 million. The net assets of the business were classed as held for sale in the half-year results. At the date of the disposal, the carrying amounts of GymNation\u2019s net assets were as follows:\u00a3mIntangible assets 19.2Property, plant and equipment 6.8Right-of-use assets 19.2Total non-current assets 45.2Inventories 0.2Trade and other receivables 2.8Cash and cash equivalents 11.9Total current assets 14.9Trade and other payables (3.2)Borrowings (5.0)Lease liabilities (2.7)Total current liabilities (10.9)Lease liabilities (18.4)Other payables and accrued expenses (1.0)Total non-current liabilities (19.4)Total assets less total liabilities 29.8Net assets disposed of (29.8)Total consideration received in cash 34.2Gain on disposal 4.4Total consideration received in cash 34.2Cash and cash equivalents disposed of (11.9)Net cash received 22.3Focus Brands LimitedOn 24 January 2024, the Group disposed of Focus Brands Limited (100% equity interest) including its subsidiaries Focus Group Holdings Limited (100% equity interest), Focus International Limited (100% equity interest), Focus Sports & Leisure International Limited (100% equity interest), Focus Equipment Limited (100% equity interest), Focus International NL B.V. (100% equity interest) and Focus Italy S.p.a. (100% equity interest). The total consideration was \u00a38 million, of which \u00a35 million was deferred. This decision was made following the half-year announcement; therefore, the net assets were not classed as held for sale. At the date of the disposal, the carrying amounts of Focus Group\u2019s net assets were as follows:\u00a3mIntangible assets 0.7Property, plant and equipment 1.4Right-of-use assets 5.6Deferred tax assets 0.3Total non-current assets 8.0Inventories 12.2Trade and other receivables 11.2Income tax recoverable 0.6Cash and cash equivalents 13.2Total current assets 37.2Trade and other payables (7.9)Lease liabilities (1.2)Total current liabilities (9.1)Lease liabilities (4.6)Total non-current liabilities (4.6)Total assets less total liabilities 31.5Net assets disposed of (31.5)Total consideration received in cash 3.0Total deferred consideration 5.0Loss on disposal (23.5)Total consideration received in cash 3.0Cash and cash equivalents disposed of (13.2)Net cash paid (10.2)Sports Unlimited Retail B.VOn 6 December 2023, the Group made the decision to close the Sports Unlimited Retail B.V (\u2018SUR\u2019) business. On this date, the entity was put into bankruptcy and the control over the trade and assets of SUR was transferred to an independent trustee. No consideration was received. The net gain on disposal has been treated as an adjusting item (see Note 4). At the date of the disposal, the carrying amounts of SUR\u2019s net liabilities were as follows:\u00a3mProperty, plant and equipment 15.1Right-of-use assets 27.9Total non-current assets 43.0Inventories 12.6Trade and other receivables 4.3Cash and cash equivalents 7.3Total current assets 24.2Trade and other payables (73.5)Lease liabilities (10.1)Total current liabilities (83.6)Lease liabilities (18.0)Other payables and accrued expenses (1.7)Total non-current liabilities (19.7)Total assets less total liabilities (36.1)Net liabilities disposed of 36.1Gain on disposal 36.1Total consideration received in cash \u2013Cash and cash equivalents disposed of (7.3)Net cash paid (7.3)Prior Period DivestmentsFootasylumOn 5 August 2022, the Group disposed of its 100% equity interest in Footasylum and its associated subsidiaries to Aurelius Group for a cash consideration of \u00a337.5 million. The subsidiary was classified as held-for-sale in the 2022 Consolidated Financial Statements. The consideration was received fully in cash in 2022. At the date of disposal, the carrying amounts of Footasylum\u2019s net assets were as follows:\u00a3mIntangible assets 6.7Property, plant and equipment 27.0Right-of-use assets 79.1Deferred tax assets 0.2Total non-current assets 113.0Inventories 36.4Trade and other receivables 24.9Cash and cash equivalents 6.0Total current assets 67.3Trade and other payables (24.7)Other tax and social security (3.7)Accruals and deferred income (19.1)Borrowings (3.5)Lease liabilities (15.6)Income tax liabilities (1.0)Total current liabilities (67.6)Accruals and deferred income (5.6)Lease liabilities (59.8)Total non-current liabilities (65.4)Total assets less total liabilities 47.3Net assets disposed of (47.3)Costs to sell (5.0)Loss on disposal (14.8)Total consideration received in cash 37.5Cash and cash equivalents disposed of (6.0)Net cash received 31.5In the 26 weeks to 30 July 2022, an impairment of \u00a38.5 million was recognised in order to present the Footasylum assets held-for-sale at the lower of carrying value and fair value less costs to sell in accordance with IFRS 5. A further \u00a36.3 million loss has been recognised following the reversal of \u00a38.3 million of right-of-use assets depreciation in order to cease depreciating these assets at the point of classification as held-for-sale in accordance with IFRS 5 and the release of a \u00a32.0 million provision for costs to sell that is no longer required. This resulted in a higher loss on disposal of the assets of \u00a314.8 million when compared to the impairment of \u00a38.5 million recognised in the 26 week period ended 30 July 2022.Other Non-Core Fashion BusinessesOn 16 December 2022, the Group announced its plan to significantly simplify its fashion branded offer through the divestment of 15 UK-based non-core fashion businesses (\u2018Divested Businesses\u2019), for cash consideration of \u00a344.5 million, in order to focus more fully on the opportunities across the rest of the Group, in particular the international and digital expansion of the Group\u2019s core premium Sports Fashion fascias. Completion on the disposal of shares in eight of the Divested Businesses, and on the disposal of all of the debt owing to JD by the\ue61fDivested Businesses, took place immediately on exchange. The initial eight Divested Businesses were: \u2013 Base Childrenswear Limited (80% equity interest) \u2013 Dantra Limited (75% equity interest) \u2013 PG2019 Limited (100% equity interest) \u2013 Prevu Studio Limited (100% equity interest) \u2013 Nicholas Deakins Limited (100% equity interest) \u2013 Uggbugg Fashion Limited \u2013 including its subsidiary Missy Empire Limited (51% equity interest) \u2013 Clothingsites Holdings Limited \u2013 including its subsidiaries Clothingsites.co.uk Limited and Old\ue61fBrown\ue61fBag\ue61fClothing\ue61fLimited\ue61f(100% equity interest) \u2013 WHCO Limited \u2013 including its subsidiaries The Watch Shop Holdings Limited and Watch Shop Logistics Limited (100%\ue61fequity\ue61finterest).Other Non-Core Fashion Businesses continuedThe consideration was received fully in cash during the period ended 28 January 2023. At the date of disposal, the carrying amounts of the initial eight Divested Businesses net assets were as follows:\u00a3mIntangible assets 22.6Property, plant and equipment 3.9Right-of-use assets 6.5Total non-current assets 33.0Inventories 29.8Trade and other receivables 8.5Cash and cash equivalents 16.4Total current assets 54.7Trade and other payables (19.7)Provisions (0.1)Borrowings (11.6)Lease liabilities (7.4)Income tax liabilities (0.3)Total current liabilities (39.1)Other payables and accrued expenses (1.5)Total non-current liabilities (1.5)Total assets less total liabilities 47.1Total consideration received in cash 44.5Intercompany debt (86.0)Net assets disposed of (47.1)Costs to sell (0.6)Impairment of assets held-for-sale (Note 35) (17.5)Loss on disposal (106.7)Total consideration received in cash 44.5Cash and cash equivalents disposed of (16.4)Net cash received 28.1Divestment of Other Non-Controlling InterestsDuring the period ended 28 January 2023, JD Sports Fashion Plc divested 5% of Kukri Sports Limited and 10% of JD Canary Islands Sports SL as a result of options exercised by non-controlling interests in the subsidiaries. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiaries. As the divestment does not result in a change of control, this has been accounted for as an equity transaction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__54-1": {
"value": "13. Intangible AssetsAcquisitionsThere have been no acquisitions of intangible assets in the current period. In the prior period, the acquisition of intangibles principally related to the acquisition of Total Swimming Holdings Limited (\u2018Swim!\u2019) alongside some smaller acquisitions. Further details, including the fair value of the assets acquired, are provided in Note 11.ImpairmentThe impairment in the current period relates to the goodwill and fascia values arising on the acquisition of the following groups of CGUs. The impairment charges per groups of CGUs, the carrying value of each group of CGUs and the recoverable amount has been detailed below: Goodwill - tested for impairments at an operating segment levelFor the period ended 3 February 2024Total Carrying value of Recoverableimpairment goodwill(1) amount (goodwill) (2)charge\u00a3m\u00a3m\u00a3m(3)Allsport0.8 \u2013 0.8(4)Gymnation7.9 \u2013 7.9(5)Swim!12.2 \u2013 12.220.9 \u2013 20.9(1) The carrying value is stated before the impairment was booked.(2) The recoverable amount of these group of CGUs was estimated based on their value-in-use, using discounted cashflows.(3) The impairment for Allsport results from the brand no longer being used, as it has been rebranded to JD UK, and therefore the remaining goodwill has been impaired.The Allsport brand is within the premium UK & ROI group of CGUs(4) The impairment for Gymnation results from the sale of the business in the current year. The Gymnation brand was within the other business group of CGUs.(5) Goodwill on Swim! is allocated and monitored independently as the business model is different to the rest of the businesses within the Group and there are no synergies that are shared with other businesses. As such, Swim! is tested for impairment separately.Fascia - tested for impairment at the fascia levelFor the period ended 3 February 2024Total Carrying value of Recoverableimpairment fascia(1) amount (fascia)(2)charge\u00a3m\u00a3m\u00a3mGo Outdoors 8.8 \u2013 8.8Livestock 0.8 \u2013 0.8(3)Swim!4.6 1.2 3.4Wheelbase 1.0 \u2013 1.015.2 1.2 14.0(1) The carrying value is stated before the impairment was booked.(2) The recoverable amount of the Fascia was estimated based on their value in use, using discounted cashflows.(3) For Swim! the carrying value of the Fascia has been disclosed. The overall carrying value, recoverable amount and impairment of Swim! is \u00a334.1m, \u00a314.2m and \u00a319.9m respectively. The \u00a319.9m relates to \u00a312.2m goodwill impairment, \u00a33.4m fascia impairment. \u00a32.5m PPE impairment and \u00a31.8m right of use asset impairment.Goodwill and Fascia impairmentsFor the period ended 28 January 2023Carrying value of Total Group ofRecoverableimpairment CGUs(1) amount(2)charge\u00a3m\u00a3m\u00a3mBodytone 31.4 19.0 12.4Deporvillage 142.5 117.8 24.7Hairburst 32.6 11.0 21.6Leisure Lakes 36.0 14.9 21.1Missy Empire 21.0 10.8 10.2Wheelbase 28.9 10.2 18.7Livestock 15.1 8.0 7.1Other 5.4 3.6 1.8312.9 195.3 117.6(1) The carrying value is stated before the impairment was booked.(2) The recoverable amount of the Fascia was estimated based on their value in use, using discounted cashflows.The impairment tables above have been presented on the updated group of CGU basis for the current period and on the previous basis for the prior period. For the current period, this is on an operating segment level for goodwill and fascia level for fascia intangibles. For the prior period, this has all been presented on a fascia Group of CGU level.The impairment charge in the current period is a result of impairment of Gymnation before divestment, negative growth in Outdoor retail stores and lower than anticipated trading results in the period for Livestock and Swim! since acquisition.Impairment of \u00a3117.6 million in the prior period was recognised against the goodwill and fascia intangibles, with the majority arising on\ue61fthe acquisition of Deporvillage, Hairburst, Leisure Lakes and Wheelbase.Cash-Generating UnitsThe Group considers each store to be a separate cash-generating unit (\u2018CGU\u2019). Property, plant and equipment, and right-of-use assets are tested for impairment at the CGU level as this is the level at which largely independent cash inflows are generated. Each of the CGUs (stores) operates under a fascia name and makes use of brand licences and therefore CGUs are grouped by fascia name for the purposes of considering fascia name and brand licence impairments. The Group allocates goodwill at the operating segment level, which represents a group of CGUs for the Group\u2019s retail operations. The Group\u2019s operating segments are Premium UK & ROI, Premium Europe, Premium North America, Premium Asia Pacific, Outdoor Retail, Other UK & ROI, Other Europe, Other North America and Other Asia Pacific. This has changed from 2023, where goodwill was previously assessed at the fascia level. In the current year, it has been concluded that goodwill should be assessed at the operating segment level as that is where the synergies arising from acquisitions are now expected to be realised. Brand licences and customer relationships have also been allocated to groups of CGUs where each operating segment represents a group of CGUs as that is the level where the benefits from those assets are expected to be derived.The recoverable amount of each CGU or group of CGUs is the higher of its value-in-use and its fair value less costs of disposal. Intangible Assets with Finite LivesFinite Lives, CGUs and Approach to ImpairmentIntangible assets with finite lives are tested for impairment only if indicators of impairment exist. At each reporting date, the Group reviews the carrying amounts of its fascia names and brand licences to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of these assets is determined based on value-in- use calculations. The use of this method requires the estimation of future cash flows expected to arise from the continuing operation of the group of CGUs and the choice of a suitable discount rate in order to calculate the present value. Impairment losses are recognised within administrative expenditure in the Consolidated Income Statement.Fascia NamesSeparately identifiable fascia names acquired are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. The initial fair value is determined by using a \u2018royalty relief\u2019 method of valuation. This is based on an estimation of future sales and the choice of a suitable royalty and discount rate in order to calculate the present value. This method involves calculating a net present value for each fascia name by discounting the projected future royalties expected using a finite useful economic life for each fascia. The future royalties are estimated by applying a suitable royalty rate to the sales forecast.Store and online fascia names are considered to have a finite useful economic life. The estimated useful economic lives are as\ue61ffollows: \u2013 Online fascia names 3 to 10 years \u2013 Store fascia names 5 to 10 years The factors that are considered when determining the useful life of each fascia name are as follows: \u2013 The strength of the respective fascia names in the relevant sector and geographic region where the fascia is located. \u2013 The history of the fascia names and that of similar assets in the relevant retail sectors. \u2013 The commitment of the Group to continue to operate these stores separately for the foreseeable future, including the ongoing investment in new stores and refurbishments. \u2013 The impact of increased competition in the marketplace as a result of reduced barriers to entry and its impact on the useful\ue61flife of online fascia names.The remaining useful economic lives of fascia names as at 3 February 2024 range over a period of four to eight years (2023:\ue61fthree\ue61fto ten\ue61fyears). Fascia names are all amortised over the useful economic life on a straight-line basis and the amortisation charge is included within administrative expenses in the Consolidated Income Statement.Brand Licences Brand licences are recognised when the Group enters into a licensing agreement with a brand to license their products in return for royalty payments across the term of the contract. On entering into the contract, the licence is assigned a cost based on the discounted contractual minimum royalty payments across the licence term. The cost of the licence is then simultaneously recognised as an intangible asset for the use of the brand licence and a liability for the royalty payments due. Brand licences are stated at cost less accumulated amortisation and impairment losses. Amortisation of brand licences is charged to the Consolidated Income Statement within cost of sales over the term to the licence expiry on a straight-line basis. The remaining useful economic lives of brand licences as at 3 February 2024 range over a period of three months to ten years (2023: three months to nine years). Brand licences are treated as corporate assets and are allocated to each CGU to the lowest level on a reasonable and consistent basis, which is considered to be at the store level. This is split evenly across each store that generates related revenue to approximate the allocation to a CGU.Customer RelationshipsCustomer relationships acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. Amortisation of customer relationships is charged to the Consolidated Income Statement within administrative expenses over the estimated useful life of one to five years on a straight-line basis. Customer relationships are allocated to a group of CGUs and tested annually for impairment and whenever there is an indication that these\ue61fmay be impaired. The group of CGUs has been identified to be at a fascia level.Brand NamesBrand names acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. Brand names separately acquired are stated at cost less accumulated amortisation and impairment losses. The useful economic life of each purchased brand name is considered to be finite and is typically between five and ten years. In determining the useful economic life of each brand name, the Board considers the market position of the brands acquired, the nature of the market that the brands operate in, typical product life-cycles of the brands and the useful economic lives of\ue61fsimilar assets that are used in comparable ways. Brand names are amortised on a straight-line basis over their useful economic lives and the amortisation charge is included within administrative expenses in the Consolidated Income Statement.Brand names are allocated to a group of CGUs and tested for impairment annually and whenever there is an indication that these may be impaired. Each of the CGUs operates under a fascia, and therefore the CGUs are grouped under the fascia names. Software DevelopmentSoftware development costs (including website development costs) are capitalised as intangible assets if the technical and commercial feasibility of the project has been demonstrated, the future economic benefits are probable, the Group has an intention and ability to complete and use or sell the software and the costs can be measured reliably. Costs that do not meet these\ue61fcriteria are expensed as incurred. Software development costs are stated at historic cost, less accumulated amortisation. Capitalised software costs comprise software under the control of the Group.Software development costs are all amortised over a period of two to seven years on a straight-line basis and the amortisation charge is included within administrative expenses in the Consolidated Income Statement. Software development includes \u00a3Nil (2023: \u00a3Nil) of internally generated software development. Directly attributable software development costs in relation to the configuration and customisation of cloud computing arrangements, including Software-as-a-Service (\u2018SaaS\u2019) are only capitalised to the extent they give rise to an asset controlled by the Group. Where control cannot be demonstrated, expenditure in relation to\ue61fsuch costs is expensed in the period it is incurred.Intangible Assets with Indefinite Lives GoodwillGoodwill and all intangible assets with an indefinite useful life as well as intangible assets not yet brought into use require an\ue61fannual impairment test. The Group performed its annual impairment test for the periods ending 3 February 2024 and 28 January 2023.Goodwill represents amounts arising on acquisition of subsidiaries. The Group measures goodwill at the acquisition date as: \u2013 the fair value of the consideration transferred; plus \u2013 the recognised amount of any non-controlling interests in the acquiree; plus \u2013 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2013 the net recognised amount of the identifiable assets acquired and liabilities assumed.When the excess is negative, the negative goodwill is recognised immediately in the Consolidated Income Statement.On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit/loss on disposal.Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to an operating segment and is tested annually for impairment and whenever there is an indication that the goodwill may be impaired. The recoverable amount is determined based on value-in-use calculations.(1)(1)(1)RestatedBrandBrandRestatedCustomer Software RestatedGoodwill licences names Fascia namesrelationshipsdevelopment Total \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost or valuation At 29 January 2022 (as reported) 1,185.9 22.1 22.9 525.0 11.7 113.7 1,881.3Effect of prior period restatement (Note 39) 34.2 \u2013 \u2013 6.9 \u2013 \u2013 41.1(1)At 29 January 2022 (restated) 1,220.1 22.1 22.9 531.9 11.7 113.7 1,922.4Additions \u2013 78.4 \u2013 \u2013 \u2013 19.9 98.3Acquisitions 12.6 \u2013 \u2013 5.5 1.1 \u2013 19.2(3)Reclassifications\u2013 \u2013 \u2013 \u2013 \u2013 (1.0) (1.0)Disposals \u2013 (3.8) \u2013 \u2013 \u2013 (7.7) (11.5)Divestments (Note 12) (55.5) (0.5) (0.7) (41.2) \u2013 (4.8) (102.7)Transfer to assets held-for-sale (Note\ue61f35) (9.6) \u2013 \u2013 (2.7) \u2013 (0.8) (13.1)Exchange differences 71.1 \u2013 \u2013 27.7 0.8 2.6 102.2(1)At 28 January 2023 (restated) 1,238.7 96.2 22.2 521.2 13.6 121.9 2,013.8Additions \u2013 73.0 \u2013 \u2013 \u2013 29.5 102.5(3)Reclassifications \u2013 \u2013 \u2013 (7.5) \u2013 (2.1) (9.6)Disposals \u2013 (0.6) \u2013 \u2013 \u2013 (7.1) (7.7)Divestments (Note 12) (58.0) \u2013 (0.7) (15.6) \u2013 \u2013 (74.3)Transfer to assets held-for-sale (Note\ue61f35) (7.4) \u2013 \u2013 \u2013 \u2013 (0.1) (7.5)Exchange differences (19.3) (0.1) \u2013 (6.6) (0.2) (1.6) (27.8)At 3 February 2024 1,154.0 168.5 21.5 491.5 13.4 140.5 1,989.4Amortisation and\ue61eimpairment At 29 January 2022 122.6 14.4 16.1 171.4 1.5 81.7 407.7Charge for the period \u2013 8.8 1.2 47.5 2.9 15.6 76.0(2)Impairments 109.2 \u2013 \u2013 8.4 \u2013 0.1 117.7(3)Reclassifications\u2013 \u2013 \u2013 \u2013 \u2013 0.8 0.8Disposals \u2013 (2.9) \u2013 \u2013 \u2013 (7.7) (10.6)Divestments (Note 12) (37.7) (0.3) (0.2) (38.5) \u2013 (1.4) (78.1)Transfer to assets held-for-sale (Note\ue61f35) (2.2) \u2013 \u2013 (1.3) \u2013 (0.4) (3.9)Exchange differences \u2013 \u2013 \u2013 2.2 \u2013 1.5 3.7At 28 January 2023 191.9 20.0 17.1 189.7 4.4 90.2 513.3Charge for the period \u2013 8.0 1.2 44.9 3.1 15.8 73.0(2)Impairments 20.9 \u2013 \u2013 14.0 \u2013 \u2013 34.9(3)Reclassifications \u2013 \u2013 \u2013 (7.5) \u2013 \u2013 (7.5)Disposals \u2013 (0.6) \u2013 \u2013 \u2013 (6.4) (7.0)Divestments (Note 12) (35.6) \u2013 (0.7) (6.7) \u2013 \u2013 (43.0)Exchange differences (0.2) \u2013 0.1 (2.3) (0.1) (1.1) (3.6)At 3 February 2024 177.0 27.4 17.7 232.1 7. 4 98.5 560.1Net book value At 3 February 2024 977.0 141.1 3.8 259.4 6.0 42.0 1,429.3(1)At 28 January 2023 (restated) 1,046.8 76.2 5.1 331.5 9.2 31.7 1,500.5(1)At 29 January 2022 (restated) 1,097.5 7.7 6.8 360.5 10.2 32.0 1,514.7(1) Please refer to Note 39 for further details of the restatement.(2) The impairment charge for the period is made up of adjusting items of \u00a334.9m (2023: \u00a3117.6m). See Note 4 for adjusting\ue61fitems.(3) Reclassifications on Fascia names are in relation to mis-classified impairments within the cost of assets which have been reclassified to the impairment financial line item. The remaining software reclassifications are movements from tangible assets. These net to \u00a3Nil across the reclassification lines within Notes 14, 15, 16 and 18.(4) The total net book value divested in the year ended 3 February 2024 is \u00a340.5 million (see Note 12). Within this value \u00a39.0m was classified as held-for-sale in the 52\ue61fweek period ended 28 January 2023 and \u00a331.3m has been divested in the 53 week period ended 3 February 2024.Disposal of Nil Net Book Value Assets No Longer in UseFollowing on from a review undertaken in the previous financial period, a review of the intangible asset records was carried out in\ue61fthe 53 week period ended 3 February 2024 to identify fully amortised assets no longer in use by the Group. The result of the review is a disposal of \u00a35.2m (2023: \u00a37.7m) of cost and accumulated amortisation for assets no longer in use.Carrying Value by Operating SegmentThe carrying amount of goodwill by operating segment, along with the key assumptions used in the value-in-use calculation, is\ue61fas\ue61ffollows:(1)RestatedGoodwill total goodwillReportable2024 2023Segment\u00a3m\u00a3mPremium UK & ROI Sports Fashion 26.9 26.6Premium North America Sports Fashion 775.3 790.4Premium Europe Sports Fashion 12.3 13.0Other UK & ROI Sports Fashion 2.7 2.7Other Europe Sports Fashion 139.7 141.4Other Businesses Sports Fashion 15.3 67.9Outdoor Retail Outdoors 4.8 4.8977.0 1,046.8(1) Please refer to Note 39 for further details of the restatement.Below we have presented the key assumptions used in the goodwill impairment models.For the 53 week period ended 3 February 2024Impairment model assumptions usedPre-tax ReportableGrowthdiscountSegment rate(1) Gross margin rate rate(1)Premium UK & ROI Sports FashionGross margins assumed to be consistent with 1.1%historic levels and the approved budget for 2025. 13.5%Premium North America Sports FashionGross margins assumed to be consistent with 5.6%historic levels and the approved budget for 2025. 12.8%Premium Europe Sports Fashion Gross margins assumed to be consistent with 10.9%historic levels and the approved budget for 2025. 13.2%(2)Other UK & ROISports Fashion Gross margins assumed to be consistent with (2.0)%historic levels and the approved budget for 2025. 13.7%Other Europe Sports Fashion Gross margins assumed to be consistent with 6.8%historic levels and the approved budget for 2025. 12.1%Other Businesses Sports Fashion Gross margins assumed to be consistent with 1.4%historic levels and the approved budget for 2025. 11.1%Outdoor retail OutdoorGross margins assumed to be consistent with (1.0)%historic levels and the approved budget for 2025. 13.5%(1) Growth rates and discount rates have not been presented for both Premium Asia Pacific and Other Asia Pacific, this is due to there being no intangible assets to assess as part of an impairment model.Key Assumptions Used in Value-In-Use Calculations and Sensitivity to Changes in AssumptionsThe calculation of value-in-use for CGUs and groups of CGUs is most sensitive to the following assumptions:",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
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"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__53": {
"value": "13. Intangible AssetsAcquisitionsThere have been no acquisitions of intangible assets in the current period. In the prior period, the acquisition of intangibles principally related to the acquisition of Total Swimming Holdings Limited (\u2018Swim!\u2019) alongside some smaller acquisitions. Further details, including the fair value of the assets acquired, are provided in Note 11.ImpairmentThe impairment in the current period relates to the goodwill and fascia values arising on the acquisition of the following groups of CGUs. The impairment charges per groups of CGUs, the carrying value of each group of CGUs and the recoverable amount has been detailed below: Goodwill - tested for impairments at an operating segment levelFor the period ended 3 February 2024Total Carrying value of Recoverableimpairment goodwill(1) amount (goodwill) (2)charge\u00a3m\u00a3m\u00a3m(3)Allsport0.8 \u2013 0.8(4)Gymnation7.9 \u2013 7.9(5)Swim!12.2 \u2013 12.220.9 \u2013 20.9(1) The carrying value is stated before the impairment was booked.(2) The recoverable amount of these group of CGUs was estimated based on their value-in-use, using discounted cashflows.(3) The impairment for Allsport results from the brand no longer being used, as it has been rebranded to JD UK, and therefore the remaining goodwill has been impaired.The Allsport brand is within the premium UK & ROI group of CGUs(4) The impairment for Gymnation results from the sale of the business in the current year. The Gymnation brand was within the other business group of CGUs.(5) Goodwill on Swim! is allocated and monitored independently as the business model is different to the rest of the businesses within the Group and there are no synergies that are shared with other businesses. As such, Swim! is tested for impairment separately.Fascia - tested for impairment at the fascia levelFor the period ended 3 February 2024Total Carrying value of Recoverableimpairment fascia(1) amount (fascia)(2)charge\u00a3m\u00a3m\u00a3mGo Outdoors 8.8 \u2013 8.8Livestock 0.8 \u2013 0.8(3)Swim!4.6 1.2 3.4Wheelbase 1.0 \u2013 1.015.2 1.2 14.0(1) The carrying value is stated before the impairment was booked.(2) The recoverable amount of the Fascia was estimated based on their value in use, using discounted cashflows.(3) For Swim! the carrying value of the Fascia has been disclosed. The overall carrying value, recoverable amount and impairment of Swim! is \u00a334.1m, \u00a314.2m and \u00a319.9m respectively. The \u00a319.9m relates to \u00a312.2m goodwill impairment, \u00a33.4m fascia impairment. \u00a32.5m PPE impairment and \u00a31.8m right of use asset impairment.Goodwill and Fascia impairmentsFor the period ended 28 January 2023Carrying value of Total Group ofRecoverableimpairment CGUs(1) amount(2)charge\u00a3m\u00a3m\u00a3mBodytone 31.4 19.0 12.4Deporvillage 142.5 117.8 24.7Hairburst 32.6 11.0 21.6Leisure Lakes 36.0 14.9 21.1Missy Empire 21.0 10.8 10.2Wheelbase 28.9 10.2 18.7Livestock 15.1 8.0 7.1Other 5.4 3.6 1.8312.9 195.3 117.6(1) The carrying value is stated before the impairment was booked.(2) The recoverable amount of the Fascia was estimated based on their value in use, using discounted cashflows.The impairment tables above have been presented on the updated group of CGU basis for the current period and on the previous basis for the prior period. For the current period, this is on an operating segment level for goodwill and fascia level for fascia intangibles. For the prior period, this has all been presented on a fascia Group of CGU level.The impairment charge in the current period is a result of impairment of Gymnation before divestment, negative growth in Outdoor retail stores and lower than anticipated trading results in the period for Livestock and Swim! since acquisition.Impairment of \u00a3117.6 million in the prior period was recognised against the goodwill and fascia intangibles, with the majority arising on\ue61fthe acquisition of Deporvillage, Hairburst, Leisure Lakes and Wheelbase.Cash-Generating UnitsThe Group considers each store to be a separate cash-generating unit (\u2018CGU\u2019). Property, plant and equipment, and right-of-use assets are tested for impairment at the CGU level as this is the level at which largely independent cash inflows are generated. Each of the CGUs (stores) operates under a fascia name and makes use of brand licences and therefore CGUs are grouped by fascia name for the purposes of considering fascia name and brand licence impairments. The Group allocates goodwill at the operating segment level, which represents a group of CGUs for the Group\u2019s retail operations. The Group\u2019s operating segments are Premium UK & ROI, Premium Europe, Premium North America, Premium Asia Pacific, Outdoor Retail, Other UK & ROI, Other Europe, Other North America and Other Asia Pacific. This has changed from 2023, where goodwill was previously assessed at the fascia level. In the current year, it has been concluded that goodwill should be assessed at the operating segment level as that is where the synergies arising from acquisitions are now expected to be realised. Brand licences and customer relationships have also been allocated to groups of CGUs where each operating segment represents a group of CGUs as that is the level where the benefits from those assets are expected to be derived.The recoverable amount of each CGU or group of CGUs is the higher of its value-in-use and its fair value less costs of disposal. Intangible Assets with Finite LivesFinite Lives, CGUs and Approach to ImpairmentIntangible assets with finite lives are tested for impairment only if indicators of impairment exist. At each reporting date, the Group reviews the carrying amounts of its fascia names and brand licences to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of these assets is determined based on value-in- use calculations. The use of this method requires the estimation of future cash flows expected to arise from the continuing operation of the group of CGUs and the choice of a suitable discount rate in order to calculate the present value. Impairment losses are recognised within administrative expenditure in the Consolidated Income Statement.Fascia NamesSeparately identifiable fascia names acquired are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. The initial fair value is determined by using a \u2018royalty relief\u2019 method of valuation. This is based on an estimation of future sales and the choice of a suitable royalty and discount rate in order to calculate the present value. This method involves calculating a net present value for each fascia name by discounting the projected future royalties expected using a finite useful economic life for each fascia. The future royalties are estimated by applying a suitable royalty rate to the sales forecast.Store and online fascia names are considered to have a finite useful economic life. The estimated useful economic lives are as\ue61ffollows: \u2013 Online fascia names 3 to 10 years \u2013 Store fascia names 5 to 10 years The factors that are considered when determining the useful life of each fascia name are as follows: \u2013 The strength of the respective fascia names in the relevant sector and geographic region where the fascia is located. \u2013 The history of the fascia names and that of similar assets in the relevant retail sectors. \u2013 The commitment of the Group to continue to operate these stores separately for the foreseeable future, including the ongoing investment in new stores and refurbishments. \u2013 The impact of increased competition in the marketplace as a result of reduced barriers to entry and its impact on the useful\ue61flife of online fascia names.The remaining useful economic lives of fascia names as at 3 February 2024 range over a period of four to eight years (2023:\ue61fthree\ue61fto ten\ue61fyears). Fascia names are all amortised over the useful economic life on a straight-line basis and the amortisation charge is included within administrative expenses in the Consolidated Income Statement.Brand Licences Brand licences are recognised when the Group enters into a licensing agreement with a brand to license their products in return for royalty payments across the term of the contract. On entering into the contract, the licence is assigned a cost based on the discounted contractual minimum royalty payments across the licence term. The cost of the licence is then simultaneously recognised as an intangible asset for the use of the brand licence and a liability for the royalty payments due. Brand licences are stated at cost less accumulated amortisation and impairment losses. Amortisation of brand licences is charged to the Consolidated Income Statement within cost of sales over the term to the licence expiry on a straight-line basis. The remaining useful economic lives of brand licences as at 3 February 2024 range over a period of three months to ten years (2023: three months to nine years). Brand licences are treated as corporate assets and are allocated to each CGU to the lowest level on a reasonable and consistent basis, which is considered to be at the store level. This is split evenly across each store that generates related revenue to approximate the allocation to a CGU.Customer RelationshipsCustomer relationships acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. Amortisation of customer relationships is charged to the Consolidated Income Statement within administrative expenses over the estimated useful life of one to five years on a straight-line basis. Customer relationships are allocated to a group of CGUs and tested annually for impairment and whenever there is an indication that these\ue61fmay be impaired. The group of CGUs has been identified to be at a fascia level.Brand NamesBrand names acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. Brand names separately acquired are stated at cost less accumulated amortisation and impairment losses. The useful economic life of each purchased brand name is considered to be finite and is typically between five and ten years. In determining the useful economic life of each brand name, the Board considers the market position of the brands acquired, the nature of the market that the brands operate in, typical product life-cycles of the brands and the useful economic lives of\ue61fsimilar assets that are used in comparable ways. Brand names are amortised on a straight-line basis over their useful economic lives and the amortisation charge is included within administrative expenses in the Consolidated Income Statement.Brand names are allocated to a group of CGUs and tested for impairment annually and whenever there is an indication that these may be impaired. Each of the CGUs operates under a fascia, and therefore the CGUs are grouped under the fascia names. Software DevelopmentSoftware development costs (including website development costs) are capitalised as intangible assets if the technical and commercial feasibility of the project has been demonstrated, the future economic benefits are probable, the Group has an intention and ability to complete and use or sell the software and the costs can be measured reliably. Costs that do not meet these\ue61fcriteria are expensed as incurred. Software development costs are stated at historic cost, less accumulated amortisation. Capitalised software costs comprise software under the control of the Group.Software development costs are all amortised over a period of two to seven years on a straight-line basis and the amortisation charge is included within administrative expenses in the Consolidated Income Statement. Software development includes \u00a3Nil (2023: \u00a3Nil) of internally generated software development. Directly attributable software development costs in relation to the configuration and customisation of cloud computing arrangements, including Software-as-a-Service (\u2018SaaS\u2019) are only capitalised to the extent they give rise to an asset controlled by the Group. Where control cannot be demonstrated, expenditure in relation to\ue61fsuch costs is expensed in the period it is incurred.Intangible Assets with Indefinite Lives GoodwillGoodwill and all intangible assets with an indefinite useful life as well as intangible assets not yet brought into use require an\ue61fannual impairment test. The Group performed its annual impairment test for the periods ending 3 February 2024 and 28 January 2023.Goodwill represents amounts arising on acquisition of subsidiaries. The Group measures goodwill at the acquisition date as: \u2013 the fair value of the consideration transferred; plus \u2013 the recognised amount of any non-controlling interests in the acquiree; plus \u2013 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2013 the net recognised amount of the identifiable assets acquired and liabilities assumed.When the excess is negative, the negative goodwill is recognised immediately in the Consolidated Income Statement.On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit/loss on disposal.Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to an operating segment and is tested annually for impairment and whenever there is an indication that the goodwill may be impaired. The recoverable amount is determined based on value-in-use calculations.(1)(1)(1)RestatedBrandBrandRestatedCustomer Software RestatedGoodwill licences names Fascia namesrelationshipsdevelopment Total \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost or valuation At 29 January 2022 (as reported) 1,185.9 22.1 22.9 525.0 11.7 113.7 1,881.3Effect of prior period restatement (Note 39) 34.2 \u2013 \u2013 6.9 \u2013 \u2013 41.1(1)At 29 January 2022 (restated) 1,220.1 22.1 22.9 531.9 11.7 113.7 1,922.4Additions \u2013 78.4 \u2013 \u2013 \u2013 19.9 98.3Acquisitions 12.6 \u2013 \u2013 5.5 1.1 \u2013 19.2(3)Reclassifications\u2013 \u2013 \u2013 \u2013 \u2013 (1.0) (1.0)Disposals \u2013 (3.8) \u2013 \u2013 \u2013 (7.7) (11.5)Divestments (Note 12) (55.5) (0.5) (0.7) (41.2) \u2013 (4.8) (102.7)Transfer to assets held-for-sale (Note\ue61f35) (9.6) \u2013 \u2013 (2.7) \u2013 (0.8) (13.1)Exchange differences 71.1 \u2013 \u2013 27.7 0.8 2.6 102.2(1)At 28 January 2023 (restated) 1,238.7 96.2 22.2 521.2 13.6 121.9 2,013.8Additions \u2013 73.0 \u2013 \u2013 \u2013 29.5 102.5(3)Reclassifications \u2013 \u2013 \u2013 (7.5) \u2013 (2.1) (9.6)Disposals \u2013 (0.6) \u2013 \u2013 \u2013 (7.1) (7.7)Divestments (Note 12) (58.0) \u2013 (0.7) (15.6) \u2013 \u2013 (74.3)Transfer to assets held-for-sale (Note\ue61f35) (7.4) \u2013 \u2013 \u2013 \u2013 (0.1) (7.5)Exchange differences (19.3) (0.1) \u2013 (6.6) (0.2) (1.6) (27.8)At 3 February 2024 1,154.0 168.5 21.5 491.5 13.4 140.5 1,989.4Amortisation and\ue61eimpairment At 29 January 2022 122.6 14.4 16.1 171.4 1.5 81.7 407.7Charge for the period \u2013 8.8 1.2 47.5 2.9 15.6 76.0(2)Impairments 109.2 \u2013 \u2013 8.4 \u2013 0.1 117.7(3)Reclassifications\u2013 \u2013 \u2013 \u2013 \u2013 0.8 0.8Disposals \u2013 (2.9) \u2013 \u2013 \u2013 (7.7) (10.6)Divestments (Note 12) (37.7) (0.3) (0.2) (38.5) \u2013 (1.4) (78.1)Transfer to assets held-for-sale (Note\ue61f35) (2.2) \u2013 \u2013 (1.3) \u2013 (0.4) (3.9)Exchange differences \u2013 \u2013 \u2013 2.2 \u2013 1.5 3.7At 28 January 2023 191.9 20.0 17.1 189.7 4.4 90.2 513.3Charge for the period \u2013 8.0 1.2 44.9 3.1 15.8 73.0(2)Impairments 20.9 \u2013 \u2013 14.0 \u2013 \u2013 34.9(3)Reclassifications \u2013 \u2013 \u2013 (7.5) \u2013 \u2013 (7.5)Disposals \u2013 (0.6) \u2013 \u2013 \u2013 (6.4) (7.0)Divestments (Note 12) (35.6) \u2013 (0.7) (6.7) \u2013 \u2013 (43.0)Exchange differences (0.2) \u2013 0.1 (2.3) (0.1) (1.1) (3.6)At 3 February 2024 177.0 27.4 17.7 232.1 7. 4 98.5 560.1Net book value At 3 February 2024 977.0 141.1 3.8 259.4 6.0 42.0 1,429.3(1)At 28 January 2023 (restated) 1,046.8 76.2 5.1 331.5 9.2 31.7 1,500.5(1)At 29 January 2022 (restated) 1,097.5 7.7 6.8 360.5 10.2 32.0 1,514.7(1) Please refer to Note 39 for further details of the restatement.(2) The impairment charge for the period is made up of adjusting items of \u00a334.9m (2023: \u00a3117.6m). See Note 4 for adjusting\ue61fitems.(3) Reclassifications on Fascia names are in relation to mis-classified impairments within the cost of assets which have been reclassified to the impairment financial line item. The remaining software reclassifications are movements from tangible assets. These net to \u00a3Nil across the reclassification lines within Notes 14, 15, 16 and 18.(4) The total net book value divested in the year ended 3 February 2024 is \u00a340.5 million (see Note 12). Within this value \u00a39.0m was classified as held-for-sale in the 52\ue61fweek period ended 28 January 2023 and \u00a331.3m has been divested in the 53 week period ended 3 February 2024.Disposal of Nil Net Book Value Assets No Longer in UseFollowing on from a review undertaken in the previous financial period, a review of the intangible asset records was carried out in\ue61fthe 53 week period ended 3 February 2024 to identify fully amortised assets no longer in use by the Group. The result of the review is a disposal of \u00a35.2m (2023: \u00a37.7m) of cost and accumulated amortisation for assets no longer in use.Carrying Value by Operating SegmentThe carrying amount of goodwill by operating segment, along with the key assumptions used in the value-in-use calculation, is\ue61fas\ue61ffollows:(1)RestatedGoodwill total goodwillReportable2024 2023Segment\u00a3m\u00a3mPremium UK & ROI Sports Fashion 26.9 26.6Premium North America Sports Fashion 775.3 790.4Premium Europe Sports Fashion 12.3 13.0Other UK & ROI Sports Fashion 2.7 2.7Other Europe Sports Fashion 139.7 141.4Other Businesses Sports Fashion 15.3 67.9Outdoor Retail Outdoors 4.8 4.8977.0 1,046.8(1) Please refer to Note 39 for further details of the restatement.Below we have presented the key assumptions used in the goodwill impairment models.For the 53 week period ended 3 February 2024Impairment model assumptions usedPre-tax ReportableGrowthdiscountSegment rate(1) Gross margin rate rate(1)Premium UK & ROI Sports FashionGross margins assumed to be consistent with 1.1%historic levels and the approved budget for 2025. 13.5%Premium North America Sports FashionGross margins assumed to be consistent with 5.6%historic levels and the approved budget for 2025. 12.8%Premium Europe Sports Fashion Gross margins assumed to be consistent with 10.9%historic levels and the approved budget for 2025. 13.2%(2)Other UK & ROISports Fashion Gross margins assumed to be consistent with (2.0)%historic levels and the approved budget for 2025. 13.7%Other Europe Sports Fashion Gross margins assumed to be consistent with 6.8%historic levels and the approved budget for 2025. 12.1%Other Businesses Sports Fashion Gross margins assumed to be consistent with 1.4%historic levels and the approved budget for 2025. 11.1%Outdoor retail OutdoorGross margins assumed to be consistent with (1.0)%historic levels and the approved budget for 2025. 13.5%(1) Growth rates and discount rates have not been presented for both Premium Asia Pacific and Other Asia Pacific, this is due to there being no intangible assets to assess as part of an impairment model.13. Intangible Assets continuedFor the 52 week period ended 28 January 2023Impairment model assumptions usedGrowthPre-tax discountReportablerate rate Segment2023 Gross margin rate2023Cosmos Sports Fashion 3.3% Gross margins assumed to be consistent with 13.6%historic levels and the approved budget for 2024.Deporvillage Sports Fashion 5.8% Increase by 5% in the short term to reflect improvements in 11.8%distribution and changes in product strategy.DTLR Sports Fashion 3.1% Gross margins assumed to be consistent with 12.8%historic levels and the approved budget for 2024.Finish Line Sports Fashion 1.0% Gross margins assumed to be consistent with 13.2%historic levels and the approved budget for 2024.Go Outdoors Outdoor 3.1% Increase by 2% in the short term to reflect improvements in 16.3%distribution and changes in product strategy.GymNation Sports Fashion 2.1% Gross margins assumed to be consistent with 12.2%historic levels and the approved budget for 2024.JD Gyms Sports Fashion 1.2% Gross margins assumed to be consistent with 14.4%historic levels and the approved budget for 2024.Leisure Lakes Outdoor 4.2% Increase by 3.7% in the short term to reflect improvements in 14.6%distribution and changes in product strategy.MIG Sports Fashion 4.4% Gross margins assumed to be consistent with 12.6%historic levels and the approved budget for 2024.Shoe Palace Sports Fashion 4.7% Gross margins assumed to be consistent with 12.6%historic levels and the approved budget for 2024.Sport Zone Sports Fashion 2.4% Gross margins assumed to be consistent with 12.0%historic levels and the approved budget for 2024.Total Swimming Sports Fashion 12.3% Increase by 6% in the short term 15.0%Groupto reflect changes in business strategy.Other Sports Fashion &1% \u2013 5% A range of gross margin assumptions, from 11.0% \u2013 16.0%Outdoorbroadly consistent and movements of -2% to +2.5% in the short-term to reflect historic margin movements and changes in strategy for stock and merchandising.Key Assumptions Used in Value-In-Use Calculations and Sensitivity to Changes in AssumptionsThe calculation of value-in-use for CGUs and groups of CGUs is most sensitive to the following assumptions: \u2013 Gross margins \u2013 Discount rates \u2013 Growth ratesThe cash flow projections used in the value-in-use calculations are all based on the Group\u2019s three-year Board approved forecast. The forecasts are extrapolated based on estimated long-term average growth rates. Estimates are based on past experience and expectations of future changes in the market, including the prevailing economic climate and global economy, competitor activity, market dynamics, changing customer behaviours, structural challenges facing retail and the resilience afforded by the Group\u2019s operational scale.Gross MarginsGross margins are based on the same values as forecast in the Board approved budget. These are generally expected to remain constant over the three year forecast period.Discount RatesDiscount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u2018WACC\u2019).Growth RatesThe short-term revenue growth rate is based on the Board approved average annual growth rates for the three year period following the 53 week period ending 3 February 2024. The long-term revenue growth rate is the rate used thereafter, which is an estimate of the growth based on past experience within the Group, taking account of economic growth forecasts for the relevant sector and geography. The long-term growth rates have been compared to published industry research and the lower of the growth rates have been used in the value-in-use calculation.Sensitivity AnalysisThe Group has carried out sensitivity analysis on the reasonably possible changes in key assumptions in the impairment tests for:(a) each operating segment to which goodwill has been allocated; and (b) for each group of CGUs at a fascia level. Management has\ue61fconsidered the possibility of each business achieving less revenue and gross profit % than forecast. Whilst any reduction in revenue would be partially offset by a reduction in revenue-related costs, management would also take actions to mitigate the loss\ue61fof gross profit by reducing other costs. With regard to the assessment of value-in-use of all groups CGUs and operating segments with headroom, management believes that there are no reasonably possible changes in any of the key assumptions which would cause the carrying value to materially exceed its recoverable amount and we do not consider this to be a critical estimate. Management does not consider there to be a reasonably possible change in any of the key assumptions in the group of CGUs, or with\ue61fimpairment charges that would materially increase the impairment recognised in the period other than for the outdoor retail segment.Sensitivity analysis has been performed, and there are no intangibles which would be materially impacted by reasonably possible changes to key assumptions that would have a material impact on the carrying value of intangibles. This is due to the significant headroom identified from the VIU calculations.",
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"s9_notes__6__58": {
"value": "For the 53 week period ended 3 February 2024Impairment model assumptions usedPre-tax ReportableGrowthdiscountSegment rate(1) Gross margin rate rate(1)Premium UK & ROI Sports FashionGross margins assumed to be consistent with 1.1%historic levels and the approved budget for 2025. 13.5%Premium North America Sports FashionGross margins assumed to be consistent with 5.6%historic levels and the approved budget for 2025. 12.8%Premium Europe Sports Fashion Gross margins assumed to be consistent with 10.9%historic levels and the approved budget for 2025. 13.2%(2)Other UK & ROISports Fashion Gross margins assumed to be consistent with (2.0)%historic levels and the approved budget for 2025. 13.7%Other Europe Sports Fashion Gross margins assumed to be consistent with 6.8%historic levels and the approved budget for 2025. 12.1%Other Businesses Sports Fashion Gross margins assumed to be consistent with 1.4%historic levels and the approved budget for 2025. 11.1%Outdoor retail OutdoorGross margins assumed to be consistent with (1.0)%historic levels and the approved budget for 2025. 13.5%(1) Growth rates and discount rates have not been presented for both Premium Asia Pacific and Other Asia Pacific, this is due to there being no intangible assets to assess as part of an impairment model.13. Intangible Assets continuedFor the 52 week period ended 28 January 2023Impairment model assumptions usedGrowthPre-tax discountReportablerate rate Segment2023 Gross margin rate2023Cosmos Sports Fashion 3.3% Gross margins assumed to be consistent with 13.6%historic levels and the approved budget for 2024.Deporvillage Sports Fashion 5.8% Increase by 5% in the short term to reflect improvements in 11.8%distribution and changes in product strategy.DTLR Sports Fashion 3.1% Gross margins assumed to be consistent with 12.8%historic levels and the approved budget for 2024.Finish Line Sports Fashion 1.0% Gross margins assumed to be consistent with 13.2%historic levels and the approved budget for 2024.Go Outdoors Outdoor 3.1% Increase by 2% in the short term to reflect improvements in 16.3%distribution and changes in product strategy.GymNation Sports Fashion 2.1% Gross margins assumed to be consistent with 12.2%historic levels and the approved budget for 2024.JD Gyms Sports Fashion 1.2% Gross margins assumed to be consistent with 14.4%historic levels and the approved budget for 2024.Leisure Lakes Outdoor 4.2% Increase by 3.7% in the short term to reflect improvements in 14.6%distribution and changes in product strategy.MIG Sports Fashion 4.4% Gross margins assumed to be consistent with 12.6%historic levels and the approved budget for 2024.Shoe Palace Sports Fashion 4.7% Gross margins assumed to be consistent with 12.6%historic levels and the approved budget for 2024.Sport Zone Sports Fashion 2.4% Gross margins assumed to be consistent with 12.0%historic levels and the approved budget for 2024.Total Swimming Sports Fashion 12.3% Increase by 6% in the short term 15.0%Groupto reflect changes in business strategy.Other Sports Fashion &1% \u2013 5% A range of gross margin assumptions, from 11.0% \u2013 16.0%Outdoorbroadly consistent and movements of -2% to +2.5% in the short-term to reflect historic margin movements and changes in strategy for stock and merchandising.Key Assumptions Used in Value-In-Use Calculations and Sensitivity to Changes in AssumptionsThe calculation of value-in-use for CGUs and groups of CGUs is most sensitive to the following assumptions: \u2013 Gross margins \u2013 Discount rates \u2013 Growth ratesThe cash flow projections used in the value-in-use calculations are all based on the Group\u2019s three-year Board approved forecast. The forecasts are extrapolated based on estimated long-term average growth rates. Estimates are based on past experience and expectations of future changes in the market, including the prevailing economic climate and global economy, competitor activity, market dynamics, changing customer behaviours, structural challenges facing retail and the resilience afforded by the Group\u2019s operational scale.Gross MarginsGross margins are based on the same values as forecast in the Board approved budget. These are generally expected to remain constant over the three year forecast period.Discount RatesDiscount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u2018WACC\u2019).Growth RatesThe short-term revenue growth rate is based on the Board approved average annual growth rates for the three year period following the 53 week period ending 3 February 2024. The long-term revenue growth rate is the rate used thereafter, which is an estimate of the growth based on past experience within the Group, taking account of economic growth forecasts for the relevant sector and geography. The long-term growth rates have been compared to published industry research and the lower of the growth rates have been used in the value-in-use calculation.Sensitivity AnalysisThe Group has carried out sensitivity analysis on the reasonably possible changes in key assumptions in the impairment tests for:(a) each operating segment to which goodwill has been allocated; and (b) for each group of CGUs at a fascia level. Management has\ue61fconsidered the possibility of each business achieving less revenue and gross profit % than forecast. Whilst any reduction in revenue would be partially offset by a reduction in revenue-related costs, management would also take actions to mitigate the loss\ue61fof gross profit by reducing other costs. With regard to the assessment of value-in-use of all groups CGUs and operating segments with headroom, management believes that there are no reasonably possible changes in any of the key assumptions which would cause the carrying value to materially exceed its recoverable amount and we do not consider this to be a critical estimate. Management does not consider there to be a reasonably possible change in any of the key assumptions in the group of CGUs, or with\ue61fimpairment charges that would materially increase the impairment recognised in the period other than for the outdoor retail segment.Sensitivity analysis has been performed, and there are no intangibles which would be materially impacted by reasonably possible changes to key assumptions that would have a material impact on the carrying value of intangibles. This is due to the significant headroom identified from the VIU calculations.",
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},
"s9_notes__6__61": {
"value": "14. Property, Plant and EquipmentOwned AssetsItems of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Where parts of an\ue61fitem of property, plant and equipment have different useful economic lives, they are accounted for as separate items.Depreciation Depreciation is charged to the Consolidated Income Statement over the estimated useful life of each part of an item of property, plant and equipment. The estimated useful economic lives are as follows: \u2013 Freehold land \u2013 not depreciated \u2013 Long leasehold and freehold properties \u2013 2% per annum on a straight-line basis \u2013 Improvements to short leasehold properties \u2013 life of lease on a straight-line basis \u2013 Computer equipment \u2013 3\u20134 years on a straight-line basis \u2013 Fixtures and fittings \u2013 5\u20137 years, or length of lease if shorter, on a straight-line basis \u2013 Motor vehicles \u2013 25% per annum on a reducing balance basisThe Group reviews the estimated residual values and expected useful lives of assets at least annually. In particular, the Group considers the impact of health, safety and environmental legislation in its assessment of expected useful lives and estimated residual values. Furthermore, the Group considers climate-related matters, including physical and transition risks. Specifically, the\ue61fGroup determines whether climate-related legislation and regulations might impact either the useful life or residual values, e.g.\ue61fby imposing additional energy efficiency requirements on the Group\u2019s buildings and office properties.DisposalsGains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in the Consolidated Income Statement either within other income or\ue61fother\ue61fexpenses.Impairment of Property, Plant and Equipment and Non-Current Other AssetsProperty, plant and equipment and non-current other assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of an asset or a cash-generating unit is not recoverable. The Group treats each store as a separate cash-generating unit (\u2018CGU\u2019) for impairment testing of property, plant and equipment and right-of-use assets as this is the\ue61flevel at which largely independent cash flows are generated. Judgement is required as to whether online sales (and associated costs) could be attributed to stores for the purposes of impairment testing when calculating the value-in-use of each store CGU and, as such, the Group does not include these items in the calculation of the value-in-use of each store CGU. The recoverable amount of each store CGU is the higher of its value-in-use and its fair value less costs of disposal. Impairment losses recognised in\ue61fprior periods are assessed at each reporting period date for any indications that the loss has decreased or no longer exists. An impairment loss\ue61fis\ue61freversed if there has been a sustainable change in the estimates used to determine the recoverable amount. An\ue61fimpairment loss is\ue61freversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would\ue61fbe held (net\ue61fof\ue61fdepreciation) if no impairment had been realised. Discount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u201cWACC\u201d).Impairment charges of \u00a39.5million (2023: \u00a31.5 million) relate to all classes of property, plant and equipment in store CGUs\ue61fwhere there has been an impairment indicator and following which a full impairment review has been performed. The loss is based on the specific revenue streams and costs attributable to the store CGU. Assets in impaired store CGUs are written down to their recoverable amount which is calculated\ue61fas the higher of the fair value less costs to sell and value-in-use.Included within the depreciation charge for the period ended 3 February 2024 is accelerated depreciation of \u00a30.7 million (2023: \u00a32.0 million) following a review of the useful economic life of certain items of property, plant and equipment and assets\ue61fcapitalised.",
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"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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"s9_notes__6__60": {
"value": "14. Property, Plant and EquipmentOwned AssetsItems of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Where parts of an\ue61fitem of property, plant and equipment have different useful economic lives, they are accounted for as separate items.Depreciation Depreciation is charged to the Consolidated Income Statement over the estimated useful life of each part of an item of property, plant and equipment. The estimated useful economic lives are as follows: \u2013 Freehold land \u2013 not depreciated \u2013 Long leasehold and freehold properties \u2013 2% per annum on a straight-line basis \u2013 Improvements to short leasehold properties \u2013 life of lease on a straight-line basis \u2013 Computer equipment \u2013 3\u20134 years on a straight-line basis \u2013 Fixtures and fittings \u2013 5\u20137 years, or length of lease if shorter, on a straight-line basis \u2013 Motor vehicles \u2013 25% per annum on a reducing balance basisThe Group reviews the estimated residual values and expected useful lives of assets at least annually. In particular, the Group considers the impact of health, safety and environmental legislation in its assessment of expected useful lives and estimated residual values. Furthermore, the Group considers climate-related matters, including physical and transition risks. Specifically, the\ue61fGroup determines whether climate-related legislation and regulations might impact either the useful life or residual values, e.g.\ue61fby imposing additional energy efficiency requirements on the Group\u2019s buildings and office properties.DisposalsGains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in the Consolidated Income Statement either within other income or\ue61fother\ue61fexpenses.Impairment of Property, Plant and Equipment and Non-Current Other AssetsProperty, plant and equipment and non-current other assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of an asset or a cash-generating unit is not recoverable. The Group treats each store as a separate cash-generating unit (\u2018CGU\u2019) for impairment testing of property, plant and equipment and right-of-use assets as this is the\ue61flevel at which largely independent cash flows are generated. Judgement is required as to whether online sales (and associated costs) could be attributed to stores for the purposes of impairment testing when calculating the value-in-use of each store CGU and, as such, the Group does not include these items in the calculation of the value-in-use of each store CGU. The recoverable amount of each store CGU is the higher of its value-in-use and its fair value less costs of disposal. Impairment losses recognised in\ue61fprior periods are assessed at each reporting period date for any indications that the loss has decreased or no longer exists. An impairment loss\ue61fis\ue61freversed if there has been a sustainable change in the estimates used to determine the recoverable amount. An\ue61fimpairment loss is\ue61freversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would\ue61fbe held (net\ue61fof\ue61fdepreciation) if no impairment had been realised. Discount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u201cWACC\u201d).Impairment charges of \u00a39.5million (2023: \u00a31.5 million) relate to all classes of property, plant and equipment in store CGUs\ue61fwhere there has been an impairment indicator and following which a full impairment review has been performed. The loss is based on the specific revenue streams and costs attributable to the store CGU. Assets in impaired store CGUs are written down to their recoverable amount which is calculated\ue61fas the higher of the fair value less costs to sell and value-in-use.Included within the depreciation charge for the period ended 3 February 2024 is accelerated depreciation of \u00a30.7 million (2023: \u00a32.0 million) following a review of the useful economic life of certain items of property, plant and equipment and assets\ue61fcapitalised.14. Property, Plant and Equipment continuedFreehold land, long leasehold Improvements to and freehold short leasehold Assets under Fixtures and Computer Motor properties properties construction fittings equipment vehiclesTotal \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 29 January 2022 70.5 229.0 16.4 905.6 109.4 3.9 1,334.8Additions 5.6 65.7 24.9 202.4 27.0 1.0 326.6Disposals (4.5) (32.7) (0.4) (102.6) (41.8) (0.7) (182.7)Divestments (Note 12) (1.3) (0.1) 1.3 (6.3) (2.0) (0.1) (8.5)(2)Reclassifications 12.0 4.7 (19.5) (9.1) 4.7 2.9 (4.3)Acquisitions 15.5 0.4 \u2013 3.3 0.1 \u2013 19.3Exchange differences 1.1 14.1 1.1 24.7 2.0 0.2 43.2Transfer to assets held-for-sale (Note 35) (2.5) (3.6) \u2013 (26.9) (2.1) (0.1) (35.2)At 28 January 2023 96.4 277.5 23.8 991.1 97. 3 7.1 1,493.2Additions 12.5 122.3 56.5 303.2 34.0 1.3 529.8Disposals (0.5) (16.6) (0.3) (32.3) (2.5) (0.8) (53.0)Divestments (Note 12) \u2013 (0.1) \u2013 (37.4) (7.9) (0.3) (45.7)(2)Reclassifications (4.0) 12.3 (15.7) (10.0) (1.3) (0.1) (18.8)Exchange differences (1.2) (6.1) (1.4) (15.2) (1.9) (0.2) (26.0)Transfer to investment property (Note 15) (4.8) \u2013 \u2013 \u2013 \u2013 \u2013 (4.8)Transfer to assets held-for-sale (Note 35) \u2013 \u2013 \u2013 (1.7) (0.4) \u2013 (2.1)At 3 February 2024 98.4 389.3 62.9 1,197.7 117.3 7.0 1,872.6Depreciation and impairment At 29 January 2022 13.1 69.7 \u2013 489.1 73.0 1.4 646.3Charge for the period 4.1 36.4 \u2013 105.2 15.1 1.2 162.0Disposals (1.9) (27.2) \u2013 (99.4) (41.4) (0.7) (170.6)(2)Reclassifications 4.3 0.7 \u2013 (14.1) (1.2) 1.8 (8.5)Divestments (Note 12) (0.6) (0.1) \u2013 (1.5) (0.6) \u2013 (2.8)(1)Impairment charge for the period \u2013 1.3 \u2013 0.2 \u2013 \u2013 1.5Exchange differences 0.3 4.2 \u2013 2.2 0.9 0.1 7.7Transfer to assets held-for-sale (Note 35) (1.8) (1.4) \u2013 (13.4) (1.4) \u2013 (18.0)At 28 January 2023 17.5 83.6 \u2013 468.3 44.4 3.8 617.6Charge for the period 3.8 43.2 \u2013 111.1 18.6 1.1 177.8Disposals (0.3) (12.6) \u2013 (29.1) (2.2) (0.7) (44.9)(2)Reclassifications \u2013 \u2013 \u2013 0.3 (0.3) \u2013 \u2013Divestments (Note 12) \u2013 (0.1) \u2013 (18.2) (4.0) (0.2) (22.5)(1)Impairment charge for the period \u2013 \u2013 \u2013 9.5 \u2013 \u2013 9.5Exchange differences (0.3) (2.1) 0.1 (10.0) (0.9) (0.3) (13.5)Transfer to investment property (Note 15) (1.7) \u2013 \u2013 \u2013 \u2013 \u2013 (1.7)Transfer to assets held-for-sale (Note 35) \u2013 \u2013 \u2013 (1.3) (0.3) \u2013 (1.6)At 3 February 2024 19.0 112.0 0.1 530.6 55.3 3.7 720.7Net book value At 3 February 2024 79.4 277.3 62.8 667.1 62.0 3.3 1,151.9At 28 January 2023 78.9 193.9 23.8 522.8 52.9 3.3 875.6At 29 January 2022 57.4 159.3 16.4 416.5 36.4 2.5 688.5(1) The impairment charge for the period is made up of adjusting items of \u00a32.5 million (2023: \u00a3Nil) and non-adjusting items of \u00a37.0 million (2023: \u00a3Nil). See Note 4 for adjusting items.(2) Reclassifications relate to mis-classified assets which have been reclassified to the correct financial line item. These net to \u00a3Nil across the reclassification lines within Notes 13, 14, 18 and 25.The total net book value divested of property, plant and equipment in the year ended 3 February 2024 is \u00a340.4 million (see Note 12). Within this value \u00a317.2 million was classified as held-for-sale at 28 January 2023 and \u00a323.2 million has been divested in the year ended 3 February 2024.",
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"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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},
"s9_notes__6__64-1": {
"value": "15. Investment PropertyInvestment property, which is property held to earn rental income, is stated at cost less accumulated depreciation and impairment losses. Investment property is depreciated over a period of 50 years on a straight-line basis, with the exception of freehold land, which is not depreciated. An external valuation to determine the fair value is prepared every three years by persons having the appropriate professional experience. When an external valuation is not prepared, an annual assessment is conducted using\ue61finternal\ue61fexpertise.The investment properties relate to properties leased to Focus Brands Limited (\u00a34.2 million) and Kukri Sports Limited (\u00a30.6 million). The shareholdings of both companies were disposed of during the period ended 3 February 2024. Prior to disposal\ue61fof the investment in these entities, these properties had been shown in Property, Plant and Equipment (Note 14). Based on an external valuation prepared as at 31 December 2021, the fair value of these investment properties as at that date was \u00a35.8 million. This valuation was prepared in accordance with the relevant sections and standards contained within the current edition of the RICS Valuation \u2013 Professional Standards, incorporating the International Valuation Standards Global and UK editions (the \u201cRed Book\u201d).The properties are two years into a three-year valuation cycle and, accordingly, an external valuation of the properties will be obtained for the period ended 1 February 2025. Given the non-volatile nature of the property, a three-year external valuation cycle\ue61fis deemed appropriate by the Directors. The Directors deem this to be a Level 3 input under the Group\u2019s fair value hierarchy (see Note 23).",
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"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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"s9_notes__6__65": {
"value": " Total\u00a3mCostAt 28 January 2023 \u2013Transfer from Property, Plant and Equipment (Note 14) 4.8At 3 February 2024 4.8Depreciation and impairmentAt 28 January 2023 \u2013Transfer from Property, Plant and Equipment (Note 14) 1.7At 3 February 2024 1.7Net book valueAt 3 February 2024 3.1At 28 January 2023 \u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__69": {
"value": "16. LeasesAccounting PolicyThe Group leases assets which consist of properties, vehicles and equipment. The most significant leases in size for the Group\ue61fare its retail stores, offices and warehouses. Some leases include an option to renew the lease for an additional number\ue61fof years after the end of the non-cancellable period. Some leases provide for additional rent payments that are based\ue61fon changes in local price indices.The Group assesses whether a contract is, or contains, a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a\ue61fcontract conveys the right to control the use of an identified asset, the Group assesses whether the following criteria apply: \u2013 The contract involves the use of an identified asset \u2013 this may be specified explicitly or implicitly and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified. \u2013 The Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of\ue61fuse. \u2013 The Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases, the decision about how and for what purpose the asset is used is predetermined. The Group has the right to direct the use of the asset if either: \u2013 the Group has the right to operate the asset; or \u2013 the Group designed the asset in a way that predetermines how and for what purpose it will be used.At inception, or on reassessment of a contract that contains a lease component, the Group allocates the consideration in\ue61fthe\ue61fcontract to each lease component on the basis of its relative stand-alone price. On transition to IFRS 16, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applied IFRS 16 only to contracts that were previously identified as leases. Therefore, the definition\ue61fof a lease under IFRS 16 has been applied only to contracts entered into or changed on or after 3 February 2019, as this was the transition date.As a LesseeThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. Lease liabilities are measured at the present value of the remaining lease payments, discounted at the Group\u2019s incremental borrowing rate for the relevant subsidiary in which the lease represents a contractual commitment. Right-of-use assets are measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments plus any initial direct costs incurred less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. A right-of-use asset\u2019s useful economic life is determined on the same basis as for land and buildings recognised in property, plant and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted at the rate implicit in the lease. If the rate implicit in the lease is not readily available, then payments are discounted using the Group\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise the following: fixed payments, including in-substance fixed payments; \u2013 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; and \u2013 lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change\ue61fin future lease payments arising from a change in index or rate, a change in the estimate of the amount expected to\ue61fbe\ue61fpayable under a residual value guarantee, or as appropriate in the assessment of whether a purchase or extension option\ue61fis\ue61freasonably certain to be exercised.The Group\u2019s incremental borrowing rate is the rate that the Group would have to pay for a loan of a similar term, and with similar security, to obtain an asset of similar value. The incremental borrowing rate is determined based on a series of inputs including: the term, the risk determined by the Yield to Maturity (YTM) ratio on \u2018BBB\u2019 rated corporate bonds and a credit risk adjustment based on the Group\u2019s bond yields. Corporate bond rates are a comparable reflection of the risk level of the Group and hence more suitable than government bond rates for discounting the Group\u2019s lease liabilities.Where revised lease terms involve a change in the scope of a lease, or the consideration for a lease, that was not part of the\ue61foriginal terms and conditions of the lease, then these changes are accounted for as a lease modification. Any revised consideration and/or revised lease length is taken into account in a remeasurement calculation that includes a revised discount rate at the effective date of the modification of terms. The revised discount rate is determined as the lessee\u2019s incremental borrowing rate at the effective date of the modification.The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Management exercises judgement in determining whether these extension and termination options are reasonably certain to be exercised.The Group has also applied judgement to determine the lease term for some lease contracts in which it is a lessee that either have no specified end date, or where the Group continues to occupy the property despite the contractual lease end date having passed. In determining the lease term, the Group takes into consideration its commercial strategy on a store-by-store basis and the future intentions of the Group regarding the duration of continuing occupation of the property. For lease contracts falling into these parameters, the associated lease liability is calculated at the present value of the minimum lease payments over the estimated lease term, discounted at the Group\u2019s incremental cost of borrowing. A corresponding right-of-use asset is also recognised.The Group presents right-of-use assets that do not meet the definition of investment property separately on the face of the Consolidated Statement of Financial Position. The Group presents lease liabilities separately within the Consolidated Statement of\ue61fFinancial Position.Short-term LeasesThe Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.Payments Expensed to the Group Income Statement:Variable lease payments, short-term lease payments, rolling lease payments and non-lease service components have been charged to the Consolidated Income Statement. The variable lease payments that are charged to the Consolidated Income Statement are those which are impacted by changes in sales at certain stores where the lease includes an element of turnover rent. Rolling lease payments are in relation to leases where the Group has applied judgement to determine the lease term for certain lease contracts in which the Group is a lessee that either have no specified end date, or where the Group continues to occupy the\ue61fproperty despite the contractual lease end date having passed.As a LessorThe Group sub-leases a small number of properties. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and\ue61frewards incidental to ownership of the underlying asset. If this is the case, the lease is a finance lease. If not, then it is an\ue61foperating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major\ue61fpart of the economic life of the asset.When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with\ue61freference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sub-lease as an operating lease.The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of other income. The Group as a LesseeThe Group leases many assets, including land and buildings, vehicles, machinery and IT equipment. Information about leases for which the Group is a lessee is presented below.The carrying amount of\ue61fthe\ue61fright-of-use asset is as follows:(1)(1)RestatedRestated20242023 2022 \u00a3m\u00a3m\u00a3mRight-of-use assets 2,296.6 2,181.8 2,075.9(1) Please refer to Note 39 for further details of the restatement.Right-of-use Assets(1)Restated(1)(1)RestatedPlant & RestatedProperty vehicles Total\u00a3m\u00a3m\u00a3mCostAt 29 January 2022 2,909.6 10.2 2,919.8Effects of prior period restatement 43.3 \u2013 43.3(1)At 29 January 2022 \u2013 Restated2,952.9 10.2 2,963.1Additions 395.3 14.6 409.9Additions \u2013 on acquisition 13.1 \u2013 13.1Transfer to assets held-for-sale (Note 35) (40.5) (0.2) (40.7)Disposals (38.3) (1.0) (39.3)Divestments (Note 12) (8.8) (0.2) (9.0)Remeasurement adjustments 54.2 (0.2) 54.0(3)Reclassifications 5.3 \u2013 5.3Foreign exchange retranslation 134.6 \u2013 134.6(1)At 28 January 2023 \u2013 Restated3,467.8 23.2 3,491.0Additions 569.8 23.0 592.8Transfer to assets held-for-sale (Note 35) (0.2) \u2013 (0.2)Disposals (71.7) (2.1) (73.8)Divestments (Note 12) (96.3) \u2013 (96.3)Remeasurement adjustments 79.3 (9.8) 69.5(3)Reclassifications 3.7 17.6 21.3Foreign exchange retranslation (43.2) (0.5) (43.7)At 3 February 2024 3,909.2 51.4 3,960.6Depreciation and impairment At 29 January 2022 880.5 6.7 887.2Depreciation charge for the period 389.6 5.6 395.2Transfer to assets held-for-sale (Note 35) (9.8) (0.1) (9.9)Depreciation on disposals (6.8) (0.4) (7.2)Divestments (Note 12) (1.9) \u2013 (1.9)Impairment 4.8 \u2013 4.8Foreign exchange retranslation 41.0 \u2013 41.0At 28 January 2023 1,297.4 11.8 1,309.2Depreciation charge for the period 399.6 13.7 413.3Depreciation on disposals (38.2) (1.2) (39.4)Divestments (Note 12) (43.4) \u2013 (43.4)Impairment 16.4 \u2013 16.4Remeasurement adjustments \u2013 3.2 3.2Foreign exchange retranslation 4.7 \u2013 4.7At 3 February 2024 1,636.5 27.5 1,664.0Net book valueAt 3 February 2024 2,272.7 23.9 2,296.6(1)At 28 January 2023 \u2013 Restated2,170.4 11.4 2,181.8(1)At 29 January 2022 \u2013 Restated2,072.4 3.5 2,075.9(1) Please refer to Note 39 for further details of the restatement.(2) The impairment charge for the period is made up of adjusting items of \u00a31.8 million (2023: \u00a34.5 million) and non-adjusting items of \u00a314.6 million (2023: \u00a30.3 million). See Note 4 for adjusting\ue61fitems.(3) Reclassifications relate to mis-classified assets which have been reclassified to the correct financial line item. These net to \u00a3Nil across the reclassification lines within Notes 13, 14, 18 and 25.Lease modifications have been accounted for by remeasuring the right-of-use asset and corresponding lease liability for any\ue61fchange in lease length and total consideration, recalculated using a revised discount rate of the lessee\u2019s incremental borrowing rate at the effective date of the modification. Other remeasurement adjustments to the right-of-use asset predominantly relate to deferred income and rolling leases. Valuation of the Group\u2019s rolling leases as at 3 February 2024 is\ue61f\u00a371.9 million (2023: \u00a349.3 million).The total net book value divested in the year ended 3 February 2024 is \u00a383.7 million (see Note 12). Within this value \u00a330.8 million was classified as held-for-sale in the 52 weeks ended 28 January 2023 and \u00a352.9 million has been divested in the year ended 3 February 2024.Impairment of Right-of-use AssetsThe Group treats each store as a separate cash-generating unit (\u2018CGU\u2019) for impairment testing of property, plant and equipment and right-of-use assets as this is the level at which largely independent cash inflows are generated. Each CGU is tested\ue61ffor impairment at the balance sheet date if any indicators of impairment have been identified. Right-of-use assets have been tested for impairment by comparing the carrying amount of each CGU with its recoverable amount determined from value-in-use calculations.The value-in-use of each CGU has been calculated using discounted cash inflows derived from the Group\u2019s latest Board approved plan, taking into account the projected impact of future sales growth, and reflects historic performance and knowledge of the\ue61fcurrent market, together with the Group\u2019s views on the future achievable growth. Cash flows beyond the plan period are extrapolated using growth rates appropriate to each store\u2019s location. Cash flows have been included for the\ue61fremaining lease life\ue61ffor\ue61fthe specific store.The key assumptions on which the forecast cash flows of the CGUs are based include revenue and the pre-tax discount rates. Other assumptions in the model relate to gross margin, cost inflation and longer-term growth rates.The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, which has been calculated using the capital asset pricing model, the inputs of which include the risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta). Where the recoverable amount was less than the carrying value of the CGU, an impairment of property, plant and equipment and right-of-use assets was recorded. The Group has recognised an impairment charge of \u00a316.4 million (2023: \u00a34.8 million) against right-of-use assets as a result of impairment testing.Lease LiabilitiesThe Group presents lease liabilities separately within the Consolidated Statement of Financial Position. The carrying amount of the\ue61flease liabilities as at 3 February 2024 is shown below, along with a maturity analysis of contractual undiscounted cash flows to\ue61fwhich the Group is committed. As at 3 February 2024, the weighted average discount rate applied to the lease portfolio of the Group is\ue61f3.9% (2023: 3.2%).(1)(1)RestatedRestated2024 2023 2022\u00a3m\u00a3m\u00a3mMaturity analysis \u2013 contractual undiscounted cash flowsWithin one year 489.8 475.2 414.5Later than one year and not later than two years 440.0 411.0 384.6Later than two years and not later than three years 386.4 355.6 331.6Later than three years and not later than four years 334.4 308.5 283.5Later than four years and not later than five years 295.8 256.5 240.3After five years 999.3 877.7 865.5Total undiscounted lease liabilities 2,945.7 2,684.5 2,520.0(1)(1)RestatedRestated2024 2023 2022\u00a3m\u00a3m\u00a3mCurrent 415.9 430.1 384.6Non-current 2,068.1 1,953.9 1,901.6Lease liabilities included in the Consolidated Statement of Financial Position 2,484.0 2,384.0 2,286.2(1) Please refer to Note 39 for further details of the restatement. (1)(1)RestatedRestated2024 2023 2022\u00a3m\u00a3m\u00a3mOpening balance (restated) 2,384.0 2,286.2 1,929.8Additions 592.8 420.3 574.0Acquisitions \u2013 2.7 271.7Interest on lease liabilities 84.4 68.9 59.5Repayments of lease liability (484.4) (461.9) (415.7)(2)Liability adjustments (51.8) (27.9) (92.1)Foreign exchange retranslation (41.0) 95.7 (41.0)Closing balance (restated) 2,484.0 2,384.0 2,286.2(1) Please refer to Note 39 for further details of the restatement.(2) Liability adjustments include (\u00a355.0) million for divestments (2023: (\u00a37.4) million), (\u00a337.4) million for disposals (2023: (\u00a340.7) million) and (\u00a30.2) million for transfers to liabilities held-for-sale (2023: (\u00a332.1) million), see notes 12 for divestments and 35 for held-for-sale. There are also \u00a340.8 million (2023: \u00a352.3 million) for remeasurement adjustments.Amounts recognised in the Consolidated Statement of Cash Flows and their categorisation are below:53 weeks to 52 weeks to 3 February 28\ue61fJanuary 20242023\u00a3m\u00a3mRepayments of principal portion of lease liability (Cash flows from financing activities) 400.0 393.0Interest on lease liabilities (Cash flows from operating activities) 84.4 68.9Expenses relating to short-term leases (Net operating costs) 2.0 3.8Variable lease payments (Net operating costs) 104.5 91.3Total cash outflow for leases 590.9 557.0Amounts recognised in the Consolidated Income Statement:53 weeks to52 weeks to 3 February 28\ue61fJanuary 20242023\u00a3m\u00a3mDepreciation expense of right-of-use assets 413.3 395.2Interest on lease liabilities 84.4 68.9Variable lease payments not included in the measurement of lease liabilities 104.5 91.3Income from subleasing right-of-use assets (1.2) (1.3)Expenses relating to short-term leases 2.0 3.8Impairment of right-of-use assets 16.4 4.8Property LeasesThe Group leases buildings for its office space, retail stores and warehouses. These leases typically run for a period of four years. Some leases include an option to renew the lease for an additional number of years after the end of the non-cancellable period. Some require the Group to make payments that relate to the property taxes levied on the lessor and insurance payments made by the lessor. Some properties leased by the Group provide for additional rent payments that are based on changes in local price indices or\ue61fsales that the Group makes at the leased store in the period. In respect of contracts linked to store sales, initial recognition of the lease liability is measured at the present value of the minimum lease payments specified in the contract excluding the element linked to sales, since the variable element of these payments is not based on an index or rate. Where the variable element of the payments is based on an index or rate, initial and subsequent measurement of the lease liability includes these\ue61findex linked payments.The Group sub-leases some of its properties under operating leases.Other LeasesThe Group leases vehicles and equipment (including IT equipment) with lease terms of three to five years. The Group as a LessorThe Group leases out residential and office properties. The Group has classified these leases as operating leases, because they\ue61fdo not transfer substantially all the risk and rewards incidental to the ownership of the assets. Lease income from lease contracts in which the Group acts as a lessor amounted to \u00a31.2 million (2023: \u00a31.3 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__70": {
"value": "Accounting PolicyThe Group leases assets which consist of properties, vehicles and equipment. The most significant leases in size for the Group\ue61fare its retail stores, offices and warehouses. Some leases include an option to renew the lease for an additional number\ue61fof years after the end of the non-cancellable period. Some leases provide for additional rent payments that are based\ue61fon changes in local price indices.The Group assesses whether a contract is, or contains, a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a\ue61fcontract conveys the right to control the use of an identified asset, the Group assesses whether the following criteria apply: \u2013 The contract involves the use of an identified asset \u2013 this may be specified explicitly or implicitly and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified. \u2013 The Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of\ue61fuse. \u2013 The Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases, the decision about how and for what purpose the asset is used is predetermined. The Group has the right to direct the use of the asset if either: \u2013 the Group has the right to operate the asset; or \u2013 the Group designed the asset in a way that predetermines how and for what purpose it will be used.At inception, or on reassessment of a contract that contains a lease component, the Group allocates the consideration in\ue61fthe\ue61fcontract to each lease component on the basis of its relative stand-alone price. On transition to IFRS 16, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applied IFRS 16 only to contracts that were previously identified as leases. Therefore, the definition\ue61fof a lease under IFRS 16 has been applied only to contracts entered into or changed on or after 3 February 2019, as this was the transition date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__74": {
"value": "Accounting PolicyThe Group\u2019s interests in equity-accounted investees comprise interests in associates and interests in joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial\ue61fand operating policies. A joint venture is an arrangement in which the Group has joint control over the financial\ue61fand\ue61foperating policies.Interests in associates and joint ventures are accounted for using the equity method and are initially recognised at cost and subsequently a provision for impairment is recognised where appropriate. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and\ue61fother comprehensive income of equity-accounted investees, until the date on which significant influence or joint control\ue61fceases. Transactions and balances with associates and joint ventures are undertaken on an arm\u2019s length basis. Outstanding balances are unsecured (unless otherwise stated) and will be settled in cash.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__76": {
"value": "AssociatesThe Group has an equity interest in a single associate. On 7 May 2021, the Group acquired a 32% ownership interest in, and has significant influence over, Applied Nutrition Limited (\u2018Applied Nutrition\u2019). On 2 February 2024, the Group sold 0.64% of its holding in Applied Nutrition Limited, which did not impact its influence over the entity. Applied Nutrition is a sports nutrition brand which operates via a trading website. The following table summarises the financial information of Applied Nutrition Limited as included in its own financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in Applied Nutrition Limited.20242023\u00a3m\u00a3mNon-current assets 1.5 1.0Current assets 51.4 24.3Current liabilities (6.4) (6.1)Net assets (100%) 46.5 19.2Group's share of net assets (31.36%) 14.6 6.1Goodwill and other intangibles 18.6 22.0Carrying amount of interest in associate 33.2 28.1Revenue 82.1 45.7Profit and total comprehensive income (100%) 20.9 10.1Group's share of total comprehensive income (31.36%) 6.7 3.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__77": {
"value": "Joint VenturesThe Group has equity interests in a number of joint ventures. These are made up of Gym King \u00a33.5 million (2023: \u00a33.6 million), JD Indonesia \u00a36.1 million (2023: \u00a35.2 million) and Other \u00a30.7 million (2023: \u00a31.9 million). On 10 May 2021, the Group acquired a 40% ownership interest in, and has joint control of, Gym King (Holdings) Limited (\u2018Gym\ue61fKing\u2019). Gym King is an athleisure brand and one of the Group\u2019s suppliers. The following table summarises the financial information of Gym King and its subsidiaries, as included in its own financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in\ue61fGym\ue61fKing.20242023\u00a3m\u00a3mNon-current assets 0.2 0.3Current assets 10.4 11.0Current liabilities (2.1) (3.2)Non-current liabilities \u2013 \u2013Net assets (100%) 8.5 8.1Group\u2019s share of net assets (40%) 3.4 3.3Elimination of unrealised profit on downstream sales \u2013 \u2013Goodwill and other intangibles 0.1 0.3Carrying amount of interest in joint venture 3.5 3.6Revenue 17.4 24.1Profit and total comprehensive income (100%) \u2013 (0.5)Group's share of total comprehensive income (40%) \u2013 \u2013Dividends received by the Group \u2013 0.4On 28 July 2021, the Group acquired a 51% ownership interest in PT JD Sports Fashion and a 49% ownership in PT JD Sports Fashion Distribution (collectively \u2018JD Indonesia\u2019). The Group has significant influence over both entities. JD Indonesia is a joint venture for the distribution and retail of Sports Fashion footwear and apparel in Indonesia.The following table summarises the financial information of JD Indonesia as included in its own financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in JD Indonesia:20242023\u00a3m\u00a3mNon-current assets 8.5 7.1Current assets 12.1 10.1Current liabilities (5.8) (4.0)Non-current liabilities (3.1) (2.9)Net assets (100%) 11.7 10.3Group\u2019s share of net assets (49% \u2013 51%) 5.8 5.1Elimination of unrealised profit on downstream sales \u2013 \u2013Goodwill and other intangibles 0.3 0.1Carrying amount of interest in joint venture 6.1 5.2Revenue 24.9 12.1Profit and total comprehensive income (100%) 1.7 0.5Group's share of total comprehensive income (49% \u2013 51%) 0.8 0.2Dividends received by the Group \u2013 \u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__80": {
"value": "18. Other AssetsKey MoneyMonies paid in certain countries to give leaseholders access to retail locations are capitalised within non-current assets. Key money\ue61fis stated at historic cost less impairment losses. These assets are not depreciated as past experience has shown that the\ue61fkey money is recoverable on disposal of a retail location and is deemed to have an indefinite useful economic life but will be impaired if evidence exists that the market value is less than the historic cost. Gains/losses on key money from the\ue61fsubsequent disposal of\ue61fthese retail locations are recognised in the Consolidated Income Statement. Within key money are amounts due within one year of \u00a30.9 million (2023: \u00a3Nil). Deposits Money paid in certain countries as deposits to store landlords as protection against non-payment of rent is capitalised within non-current assets. Deposits are assessed for recoverability on leased stores once the store is expected to close and a provision for the impairment of these deposits is established when there is objective evidence that the landlord will not repay the deposit in\ue61ffull.\ue61fWithin Deposits are amounts due within one year of \u00a35.5 million (2023: \u00a38.8 million).Key money Deposits Total\u00a3m\u00a3m\u00a3mCost At 29 January 2022 22.9 38.2 61.1Additions 0.1 12.7 12.8Disposals \u2013 (1.8) (1.8)(1)Reclassifications (8.5) \u2013 (8.5)Exchange differences (0.9) 0.2 (0.7)At 28 January 2023 13.6 49.3 62.9Additions 0.3 9.9 10.2Disposals (2.1) (10.6) (12.7)Divestments \u2013 (0.4) (0.4)(1)Reclassifications (0.2) (0.2) (0.4)Exchange differences \u2013 (2.1) (2.1)At 3 February 2024 11.6 45.9 57.5Depreciation and impairment At 29 January 2022 4.0 0.1 4.1(1)Reclassifications (0.8) \u2013 (0.8)Impairments 3.0 \u2013 3.0Exchange differences (0.3) \u2013 (0.3)At 28 January 2023 5.9 0.1 6.0Disposals (2.8) \u2013 (2.8)At 3 February 2024 3.1 0.1 3.2Net book value At 3 February 2024 8.5 45.8 54.3At 28 January 2023 7.7 49.2 56.9At 29 January 2022 18.9 38.1 57.0(1) Reclassifications relate to mis-classified assets which have been reclassified to the correct financial line item. These net to \u00a3Nil across the reclassification lines within Notes 13, 14, 16, and 25.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__79": {
"value": "18. Other AssetsKey MoneyMonies paid in certain countries to give leaseholders access to retail locations are capitalised within non-current assets. Key money\ue61fis stated at historic cost less impairment losses. These assets are not depreciated as past experience has shown that the\ue61fkey money is recoverable on disposal of a retail location and is deemed to have an indefinite useful economic life but will be impaired if evidence exists that the market value is less than the historic cost. Gains/losses on key money from the\ue61fsubsequent disposal of\ue61fthese retail locations are recognised in the Consolidated Income Statement. Within key money are amounts due within one year of \u00a30.9 million (2023: \u00a3Nil). Deposits Money paid in certain countries as deposits to store landlords as protection against non-payment of rent is capitalised within non-current assets. Deposits are assessed for recoverability on leased stores once the store is expected to close and a provision for the impairment of these deposits is established when there is objective evidence that the landlord will not repay the deposit in\ue61ffull.\ue61fWithin Deposits are amounts due within one year of \u00a35.5 million (2023: \u00a38.8 million).Key money Deposits Total\u00a3m\u00a3m\u00a3mCost At 29 January 2022 22.9 38.2 61.1Additions 0.1 12.7 12.8Disposals \u2013 (1.8) (1.8)(1)Reclassifications (8.5) \u2013 (8.5)Exchange differences (0.9) 0.2 (0.7)At 28 January 2023 13.6 49.3 62.9Additions 0.3 9.9 10.2Disposals (2.1) (10.6) (12.7)Divestments \u2013 (0.4) (0.4)(1)Reclassifications (0.2) (0.2) (0.4)Exchange differences \u2013 (2.1) (2.1)At 3 February 2024 11.6 45.9 57.5Depreciation and impairment At 29 January 2022 4.0 0.1 4.1(1)Reclassifications (0.8) \u2013 (0.8)Impairments 3.0 \u2013 3.0Exchange differences (0.3) \u2013 (0.3)At 28 January 2023 5.9 0.1 6.0Disposals (2.8) \u2013 (2.8)At 3 February 2024 3.1 0.1 3.2Net book value At 3 February 2024 8.5 45.8 54.3At 28 January 2023 7.7 49.2 56.9At 29 January 2022 18.9 38.1 57.0(1) Reclassifications relate to mis-classified assets which have been reclassified to the correct financial line item. These net to \u00a3Nil across the reclassification lines within Notes 13, 14, 16, and 25.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__85": {
"value": "19. Inventories2024 2023 \u00a3m\u00a3mFinished goods and goods for resale 1,592.7 1,466.4The cost of inventories recognised as expenses and included in cost of sales for the 53 weeks ended 3 February 2024 was (1)\u00a35,494.0 million (2023: \u00a35,247.4 million as restated ).Included within inventories is \u00a32.4 million of deferred supplier rebates (2023: \u00a32.4 million).At the period end, net inventories of \u00a314.8 million (2023: \u00a352.7 million) were transferred to assets held-for-sale (see Note 35). The Group had \u00a370.6 million (2023: \u00a373.5 million) of stock provisions at the end of the period, the movement on this provision is\ue61fshown below:",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__84": {
"value": "19. Inventories2024 2023 \u00a3m\u00a3mFinished goods and goods for resale 1,592.7 1,466.4The cost of inventories recognised as expenses and included in cost of sales for the 53 weeks ended 3 February 2024 was (1)\u00a35,494.0 million (2023: \u00a35,247.4 million as restated ).Included within inventories is \u00a32.4 million of deferred supplier rebates (2023: \u00a32.4 million).At the period end, net inventories of \u00a314.8 million (2023: \u00a352.7 million) were transferred to assets held-for-sale (see Note 35). The Group had \u00a370.6 million (2023: \u00a373.5 million) of stock provisions at the end of the period, the movement on this provision is\ue61fshown below:\u00a3mAt 29 January 2022 91.5Created 42.3Released (4.4)Utilised (43.8)Divested (1.0)Transferred to held-for-sale (7.0)Other (1.2)Foreign exchange (2.9)At 28 January 2023 73.5Created 52.3Released (7.8)Utilised (45.5)Divested (3.2)Other (1.2)Foreign exchange 2.5At 3 February 2024 70.6(1) Please refer to Note 39 for further details of the restatement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__88": {
"value": "20. Trade and Other ReceivablesCredit RiskThe Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. The trade receivables balances are typically held by the wholesale businesses within the Group. Each subsidiary establishes a\ue61fcredit policy under which each new customer is analysed individually for creditworthiness before the payment and delivery terms and conditions are offered. The Group review includes financial statements, credit agency information and industry information. Each subsidiary limits its credit exposure by setting payment periods and, in certain circumstances, these are approved by Group management. Customers are monitored by taking into account their credit characteristics: whether they are a wholesale or retail customer, their geographic location, industry, trading history with the Group and existence of previous financial difficulties. Expected Credit Loss AssessmentEach subsidiary within the Group allocates each exposure to a credit risk grade based on the data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and available press information about customers) and by applying experienced credit judgement. An allowance matrix is used to measure the expected credit losses (\u2018ECLs\u2019) of trade receivables from smaller customers, which comprise a large number of small balances. Loss rates are based on actual credit loss experience over the past five years, factoring in other information such as current conditions, age of the customer relationship and the view of the economic conditions over the expected lives of the receivables. The Group recognises loss allowances for ECLs on financial assets measured at amortised cost and measures the loss allowances at an amount equal to the lifetime ECLs for trade receivables.2024 2023 \u00a3m\u00a3mCurrent assets Trade receivables 37. 3 62.4Other receivables 37.4 48.2Forward contract asset 2.8 13.7Prepayments 147.4 121.5Accrued income 1.7 2.8Right of return asset 26.4 15.2253.0 263.8Non-current assetsLoans to associates and joint ventures \u2013 7.6Interest rate swap 0.7 \u2013Forward contract asset \u2013 0.80.7 8.4The following table provides information about the exposure to credit risk and expected credit losses for trade receivables as at 3 February 2024:2024 2023Weighted Gross Weighted Gross average loss carrying Loss average carrying Loss rateamount allowanceNetloss rate amountallowanceNet%\u00a3m\u00a3m\u00a3m%\u00a3m\u00a3m\u00a3mNot past due 0.0% 27.2 \u2013 27.2 0.5% 42.5 (0.2) 42.3Past due 0 - 30 days 0.0% 2.3 \u2013 2.3 0.8% 11.8 (0.1) 11.7Past due 31 \u2013 60 days 0.0% 2.7 \u2013 2.7 2.9% 3.4 (0.1) 3.3Past due 61 \u2013 90 days 0.0% 0.3 \u2013 0.3 4.8% 2.1 (0.1) 2.0More than 90 days past due 15.8% 5.7 (0.9) 4.8 35.4% 4.8 (1.7) 3.12.4% 38.2 (0.9) 37. 3 3.4% 64.6 (2.2) 62.4At 3 February 2024, the exposure to credit risk for trade receivables by geographic region was as follows:2024 2023Loss GrossLoss allowanceNetGrossallowanceNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK & ROI 12.9 (0.2) 12.7 23.1 (0.3) 22.8Europe 11.6 (0.6) 11.0 28.0 (1.8) 26.2North America 4.9 \u2013 4.9 2.5 \u2013 2.5Rest of world 8.8 (0.1) 8.7 11.0 (0.1) 10.9Total 38.2 (0.9) 37. 3 64.6 (2.2) 62.4At 3 February 2024, the exposure to credit risk for trade receivables by type of counterparty was as follows:2024 2023Loss GrossLoss allowanceNetGrossallowanceNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mWholesale customers 12.0 (0.5) 11.5 22.5 (0.6) 21.9Retail customers 4.1 (0.1) 4.0 13.0 (0.6) 12.4End user customers 2.4 \u2013 2.4 0.2 \u2013 0.2(1)Other19.7 (0.3) 19.4 28.9 (1.0) 27.9Total 38.2 (0.9) 37. 3 64.6 (2.2) 62.4(1) Other includes amounts owed by associates and joint ventures, supplier rebates, amounts owed by suppliers for contributions towards marketing promotion costs, amounts owed by Macy\u2019s relating to Finish Line sales in Macy\u2019s stores and amounts owed relating to liquidated stock.At 3 February 2024, the carrying amount of the trade receivables due from the Group\u2019s most significant customer was \u00a34.2 million (2023: \u00a35.7 million).Movement on the provision is shown below:\u00a3mAt 29 January 2022 2.1Created 1.8Released (0.3)Utilised (0.7)Reclassified (0.6)Foreign exchange (0.1)At 28 January 2023 2.2Created 0.3Released (0.6)Utilised (0.9)Reclassified (0.1)At 3 February 2024 0.9The other classes within trade and other receivables do not contain impaired assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__89-1": {
"value": "Credit RiskThe Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. The trade receivables balances are typically held by the wholesale businesses within the Group. Each subsidiary establishes a\ue61fcredit policy under which each new customer is analysed individually for creditworthiness before the payment and delivery terms and conditions are offered. The Group review includes financial statements, credit agency information and industry information. Each subsidiary limits its credit exposure by setting payment periods and, in certain circumstances, these are approved by Group management. Customers are monitored by taking into account their credit characteristics: whether they are a wholesale or retail customer, their geographic location, industry, trading history with the Group and existence of previous financial difficulties.Credit RiskCredit risk arises from the possibility of customers and counterparties failing to meet their obligations to the Group. Investments of cash surpluses, borrowings and derivative instruments are made through major clearing banks, which must\ue61fmeet minimum credit ratings as required by the Board.All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and a provision is made for impairment where amounts are not thought to be recoverable (see\ue61fNote 20). At the reporting date, there were no significant concentrations of credit risk, and receivables which are not impaired are believed to be\ue61frecoverable.The Group considers its maximum exposure to credit risk to be equivalent to total trade and other receivables (excluding prepayments, accrued income and right of return assets) of \u00a377.5 million (2023: \u00a3124.3 million) and cash and cash equivalents of\ue61f\u00a31,152.7 million (2023: \u00a31,508.0 million).The table below provides details of cash and cash equivalents by long-term credit rating of investment-grade rated counterparties2024 2023 \u00a3m\u00a3mCash and cash equivalents 1,152.7 1,508.0A1 434.8 701.6A2 225.2 208.1A3 102.1 2.2Aa1 111.2 121.0Aa2 68.8 163.1Aa3 134.1 137.9AAA \u2013 100.2Ba1 1.3 0.2Baa1 41.0 60.6Baa2 34.2 13.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__90": {
"value": "Expected Credit Loss AssessmentEach subsidiary within the Group allocates each exposure to a credit risk grade based on the data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and available press information about customers) and by applying experienced credit judgement. An allowance matrix is used to measure the expected credit losses (\u2018ECLs\u2019) of trade receivables from smaller customers, which comprise a large number of small balances. Loss rates are based on actual credit loss experience over the past five years, factoring in other information such as current conditions, age of the customer relationship and the view of the economic conditions over the expected lives of the receivables. The Group recognises loss allowances for ECLs on financial assets measured at amortised cost and measures the loss allowances at an amount equal to the lifetime ECLs for trade receivables.2024 2023 \u00a3m\u00a3mCurrent assets Trade receivables 37. 3 62.4Other receivables 37.4 48.2Forward contract asset 2.8 13.7Prepayments 147.4 121.5Accrued income 1.7 2.8Right of return asset 26.4 15.2253.0 263.8Non-current assetsLoans to associates and joint ventures \u2013 7.6Interest rate swap 0.7 \u2013Forward contract asset \u2013 0.80.7 8.4The following table provides information about the exposure to credit risk and expected credit losses for trade receivables as at 3 February 2024:2024 2023Weighted Gross Weighted Gross average loss carrying Loss average carrying Loss rateamount allowanceNetloss rate amountallowanceNet%\u00a3m\u00a3m\u00a3m%\u00a3m\u00a3m\u00a3mNot past due 0.0% 27.2 \u2013 27.2 0.5% 42.5 (0.2) 42.3Past due 0 - 30 days 0.0% 2.3 \u2013 2.3 0.8% 11.8 (0.1) 11.7Past due 31 \u2013 60 days 0.0% 2.7 \u2013 2.7 2.9% 3.4 (0.1) 3.3Past due 61 \u2013 90 days 0.0% 0.3 \u2013 0.3 4.8% 2.1 (0.1) 2.0More than 90 days past due 15.8% 5.7 (0.9) 4.8 35.4% 4.8 (1.7) 3.12.4% 38.2 (0.9) 37. 3 3.4% 64.6 (2.2) 62.4At 3 February 2024, the exposure to credit risk for trade receivables by geographic region was as follows:2024 2023Loss GrossLoss allowanceNetGrossallowanceNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK & ROI 12.9 (0.2) 12.7 23.1 (0.3) 22.8Europe 11.6 (0.6) 11.0 28.0 (1.8) 26.2North America 4.9 \u2013 4.9 2.5 \u2013 2.5Rest of world 8.8 (0.1) 8.7 11.0 (0.1) 10.9Total 38.2 (0.9) 37. 3 64.6 (2.2) 62.4At 3 February 2024, the exposure to credit risk for trade receivables by type of counterparty was as follows:2024 2023Loss GrossLoss allowanceNetGrossallowanceNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mWholesale customers 12.0 (0.5) 11.5 22.5 (0.6) 21.9Retail customers 4.1 (0.1) 4.0 13.0 (0.6) 12.4End user customers 2.4 \u2013 2.4 0.2 \u2013 0.2(1)Other19.7 (0.3) 19.4 28.9 (1.0) 27.9Total 38.2 (0.9) 37. 3 64.6 (2.2) 62.4(1) Other includes amounts owed by associates and joint ventures, supplier rebates, amounts owed by suppliers for contributions towards marketing promotion costs, amounts owed by Macy\u2019s relating to Finish Line sales in Macy\u2019s stores and amounts owed relating to liquidated stock.At 3 February 2024, the carrying amount of the trade receivables due from the Group\u2019s most significant customer was \u00a34.2 million (2023: \u00a35.7 million).Movement on the provision is shown below:\u00a3mAt 29 January 2022 2.1Created 1.8Released (0.3)Utilised (0.7)Reclassified (0.6)Foreign exchange (0.1)At 28 January 2023 2.2Created 0.3Released (0.6)Utilised (0.9)Reclassified (0.1)At 3 February 2024 0.9The other classes within trade and other receivables do not contain impaired assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__93": {
"value": "21. Cash and Cash EquivalentsCash and cash equivalents comprise cash balances, credit card receipts and call deposits with an original maturity of three months or less, are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.Cash equivalents are held for the purposes of meeting the Group\u2019s short-term liquidity needs. Bank overdrafts are included as a component of cash and cash equivalents for the purpose of the Consolidated Statement of\ue61fCash\ue61fFlows, as these are used as an integral part of the Group\u2019s cash management.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__92-1": {
"value": "21. Cash and Cash EquivalentsCash and cash equivalents comprise cash balances, credit card receipts and call deposits with an original maturity of three months or less, are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.Cash equivalents are held for the purposes of meeting the Group\u2019s short-term liquidity needs. Bank overdrafts are included as a component of cash and cash equivalents for the purpose of the Consolidated Statement of\ue61fCash\ue61fFlows, as these are used as an integral part of the Group\u2019s cash management.(1)Restated20242023 \u00a3m\u00a3mCash at bank and in hand 435.2 818.6Cash equivalents 50.0 48.3Other short term deposits < 3 months 667.5 641.11,152.7 1,508.0(1) Please refer to Note 39 for further details of the restatement.At the period end, cash and cash equivalents of \u00a38.8 million (2023 restated: \u00a374.5 million) were transferred to assets held-for-sale (see\ue61fNote\ue61f35).33. Analysis of Net DebtNet debt consists of cash and cash equivalents together with other borrowings from bank loans and overdrafts, other loans, loan notes, lease liabilities and similar hire purchase contracts.As reportedRestated(1)On Restated(1)At 30 Prior period At 30 acquisition/Non-cash At 28 January restatement (1)January disposal of FX movements January 2022 2022 2022 subsidiaries Cash flow movement(2)2023 \u00a3m \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m Cash and cash equivalents 1,314.0 \u2013 1,314.0 1.1 205.8 (12.9) \u2013 1,508.0 Overdrafts (33.6) \u2013 (33.6) \u2013 \u2013 \u2013 \u2013 (33.6)Cash and cash equivalents (3)held-for-sale \u2013 \u2013 \u2013 \u2013 74.5 \u2013 \u2013 74.5Cash and cash equivalents for the purposes of the Consolidated Statement of Cash Flows 1,280.4 \u2013 1,280.4 1.1 280.3 (12.9) \u2013 1,548.9Bank loans (94.5) \u2013 (94.5) (3.8) 21.9 (3.2) \u2013 (79.6)Lease liabilities (restated(1)) (2,242.9) (43.3) (2,286.2) (2.7) 393.0 (95.7) (392.4) (2,384.0)Total liabilities from financing activities (2,337.4) (43.3) (2,380.7) (6.5) 414.9 (98.9) (392.4) (2,463.6)Net (debt)/cash (1,057.0) (43.3) (1,100.3) (5.4) 695.2 (111.8) (392.4) (914.7)As reportedRestated(1)At 28 Prior period At 28 On Non-cash At 3 January restatement (1)January acquisition of FX movements February 2023 2023 2023 subsidiaries Cash flow movement(2)2024 \u00a3m \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m Cash and cash equivalents 1,582.5 (74.5) 1,508.0 \u2013 (326.6) (28.7) \u2013 1,152.7 Overdrafts (33.6) \u2013 (33.6) \u2013 (25.3) (1.0) \u2013 (59.9)Cash and cash equivalents (3)held-for-sale \u2013 74.5 74.5 \u2013 (65.7) \u2013 \u2013 8.8Cash and cash equivalents for the purposes of the Consolidated Statement of Cash Flows 1,548.9 \u2013 1,548.9 \u2013 (417.6) (29.7) \u2013 1,101.6(4)Bank loans (79.6) \u2013 (79.6) 5.0 5.8 (0.8) \u2013 (69.6)Lease liabilities (restated(1)) (2,339.2) (44.8) (2,384.0) \u2013 400.0 41.0 (541.0) (2,484.0)Total liabilities from financing activities (2,418.8) (44.8) (2,463.6) 5.0 405.8 40.2 (541.0) (2,553.6)Net (debt)/cash (869.9) (44.8) (914.7) 5.0 (11.8) 10.5 (541.0) (1,452.0)(1) Please refer to Note 39 for further details of the restatement.(2) Other movements for the period ended 3 February 2024 include additional lease drawdowns of \u00a3592.8 million and remeasurements credit of \u00a351.8m (at 28 January 2023 this includes \u00a3420.3 million of lease drawdowns and credit of \u00a327.9 million).(3) See Note 35 for details of assets held-for-sale.(4) \u00a35 million relates to the divestment of Gymnation. See Note 12 for further details.In addition to the liabilities included in the table above, the Group has accrued put and call option liabilities at 3 February 2024 of\ue61f\u00a3809.8 million (2023: \u00a31,104.7 million). \u00a3551.8 million is included in financing activities in the Consolidated Statement of Cash Flows for the acquisition of non-controlling interest (NCI). Of this cash outflow \u00a3503.3 million relates to the purchase of NCI where the\ue61fGroup held put and call options on the minority interest. The remaining \u00a348.5 million is related to acquisition of NCI with no\ue61fassociated put and call options.In addition to the liabilities included in the table above the Group had accrued put and call option liabilities at 28 January 2023 of\ue61f\u00a31,104.7 million (2022: \u00a3859.1 million). \u00a329.3 million is included in financing activities in the Consolidated Statement of Cash Flows for the acquisition and divestment of NCI. Of this cash outflow \u00a314.1 million (restated) relates to the purchase of NCI where the Group held put and call options on the minority interest. The remaining \u00a315.2 million is related to acquisition of NCI with no associated put and call\ue61foptions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__99": {
"value": "22. Interest-Bearing Loans and BorrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Following the initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective interest basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__98": {
"value": "22. Interest-Bearing Loans and BorrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Following the initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective interest basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__97": {
"value": "22. Interest-Bearing Loans and BorrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Following the initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective interest basis.20242023 \u00a3m\u00a3mCurrent liabilitiesBank overdrafts 59.9 33.6Bank loans 33.0 41.6Bank loans and overdrafts 92.9 75.2Non-current liabilitiesBank loans 36.6 38.0The following provides information about the contractual terms of the Group\u2019s interest-bearing loans and borrowings. For more information about the Group\u2019s exposure to interest rate risk, see Note 23.Bank Facilities As at 3 February 2024, the Group had a syndicated committed \u00a3700 million bank facility expiring on 6 November 2026, which\ue61fwas\ue61fextended in the previous financial year for a period of two years with no changes to existing terms (previous expiry 6 November 2024). The Group is subject to covenants on consolidated total net assets, net debt leverage and a fixed charge cover. Under this facility, a maximum of 15 drawdowns can be outstanding at any time, with drawdowns made for a period of one, two, three or six months, with interest currently payable at a rate of SONIA (Sterling Overnight Index Average) plus a margin of 0.9% (2023: SONIA plus a\ue61fmargin of 0.9%). The arrangement and underwriting fee payable on the facility is 1.0% and the commitment fee on the undrawn element of the facility is 35% of the applicable margin rate. As at\ue61f3 February 2024, this facility encompassed cross guarantees between the Company, Blacks Outdoor Retail Limited, JD Sports Fashion SRL (Italy), Go Outdoors Retail Limited, Genesis Holdings, Inc., Genesis Topco, Inc. Shoe Palace Corporation, The Finish Line Inc, The Finish Line USA Inc, DTLR Inc, Genesis Finco Limited, Spodis SA, JD Sports Fashion Aus Pty and JD Sports Fashion (Ireland) Limited.At 3 February 2024, \u00a3Nil was drawn down on this facility (2023: \u00a3Nil).The Group\u2019s second principal bank facility is a syndicated Asset Based Lending Facility in the US, which has a maximum revolving advance amount of approximately $300 million and expires on 24 September 2026 (2023: $300 million). At 3 February 2024, $12.5 million was\ue61fdrawn down on this facility (2023: $Nil). There are no covenants on this facility and the facility is only available to the Genesis Topco Inc group of companies. As at\ue61f3 February 2024, this facility encompassed cross guarantees between the companies in the Genesis Topco Inc subgroup. Bank Loans and OverdraftsThe bank loans and overdrafts attract interest rates ranging from 0.3% to 8.3%. The overdrafts are repayable on demand and the bank loans are repayable over periods between three and 59 months. Included within bank loans and overdrafts are bank loans of \u00a369.6 million (2023: \u00a379.6 million) and overdrafts of \u00a359.9 million (2023: \u00a333.6 million). The maturity of the bank loans and overdrafts is as follows:2024 2023 \u00a3m\u00a3mWithin one year 92.9 75.2Between one and five years 35.7 38.0Due in more than five years 0.9 \u2013129.5 113.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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},
"s9_notes__6__96": {
"value": "22. Interest-Bearing Loans and BorrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Following the initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective interest basis.20242023 \u00a3m\u00a3mCurrent liabilitiesBank overdrafts 59.9 33.6Bank loans 33.0 41.6Bank loans and overdrafts 92.9 75.2Non-current liabilitiesBank loans 36.6 38.0The following provides information about the contractual terms of the Group\u2019s interest-bearing loans and borrowings. For more information about the Group\u2019s exposure to interest rate risk, see Note 23.Bank Facilities As at 3 February 2024, the Group had a syndicated committed \u00a3700 million bank facility expiring on 6 November 2026, which\ue61fwas\ue61fextended in the previous financial year for a period of two years with no changes to existing terms (previous expiry 6 November 2024). The Group is subject to covenants on consolidated total net assets, net debt leverage and a fixed charge cover. Under this facility, a maximum of 15 drawdowns can be outstanding at any time, with drawdowns made for a period of one, two, three or six months, with interest currently payable at a rate of SONIA (Sterling Overnight Index Average) plus a margin of 0.9% (2023: SONIA plus a\ue61fmargin of 0.9%). The arrangement and underwriting fee payable on the facility is 1.0% and the commitment fee on the undrawn element of the facility is 35% of the applicable margin rate. As at\ue61f3 February 2024, this facility encompassed cross guarantees between the Company, Blacks Outdoor Retail Limited, JD Sports Fashion SRL (Italy), Go Outdoors Retail Limited, Genesis Holdings, Inc., Genesis Topco, Inc. Shoe Palace Corporation, The Finish Line Inc, The Finish Line USA Inc, DTLR Inc, Genesis Finco Limited, Spodis SA, JD Sports Fashion Aus Pty and JD Sports Fashion (Ireland) Limited.At 3 February 2024, \u00a3Nil was drawn down on this facility (2023: \u00a3Nil).The Group\u2019s second principal bank facility is a syndicated Asset Based Lending Facility in the US, which has a maximum revolving advance amount of approximately $300 million and expires on 24 September 2026 (2023: $300 million). At 3 February 2024, $12.5 million was\ue61fdrawn down on this facility (2023: $Nil). There are no covenants on this facility and the facility is only available to the Genesis Topco Inc group of companies. As at\ue61f3 February 2024, this facility encompassed cross guarantees between the companies in the Genesis Topco Inc subgroup. Bank Loans and OverdraftsThe bank loans and overdrafts attract interest rates ranging from 0.3% to 8.3%. The overdrafts are repayable on demand and the bank loans are repayable over periods between three and 59 months. Included within bank loans and overdrafts are bank loans of \u00a369.6 million (2023: \u00a379.6 million) and overdrafts of \u00a359.9 million (2023: \u00a333.6 million). The maturity of the bank loans and overdrafts is as follows:2024 2023 \u00a3m\u00a3mWithin one year 92.9 75.2Between one and five years 35.7 38.0Due in more than five years 0.9 \u2013129.5 113.2",
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"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__103": {
"value": "23. Financial InstrumentsFinancial assets and financial liabilities are recognised in the Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to\ue61fthe cash flows from the financial assets expire or are transferred. Financial liabilities are derecognised when the obligation specified in the contract is discharged, is cancelled or expires.The Group recognises the following financial instruments on its balance sheet.At fair value through 2024 At amortised cost profit or loss \u00a3m\u00a3m\u00a3mFinancial assets Cash and cash equivalents 1,152.7 1,152.7 \u2013Deposits 45.8 45.8 \u2013Trade receivables 37.3 37.3 \u2013Other receivables 37. 4 37.4 \u2013Accrued income 1.7 1.7 \u2013Foreign exchange forward contracts \u2013 non-hedged 2.8 \u2013 2.8Interest rate swap 0.7 \u2013 0.7Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (2.0) \u2013 (2.0)Trade payables (782.8) (782.8)Other payables and accrued expenses (455.7) (455.7) \u2013Other payables \u2013 non-current (155.4) (155.4) \u2013Lease liabilities (2,484.0) (2,484.0) \u2013Contingent consideration \u2013 current (0.2) \u2013 (0.2)Contingent consideration \u2013 non-current (2.0) \u2013 (2.0)Interest-bearing loans and borrowings \u2013 current (92.9) (92.9) Interest-bearing loans and borrowings \u2013 non-current (36.6) (36.6) Put and call options held by non-controlling interests (809.8) (809.8) \u2013Restated(1)At fair value through 2023 At amortised cost profit or loss \u00a3m\u00a3m\u00a3mFinancial assets Cash and cash equivalents 1,508.0 1,508.0 \u2013Deposits (Note 18) 49.2 49.2Trade receivables 62.4 62.4 \u2013Other receivables 48.2 48.2 \u2013Accrued Income 2.8 2.8 \u2013Foreign exchange forward contracts \u2013 non-hedged 14.5 \u2013 14.5Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (30.4) \u2013 (30.4)Trade payables (723.7) (723.7)Other payables and accrued expenses (509.0) (509.0) \u2013Other payables \u2013 non-current (89.3) (89.3) \u2013Lease liabilities (2,384.0) (2,384.0) \u2013Contingent consideration \u2013 current (0.2) \u2013 (0.2)Contingent consideration \u2013 non-current (5.2) \u2013 (5.2)Interest-bearing loans and borrowings \u2013 current (75.2) (75.2) Interest-bearing loans and borrowings \u2013 non-current (38.0) (38.0) \u2013Put and call options held by non-controlling interests (1,104.7) (1,104.7) \u2013(1) Please refer to Note 39 for further details of the restatement.Financial AssetsThe Group\u2019s financial assets are non-derivative and derivative financial assets. The non-derivative assets are initially recognised at fair value and subsequently measured at amortised cost because they are held to collect contractual cash flows that are principal and interest on the principal amount outstanding. Credit loss allowance is calculated using lifetime expected credit losses for trade\ue61freceivables and contract assets and as 12-months expected credit loss for other assets. Cash and cash equivalents comprise short-term cash deposits with major clearing banks earning floating rates of interest based upon bank base rates or rates linked to\ue61fSONIA, SOFR (Secured Overnight Financing Rate) and EURIBOR (Euro Interbank Offered Rate).The currency profile of cash and cash equivalents is shown below:Restated (1)20242023 \u00a3m\u00a3mCash and cash equivalents Sterling 202.5 677.7Euros 359.6 386.5US Dollars 472.1 294.7Australian Dollars 55.4 81.4Malaysian Ringgit 12.2 11.8Swedish Krona 1.2 11.7Danish Krone 8.2 7.6Singapore Dollars 3.1 3.7Other 38.4 32.9Total 1,152.7 1,508.0(1) Please refer to Note 39 for further details of the restatement.The currency profile of trade receivables is shown below:2024 2023 \u00a3m\u00a3mTrade receivables Sterling 17.6 24.5Euros 10.2 21.2US Dollars 8.6 11.8Other 0.9 4.9Total 37.3 62.4Financial LiabilitiesThe currency profile of interest-bearing loans and borrowings is shown below:20242023 \u00a3m\u00a3mInterest-bearing loans and borrowings Sterling 5.7 5.8Euros 73.7 89.5Polish Zloty 39.6 8.9US Dollars \u2013 4.7Other 10.5 4.3Total 129.5 113.2The currency profile of trade payables is shown below:20242023 \u00a3m\u00a3mTrade payables Sterling 206.5 228.8Euros 216.3 199.4US Dollars 298.7 217.9Australian Dollars 17.0 20.3Polish Zloty 26.6 31.0Canadian Dollars 9.9 8.8Other 7.8 17.5Total 782.8 723.7Risk ManagementThe Group\u2019s operations expose it to a variety of financial risks that include the effects of changes in exchange rates, interest rates, credit risk and its liquidity position. The Group manages these risks through the use of derivative instruments, which are reviewed on a regular basis. Derivative instruments are not entered into for speculative purposes. There are no concentrations of risk in the period to 3 February 2024 (28 January 2023: None).Interest Rate RiskThe Group finances its operations by a mixture of equity and bank borrowings. The Group\u2019s borrowings are at floating rates. Interest rate risk therefore arises from bank borrowings. At the period end, the Group did not hold any floating rate deposits. The Directors continue to be mindful of the potential volatility in base rates, but at present do not consider a long-term interest rate hedge to be necessary given the inherent short-term nature of both the revolving credit facility and Asset Based Lending Facility. This position is reviewed regularly, along with the level of facility required.The Group has potential bank floating rate financial liabilities on the \u00a3700 million syndicated committed facility and the $300 million Asset Based Lending Facility together with overdraft facilities in subsidiary companies (see Notes 21 and 22). At\ue61f3 February\ue61f2024, \u00a3Nil was drawn down from the \u00a3700 million committed facility. $12.5 million of the $300 million Asset Based\ue61fLending Facility was drawn down at 3 February 2024 (2023: $Nil). A change of 1.0% in the average interest rates during the period, applied to the Group\u2019s floating interest rate loans and borrowings\ue61fas at the reporting date, would change profit before tax by \u00a30.3 million (2023: \u00a30.3 million) and would change equity\ue61fby \u00a30.3 million (2023: \u00a30.3 million). The calculation is based on any floating interest rate loans and borrowings drawn down\ue61fat\ue61fthe\ue61fperiod end date. Calculations are performed on the same basis as the prior period and assume that all other variables\ue61fremain unchanged. Foreign Currency RiskForeign Currency TranslationTransactions denominated in foreign currencies are translated into Sterling at the exchange rate prevailing on the date of the\ue61ftransaction. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rate of exchange at\ue61fthe reporting date. Exchange differences in monetary items are recognised in the Consolidated Income Statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at\ue61fthe dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the\ue61fexchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in Other Comprehensive Income or profit or loss are\ue61falso recognised in Other Comprehensive Income or profit or loss, respectively).On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into Sterling at the rate of\ue61fexchange at the reporting date. Income and expenses are translated at the average exchange rate for the accounting period. Foreign currency differences are recognised in Other Comprehensive Income and are presented in the foreign currency translation reserve.Derivative Financial InstrumentsThe Group uses derivative financial instruments to hedge its exposure to foreign exchange risks arising from operational activities. In accordance with its Treasury Policy, the Group does not hold or issue derivative financial instruments for trading purposes. Derivative financial instruments are accounted for as held for trading instruments and are recognised initially at fair value and remeasured at each period end. The gain or loss on remeasurement to fair value is recognised immediately in the Consolidated Income Statement. The fair value is the price that would have been received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Hedging of Monetary Assets and LiabilitiesWhere a derivative financial instrument is used to hedge the foreign exchange exposure of a recognised monetary asset or\ue61fliability,\ue61fno hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the Consolidated Income\ue61fStatement.The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than Pound Sterling. The currencies giving rise to this risk are the Euro and US Dollar, with sales made in both Euros and US Dollars and purchases made in both\ue61fEuros and US Dollars (principal exposure). To protect its foreign currency position, the Group sets a buying rate in each country for the purchase of goods in US Dollars at the start of the buying season (typically six to nine months before the product actually starts to appear in the stores) and then enters into a number of local currency/US Dollar contracts whereby the minimum exchange rate on the purchase of Dollars is guaranteed. Our European supply chain strategy has continued to reduce the Sterling/Euro exposure as the European Distribution Centres increasingly source the goods in Euros and create a natural hedge. Surplus Euros are also used to fund the international store developments across Europe, thus alleviating the need for local third-party financing.As at 3 February 2024, the fair value of these instruments were assets of \u00a33.5 million (2023: \u00a314.5 million) and liabilities of \u00a32.0 million (2023: \u00a330.4 million). The net asset of \u00a31.5 million is split as \u00a30.8 million due within one year and the remaining \u00a30.7 million is due between one and two years (2023: net liability of \u00a315.9 million split as \u00a310.9 million due within one year and \u00a35.0 million due between one and two years). A gain of \u00a316.6 million (2023: loss of \u00a332.2 million) has been recognised in cost of sales within the Consolidated Income Statement for the change in\ue61ffair value of these instruments.We have considered the credit risk of the Group\u2019s and counterparty\u2019s credit risk and this is not expected to have a material effect on the valuation of these options.The Group has considered the impact of a 10.0% strengthening or weakening of Sterling relative to the following currencies as\ue61fat\ue61fthe reporting date. The reduction to profit before tax illustrates the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. The reduction in equity illustrates the impact of the translation of\ue61fthe Group\u2019s subsidiaries whose functional currencies are different to the Group\u2019s presentational currency of Sterling plus the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. A 10.0% strengthening would have reduced profit before tax and equity as follows:Profit before tax Equity2024202320242023\u00a3m\u00a3m\u00a3m\u00a3mEuros 13.6 4.7 57.8 43.7US Dollars 13.1 2.0 167.3 141.4Australian Dollars 2.1 2.0 4.6 6.5Other 2.2 2.1 16.1 6.131.0 10.8 245.8 197.7Hedging of Monetary Assets and Liabilities continuedA 10.0% weakening of Sterling relative to the following currencies as at the reporting date would have increased profit before tax and equity as follows:Profit before tax Equity2024202320242023\u00a3m\u00a3m\u00a3m\u00a3mEuros 16.6 5.8 70.6 53.4US Dollars 16.1 2.5 204.5 172.8Australian Dollars 2.5 2.4 5.6 8.0Other 2.7 2.6 19.8 7.937.9 13.3 300.5 242.1Calculations are performed on the same basis as the prior period and the method assumes that all other variables remain\ue61funchanged.Credit RiskCredit risk arises from the possibility of customers and counterparties failing to meet their obligations to the Group. Investments of cash surpluses, borrowings and derivative instruments are made through major clearing banks, which must\ue61fmeet minimum credit ratings as required by the Board.All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and a provision is made for impairment where amounts are not thought to be recoverable (see\ue61fNote 20). At the reporting date, there were no significant concentrations of credit risk, and receivables which are not impaired are believed to be\ue61frecoverable.The Group considers its maximum exposure to credit risk to be equivalent to total trade and other receivables (excluding prepayments, accrued income and right of return assets) of \u00a377.5 million (2023: \u00a3124.3 million) and cash and cash equivalents of\ue61f\u00a31,152.7 million (2023: \u00a31,508.0 million).The table below provides details of cash and cash equivalents by long-term credit rating of investment-grade rated counterparties2024 2023 \u00a3m\u00a3mCash and cash equivalents 1,152.7 1,508.0A1 434.8 701.6A2 225.2 208.1A3 102.1 2.2Aa1 111.2 121.0Aa2 68.8 163.1Aa3 134.1 137.9AAA \u2013 100.2Ba1 1.3 0.2Baa1 41.0 60.6Baa2 34.2 13.1Liquidity RiskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages its cash and borrowing requirement to minimise net interest expense, whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of\ue61fthe business. The forecast cash and borrowing profile of the Group is monitored on an ongoing basis, to ensure that adequate headroom remains under committed borrowing facilities. Further, the Board regularly reviews the current financial position and performance and assesses the future prospects of the Group. As part of this assessment, the Board reviews the Group\u2019s income and expenditure projections, cash flows and other key financial ratios along with the potential impact of, and challenges presented by, the principal risks outlined on pages 44 to 55. The Group\u2019s strategy along with the factors likely to affect the development, performance and position of the businesses are\ue61fdetailed throughout the Strategic Report on pages 1 to 93. In accordance with the requirements of the UK Corporate Governance Code, the Board has assessed the viability of the Group for a period of three years to 30 January 2027. See pages 54 and 55 for the Group\u2019s Going Concern and Viability Statement.The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and\ue61fundiscounted. 2024 0\u20133 months 3\u201312 months1\u20132 years2\u20135 years > 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instruments Bank loans and overdrafts 132.5 55.0 35.8 31.9 8.9 0.9(1)Trade and other payables 1,401.9 1,144.8 93.6 25.5 69.3 68.7(2)Lease liabilities2,945.7 122.5 367.3 440.0 1,016.6 999.3(3)Put and call options899.7 \u2013 \u2013 176.1 723.6 \u2013Derivative financial instruments Forward contracts (gross cash outflow) 137.8 40.6 97.2 \u2013 \u2013 \u20135,517.6 1,362.9 593.9 673.5 1,818.4 1,068.9(1) Trade and other payables exclude accruals related to salaries, as these are non-financial instruments. (2) This is the undiscounted value of the lease liabilities (see note 16).(3) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.Restated(1)20230\u20133 months 3\u201312 months1\u20132 years2\u20135 years> 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instruments Bank loans and overdrafts 115.0 46.4 29.8 18.8 20.0 \u2013(2)Trade and other payables1,341.7 861.1 371.6 12.1 36.3 60.6(3)Lease liabilities2,684.5 118.8 356.4 411.0 920.6 877.7(4)Put and call options1,279.7 \u2013 216.8 23.6 774.2 265.1Derivative financial instruments (5)Forward contracts (gross cash outflow) 1,906.0 173.1 917.1 815.8 \u2013 \u20137,326.9 1,199.4 1,891.7 1,281.3 1,751.1 1,203.4(1) Please refer to Note 39 for further details of the restatement.(2) The prior period has been restated to remove salary accruals from the trade and other payables balance.(3) This is the undiscounted value of the lease liabilities (see note 16).(4) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.(5) Comparatives have been re-presented on a gross basis, whereas previously this has been presented on a net basis.Fair ValuesThe fair values together with the carrying amounts shown in the Statement of Financial Position as at 53 weeks to 3 February 2024 are as\ue61ffollows:Carrying amount Fair value 20242024 Note\u00a3m\u00a3mTrade and other receivables 20 77.5 77.5Cash and cash equivalents 21 1,152.7 1,152.7Interest-bearing loans and borrowings \u2013 current 22 (92.9) (92.9)Interest-bearing loans and borrowings \u2013 non-current 22 (36.6) (27.6)(1)Trade and other payables \u2013 current(1,238.4) (1,238.4)(1)Trade and other payables \u2013 non-current(155.4) (155.4)(293.1) (284.1)Unrecognised gain (9.0)(1) Trade and other payables included contingent consideration of \u00a32.2 million (2023: \u00a35.4 million) split between current of \u00a30.2 million (2023: \u00a30.2 million) and non-current of \u00a32.0 million (2023: \u00a35.2 million). The comparatives at 28 January 2023 are as follows:Restated(1)CarryingRestated(1) amount Fair value 2023 2023 Note\u00a3m\u00a3mTrade and other receivables 20 124.3 124.3Cash and cash equivalents 21 1,508.0 1,508.0Interest-bearing loans and borrowings \u2013 current 22 (75.2) (75.2)Interest-bearing loans and borrowings \u2013 non-current 22 (38.0) (29.1)(2)Trade and other payables \u2013 current(1,232.7) (1,232.7)(2)Trade and other payables \u2013 non-current(89.3) (89.3)197.1 206.0Unrecognised gain (8.9)(1) Please refer to Note 39 for further details of the restatement.(2) The prior period has been restated to remove salary accruals from the trade and other payables balance. No salary accruals are included in the non-current trade and other payables figure.The carrying value and fair value of the put/call option liability is approximately equal, please refer to Note 24(b) for further information in respect of measurement.In respect of the Group\u2019s non-current financial assets and liabilities as at 3 February 2024 and 28 January 2023, the fair value has been calculated by discounting contractual cash flows using a discount rate of 9.9% (2023: 9.2%) which reflects the current market assessments of the time value of money and the specific risks applicable to the liability. The valuations were categorised as level 2 in the fair value hierarchy as significant inputs to valuations are observable.Fair Value HierarchyAs at 3 February 2024, the Group held non-hedged foreign exchange forward contracts as well as contingent consideration which were carried at fair value on the Consolidated Statement of\ue61fFinancial\ue61fPosition. The Group uses the following hierarchy for determining and disclosing the fair value of financial instrument by\ue61fvaluation\ue61ftechnique:Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.Level 3: Techniques which use inputs that have a significant affect on the recorded fair value that are not based on observable market data.Fair valueLevel 1Level 2Level 33 February 2024\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged 2.8 \u2013 2.8 \u2013Interest rate swap 0.7 \u2013 0.7 \u2013Financial liabilities at fair value through profit or loss Foreign exchange forward contracts \u2013 non-hedged (2.0) \u2013 (2.0) \u2013Contingent consideration \u2013 current (0.2) \u2013 \u2013 (0.2)Contingent consideration \u2013 non-current (2.0) \u2013 \u2013 (2.0)Restated(1)Fair valueLevel 1Level 2Level 3At 28 January 2023\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged 14.5 \u2013 14.5 \u2013Financial liabilities at fair value through profit or loss Foreign exchange forward contracts \u2013 non-hedged (30.4) \u2013 (30.4) \u2013Contingent consideration \u2013 current (0.2) \u2013 \u2013 (0.2)Contingent consideration \u2013 non-current (5.2) \u2013 \u2013 (5.2)(1) Please refer to Note 39 for further details of the restatement.",
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"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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},
"s9_notes__6__102": {
"value": "23. Financial InstrumentsFinancial assets and financial liabilities are recognised in the Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to\ue61fthe cash flows from the financial assets expire or are transferred. Financial liabilities are derecognised when the obligation specified in the contract is discharged, is cancelled or expires.The Group recognises the following financial instruments on its balance sheet.At fair value through 2024 At amortised cost profit or loss \u00a3m\u00a3m\u00a3mFinancial assets Cash and cash equivalents 1,152.7 1,152.7 \u2013Deposits 45.8 45.8 \u2013Trade receivables 37.3 37.3 \u2013Other receivables 37. 4 37.4 \u2013Accrued income 1.7 1.7 \u2013Foreign exchange forward contracts \u2013 non-hedged 2.8 \u2013 2.8Interest rate swap 0.7 \u2013 0.7Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (2.0) \u2013 (2.0)Trade payables (782.8) (782.8)Other payables and accrued expenses (455.7) (455.7) \u2013Other payables \u2013 non-current (155.4) (155.4) \u2013Lease liabilities (2,484.0) (2,484.0) \u2013Contingent consideration \u2013 current (0.2) \u2013 (0.2)Contingent consideration \u2013 non-current (2.0) \u2013 (2.0)Interest-bearing loans and borrowings \u2013 current (92.9) (92.9) Interest-bearing loans and borrowings \u2013 non-current (36.6) (36.6) Put and call options held by non-controlling interests (809.8) (809.8) \u2013Restated(1)At fair value through 2023 At amortised cost profit or loss \u00a3m\u00a3m\u00a3mFinancial assets Cash and cash equivalents 1,508.0 1,508.0 \u2013Deposits (Note 18) 49.2 49.2Trade receivables 62.4 62.4 \u2013Other receivables 48.2 48.2 \u2013Accrued Income 2.8 2.8 \u2013Foreign exchange forward contracts \u2013 non-hedged 14.5 \u2013 14.5Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (30.4) \u2013 (30.4)Trade payables (723.7) (723.7)Other payables and accrued expenses (509.0) (509.0) \u2013Other payables \u2013 non-current (89.3) (89.3) \u2013Lease liabilities (2,384.0) (2,384.0) \u2013Contingent consideration \u2013 current (0.2) \u2013 (0.2)Contingent consideration \u2013 non-current (5.2) \u2013 (5.2)Interest-bearing loans and borrowings \u2013 current (75.2) (75.2) Interest-bearing loans and borrowings \u2013 non-current (38.0) (38.0) \u2013Put and call options held by non-controlling interests (1,104.7) (1,104.7) \u2013(1) Please refer to Note 39 for further details of the restatement.Financial AssetsThe Group\u2019s financial assets are non-derivative and derivative financial assets. The non-derivative assets are initially recognised at fair value and subsequently measured at amortised cost because they are held to collect contractual cash flows that are principal and interest on the principal amount outstanding. Credit loss allowance is calculated using lifetime expected credit losses for trade\ue61freceivables and contract assets and as 12-months expected credit loss for other assets. Cash and cash equivalents comprise short-term cash deposits with major clearing banks earning floating rates of interest based upon bank base rates or rates linked to\ue61fSONIA, SOFR (Secured Overnight Financing Rate) and EURIBOR (Euro Interbank Offered Rate).The currency profile of cash and cash equivalents is shown below:Restated (1)20242023 \u00a3m\u00a3mCash and cash equivalents Sterling 202.5 677.7Euros 359.6 386.5US Dollars 472.1 294.7Australian Dollars 55.4 81.4Malaysian Ringgit 12.2 11.8Swedish Krona 1.2 11.7Danish Krone 8.2 7.6Singapore Dollars 3.1 3.7Other 38.4 32.9Total 1,152.7 1,508.0(1) Please refer to Note 39 for further details of the restatement.The currency profile of trade receivables is shown below:2024 2023 \u00a3m\u00a3mTrade receivables Sterling 17.6 24.5Euros 10.2 21.2US Dollars 8.6 11.8Other 0.9 4.9Total 37.3 62.4Financial LiabilitiesThe currency profile of interest-bearing loans and borrowings is shown below:20242023 \u00a3m\u00a3mInterest-bearing loans and borrowings Sterling 5.7 5.8Euros 73.7 89.5Polish Zloty 39.6 8.9US Dollars \u2013 4.7Other 10.5 4.3Total 129.5 113.2The currency profile of trade payables is shown below:20242023 \u00a3m\u00a3mTrade payables Sterling 206.5 228.8Euros 216.3 199.4US Dollars 298.7 217.9Australian Dollars 17.0 20.3Polish Zloty 26.6 31.0Canadian Dollars 9.9 8.8Other 7.8 17.5Total 782.8 723.7Risk ManagementThe Group\u2019s operations expose it to a variety of financial risks that include the effects of changes in exchange rates, interest rates, credit risk and its liquidity position. The Group manages these risks through the use of derivative instruments, which are reviewed on a regular basis. Derivative instruments are not entered into for speculative purposes. There are no concentrations of risk in the period to 3 February 2024 (28 January 2023: None).Interest Rate RiskThe Group finances its operations by a mixture of equity and bank borrowings. The Group\u2019s borrowings are at floating rates. Interest rate risk therefore arises from bank borrowings. At the period end, the Group did not hold any floating rate deposits. The Directors continue to be mindful of the potential volatility in base rates, but at present do not consider a long-term interest rate hedge to be necessary given the inherent short-term nature of both the revolving credit facility and Asset Based Lending Facility. This position is reviewed regularly, along with the level of facility required.The Group has potential bank floating rate financial liabilities on the \u00a3700 million syndicated committed facility and the $300 million Asset Based Lending Facility together with overdraft facilities in subsidiary companies (see Notes 21 and 22). At\ue61f3 February\ue61f2024, \u00a3Nil was drawn down from the \u00a3700 million committed facility. $12.5 million of the $300 million Asset Based\ue61fLending Facility was drawn down at 3 February 2024 (2023: $Nil). A change of 1.0% in the average interest rates during the period, applied to the Group\u2019s floating interest rate loans and borrowings\ue61fas at the reporting date, would change profit before tax by \u00a30.3 million (2023: \u00a30.3 million) and would change equity\ue61fby \u00a30.3 million (2023: \u00a30.3 million). The calculation is based on any floating interest rate loans and borrowings drawn down\ue61fat\ue61fthe\ue61fperiod end date. Calculations are performed on the same basis as the prior period and assume that all other variables\ue61fremain unchanged. Foreign Currency RiskForeign Currency TranslationTransactions denominated in foreign currencies are translated into Sterling at the exchange rate prevailing on the date of the\ue61ftransaction. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rate of exchange at\ue61fthe reporting date. Exchange differences in monetary items are recognised in the Consolidated Income Statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at\ue61fthe dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the\ue61fexchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in Other Comprehensive Income or profit or loss are\ue61falso recognised in Other Comprehensive Income or profit or loss, respectively).On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into Sterling at the rate of\ue61fexchange at the reporting date. Income and expenses are translated at the average exchange rate for the accounting period. Foreign currency differences are recognised in Other Comprehensive Income and are presented in the foreign currency translation reserve.Derivative Financial InstrumentsThe Group uses derivative financial instruments to hedge its exposure to foreign exchange risks arising from operational activities. In accordance with its Treasury Policy, the Group does not hold or issue derivative financial instruments for trading purposes. Derivative financial instruments are accounted for as held for trading instruments and are recognised initially at fair value and remeasured at each period end. The gain or loss on remeasurement to fair value is recognised immediately in the Consolidated Income Statement. The fair value is the price that would have been received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Hedging of Monetary Assets and LiabilitiesWhere a derivative financial instrument is used to hedge the foreign exchange exposure of a recognised monetary asset or\ue61fliability,\ue61fno hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the Consolidated Income\ue61fStatement.The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than Pound Sterling. The currencies giving rise to this risk are the Euro and US Dollar, with sales made in both Euros and US Dollars and purchases made in both\ue61fEuros and US Dollars (principal exposure). To protect its foreign currency position, the Group sets a buying rate in each country for the purchase of goods in US Dollars at the start of the buying season (typically six to nine months before the product actually starts to appear in the stores) and then enters into a number of local currency/US Dollar contracts whereby the minimum exchange rate on the purchase of Dollars is guaranteed. Our European supply chain strategy has continued to reduce the Sterling/Euro exposure as the European Distribution Centres increasingly source the goods in Euros and create a natural hedge. Surplus Euros are also used to fund the international store developments across Europe, thus alleviating the need for local third-party financing.As at 3 February 2024, the fair value of these instruments were assets of \u00a33.5 million (2023: \u00a314.5 million) and liabilities of \u00a32.0 million (2023: \u00a330.4 million). The net asset of \u00a31.5 million is split as \u00a30.8 million due within one year and the remaining \u00a30.7 million is due between one and two years (2023: net liability of \u00a315.9 million split as \u00a310.9 million due within one year and \u00a35.0 million due between one and two years). A gain of \u00a316.6 million (2023: loss of \u00a332.2 million) has been recognised in cost of sales within the Consolidated Income Statement for the change in\ue61ffair value of these instruments.We have considered the credit risk of the Group\u2019s and counterparty\u2019s credit risk and this is not expected to have a material effect on the valuation of these options.The Group has considered the impact of a 10.0% strengthening or weakening of Sterling relative to the following currencies as\ue61fat\ue61fthe reporting date. The reduction to profit before tax illustrates the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. The reduction in equity illustrates the impact of the translation of\ue61fthe Group\u2019s subsidiaries whose functional currencies are different to the Group\u2019s presentational currency of Sterling plus the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. A 10.0% strengthening would have reduced profit before tax and equity as follows:Profit before tax Equity2024202320242023\u00a3m\u00a3m\u00a3m\u00a3mEuros 13.6 4.7 57.8 43.7US Dollars 13.1 2.0 167.3 141.4Australian Dollars 2.1 2.0 4.6 6.5Other 2.2 2.1 16.1 6.131.0 10.8 245.8 197.7Hedging of Monetary Assets and Liabilities continuedA 10.0% weakening of Sterling relative to the following currencies as at the reporting date would have increased profit before tax and equity as follows:Profit before tax Equity2024202320242023\u00a3m\u00a3m\u00a3m\u00a3mEuros 16.6 5.8 70.6 53.4US Dollars 16.1 2.5 204.5 172.8Australian Dollars 2.5 2.4 5.6 8.0Other 2.7 2.6 19.8 7.937.9 13.3 300.5 242.1Calculations are performed on the same basis as the prior period and the method assumes that all other variables remain\ue61funchanged.Credit RiskCredit risk arises from the possibility of customers and counterparties failing to meet their obligations to the Group. Investments of cash surpluses, borrowings and derivative instruments are made through major clearing banks, which must\ue61fmeet minimum credit ratings as required by the Board.All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and a provision is made for impairment where amounts are not thought to be recoverable (see\ue61fNote 20). At the reporting date, there were no significant concentrations of credit risk, and receivables which are not impaired are believed to be\ue61frecoverable.The Group considers its maximum exposure to credit risk to be equivalent to total trade and other receivables (excluding prepayments, accrued income and right of return assets) of \u00a377.5 million (2023: \u00a3124.3 million) and cash and cash equivalents of\ue61f\u00a31,152.7 million (2023: \u00a31,508.0 million).The table below provides details of cash and cash equivalents by long-term credit rating of investment-grade rated counterparties2024 2023 \u00a3m\u00a3mCash and cash equivalents 1,152.7 1,508.0A1 434.8 701.6A2 225.2 208.1A3 102.1 2.2Aa1 111.2 121.0Aa2 68.8 163.1Aa3 134.1 137.9AAA \u2013 100.2Ba1 1.3 0.2Baa1 41.0 60.6Baa2 34.2 13.1Liquidity RiskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages its cash and borrowing requirement to minimise net interest expense, whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of\ue61fthe business. The forecast cash and borrowing profile of the Group is monitored on an ongoing basis, to ensure that adequate headroom remains under committed borrowing facilities. Further, the Board regularly reviews the current financial position and performance and assesses the future prospects of the Group. As part of this assessment, the Board reviews the Group\u2019s income and expenditure projections, cash flows and other key financial ratios along with the potential impact of, and challenges presented by, the principal risks outlined on pages 44 to 55. The Group\u2019s strategy along with the factors likely to affect the development, performance and position of the businesses are\ue61fdetailed throughout the Strategic Report on pages 1 to 93. In accordance with the requirements of the UK Corporate Governance Code, the Board has assessed the viability of the Group for a period of three years to 30 January 2027. See pages 54 and 55 for the Group\u2019s Going Concern and Viability Statement.The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and\ue61fundiscounted. 2024 0\u20133 months 3\u201312 months1\u20132 years2\u20135 years > 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instruments Bank loans and overdrafts 132.5 55.0 35.8 31.9 8.9 0.9(1)Trade and other payables 1,401.9 1,144.8 93.6 25.5 69.3 68.7(2)Lease liabilities2,945.7 122.5 367.3 440.0 1,016.6 999.3(3)Put and call options899.7 \u2013 \u2013 176.1 723.6 \u2013Derivative financial instruments Forward contracts (gross cash outflow) 137.8 40.6 97.2 \u2013 \u2013 \u20135,517.6 1,362.9 593.9 673.5 1,818.4 1,068.9(1) Trade and other payables exclude accruals related to salaries, as these are non-financial instruments. (2) This is the undiscounted value of the lease liabilities (see note 16).(3) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.Restated(1)20230\u20133 months 3\u201312 months1\u20132 years2\u20135 years> 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instruments Bank loans and overdrafts 115.0 46.4 29.8 18.8 20.0 \u2013(2)Trade and other payables1,341.7 861.1 371.6 12.1 36.3 60.6(3)Lease liabilities2,684.5 118.8 356.4 411.0 920.6 877.7(4)Put and call options1,279.7 \u2013 216.8 23.6 774.2 265.1Derivative financial instruments (5)Forward contracts (gross cash outflow) 1,906.0 173.1 917.1 815.8 \u2013 \u20137,326.9 1,199.4 1,891.7 1,281.3 1,751.1 1,203.4(1) Please refer to Note 39 for further details of the restatement.(2) The prior period has been restated to remove salary accruals from the trade and other payables balance.(3) This is the undiscounted value of the lease liabilities (see note 16).(4) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.(5) Comparatives have been re-presented on a gross basis, whereas previously this has been presented on a net basis.Fair ValuesThe fair values together with the carrying amounts shown in the Statement of Financial Position as at 53 weeks to 3 February 2024 are as\ue61ffollows:Carrying amount Fair value 20242024 Note\u00a3m\u00a3mTrade and other receivables 20 77.5 77.5Cash and cash equivalents 21 1,152.7 1,152.7Interest-bearing loans and borrowings \u2013 current 22 (92.9) (92.9)Interest-bearing loans and borrowings \u2013 non-current 22 (36.6) (27.6)(1)Trade and other payables \u2013 current(1,238.4) (1,238.4)(1)Trade and other payables \u2013 non-current(155.4) (155.4)(293.1) (284.1)Unrecognised gain (9.0)(1) Trade and other payables included contingent consideration of \u00a32.2 million (2023: \u00a35.4 million) split between current of \u00a30.2 million (2023: \u00a30.2 million) and non-current of \u00a32.0 million (2023: \u00a35.2 million). The comparatives at 28 January 2023 are as follows:Restated(1)CarryingRestated(1) amount Fair value 2023 2023 Note\u00a3m\u00a3mTrade and other receivables 20 124.3 124.3Cash and cash equivalents 21 1,508.0 1,508.0Interest-bearing loans and borrowings \u2013 current 22 (75.2) (75.2)Interest-bearing loans and borrowings \u2013 non-current 22 (38.0) (29.1)(2)Trade and other payables \u2013 current(1,232.7) (1,232.7)(2)Trade and other payables \u2013 non-current(89.3) (89.3)197.1 206.0Unrecognised gain (8.9)(1) Please refer to Note 39 for further details of the restatement.(2) The prior period has been restated to remove salary accruals from the trade and other payables balance. No salary accruals are included in the non-current trade and other payables figure.The carrying value and fair value of the put/call option liability is approximately equal, please refer to Note 24(b) for further information in respect of measurement.In respect of the Group\u2019s non-current financial assets and liabilities as at 3 February 2024 and 28 January 2023, the fair value has been calculated by discounting contractual cash flows using a discount rate of 9.9% (2023: 9.2%) which reflects the current market assessments of the time value of money and the specific risks applicable to the liability. The valuations were categorised as level 2 in the fair value hierarchy as significant inputs to valuations are observable.Fair Value HierarchyAs at 3 February 2024, the Group held non-hedged foreign exchange forward contracts as well as contingent consideration which were carried at fair value on the Consolidated Statement of\ue61fFinancial\ue61fPosition. The Group uses the following hierarchy for determining and disclosing the fair value of financial instrument by\ue61fvaluation\ue61ftechnique:Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.Level 3: Techniques which use inputs that have a significant affect on the recorded fair value that are not based on observable market data.Fair valueLevel 1Level 2Level 33 February 2024\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged 2.8 \u2013 2.8 \u2013Interest rate swap 0.7 \u2013 0.7 \u2013Financial liabilities at fair value through profit or loss Foreign exchange forward contracts \u2013 non-hedged (2.0) \u2013 (2.0) \u2013Contingent consideration \u2013 current (0.2) \u2013 \u2013 (0.2)Contingent consideration \u2013 non-current (2.0) \u2013 \u2013 (2.0)Restated(1)Fair valueLevel 1Level 2Level 3At 28 January 2023\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged 14.5 \u2013 14.5 \u2013Financial liabilities at fair value through profit or loss Foreign exchange forward contracts \u2013 non-hedged (30.4) \u2013 (30.4) \u2013Contingent consideration \u2013 current (0.2) \u2013 \u2013 (0.2)Contingent consideration \u2013 non-current (5.2) \u2013 \u2013 (5.2)(1) Please refer to Note 39 for further details of the restatement.",
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"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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"s9_notes__6__105": {
"value": "Financial AssetsThe Group\u2019s financial assets are non-derivative and derivative financial assets. The non-derivative assets are initially recognised at fair value and subsequently measured at amortised cost because they are held to collect contractual cash flows that are principal and interest on the principal amount outstanding. Credit loss allowance is calculated using lifetime expected credit losses for trade\ue61freceivables and contract assets and as 12-months expected credit loss for other assets. Cash and cash equivalents comprise short-term cash deposits with major clearing banks earning floating rates of interest based upon bank base rates or rates linked to\ue61fSONIA, SOFR (Secured Overnight Financing Rate) and EURIBOR (Euro Interbank Offered Rate).The currency profile of cash and cash equivalents is shown below:Restated (1)20242023 \u00a3m\u00a3mCash and cash equivalents Sterling 202.5 677.7Euros 359.6 386.5US Dollars 472.1 294.7Australian Dollars 55.4 81.4Malaysian Ringgit 12.2 11.8Swedish Krona 1.2 11.7Danish Krone 8.2 7.6Singapore Dollars 3.1 3.7Other 38.4 32.9Total 1,152.7 1,508.0(1) Please refer to Note 39 for further details of the restatement.The currency profile of trade receivables is shown below:2024 2023 \u00a3m\u00a3mTrade receivables Sterling 17.6 24.5Euros 10.2 21.2US Dollars 8.6 11.8Other 0.9 4.9Total 37.3 62.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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"s9_notes__6__106": {
"value": "Financial LiabilitiesThe currency profile of interest-bearing loans and borrowings is shown below:20242023 \u00a3m\u00a3mInterest-bearing loans and borrowings Sterling 5.7 5.8Euros 73.7 89.5Polish Zloty 39.6 8.9US Dollars \u2013 4.7Other 10.5 4.3Total 129.5 113.2The currency profile of trade payables is shown below:20242023 \u00a3m\u00a3mTrade payables Sterling 206.5 228.8Euros 216.3 199.4US Dollars 298.7 217.9Australian Dollars 17.0 20.3Polish Zloty 26.6 31.0Canadian Dollars 9.9 8.8Other 7.8 17.5Total 782.8 723.7",
"dimensions": {
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"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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"s9_notes__6__107": {
"value": "Risk ManagementThe Group\u2019s operations expose it to a variety of financial risks that include the effects of changes in exchange rates, interest rates, credit risk and its liquidity position. The Group manages these risks through the use of derivative instruments, which are reviewed on a regular basis. Derivative instruments are not entered into for speculative purposes. There are no concentrations of risk in the period to 3 February 2024 (28 January 2023: None).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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"s9_notes__6__108": {
"value": "Interest Rate RiskThe Group finances its operations by a mixture of equity and bank borrowings. The Group\u2019s borrowings are at floating rates. Interest rate risk therefore arises from bank borrowings. At the period end, the Group did not hold any floating rate deposits. The Directors continue to be mindful of the potential volatility in base rates, but at present do not consider a long-term interest rate hedge to be necessary given the inherent short-term nature of both the revolving credit facility and Asset Based Lending Facility. This position is reviewed regularly, along with the level of facility required.The Group has potential bank floating rate financial liabilities on the \u00a3700 million syndicated committed facility and the $300 million Asset Based Lending Facility together with overdraft facilities in subsidiary companies (see Notes 21 and 22). At\ue61f3 February\ue61f2024, \u00a3Nil was drawn down from the \u00a3700 million committed facility. $12.5 million of the $300 million Asset Based\ue61fLending Facility was drawn down at 3 February 2024 (2023: $Nil). A change of 1.0% in the average interest rates during the period, applied to the Group\u2019s floating interest rate loans and borrowings\ue61fas at the reporting date, would change profit before tax by \u00a30.3 million (2023: \u00a30.3 million) and would change equity\ue61fby \u00a30.3 million (2023: \u00a30.3 million). The calculation is based on any floating interest rate loans and borrowings drawn down\ue61fat\ue61fthe\ue61fperiod end date. Calculations are performed on the same basis as the prior period and assume that all other variables\ue61fremain unchanged.",
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"concept": "JDS:DisclosureOfInterestRateRisks",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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},
"s9_notes__6__109": {
"value": "Foreign Currency RiskForeign Currency TranslationTransactions denominated in foreign currencies are translated into Sterling at the exchange rate prevailing on the date of the\ue61ftransaction. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rate of exchange at\ue61fthe reporting date. Exchange differences in monetary items are recognised in the Consolidated Income Statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at\ue61fthe dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the\ue61fexchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in Other Comprehensive Income or profit or loss are\ue61falso recognised in Other Comprehensive Income or profit or loss, respectively).On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into Sterling at the rate of\ue61fexchange at the reporting date. Income and expenses are translated at the average exchange rate for the accounting period. Foreign currency differences are recognised in Other Comprehensive Income and are presented in the foreign currency translation reserve.Derivative Financial InstrumentsThe Group uses derivative financial instruments to hedge its exposure to foreign exchange risks arising from operational activities. In accordance with its Treasury Policy, the Group does not hold or issue derivative financial instruments for trading purposes. Derivative financial instruments are accounted for as held for trading instruments and are recognised initially at fair value and remeasured at each period end. The gain or loss on remeasurement to fair value is recognised immediately in the Consolidated Income Statement. The fair value is the price that would have been received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Hedging of Monetary Assets and LiabilitiesWhere a derivative financial instrument is used to hedge the foreign exchange exposure of a recognised monetary asset or\ue61fliability,\ue61fno hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the Consolidated Income\ue61fStatement.The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than Pound Sterling. The currencies giving rise to this risk are the Euro and US Dollar, with sales made in both Euros and US Dollars and purchases made in both\ue61fEuros and US Dollars (principal exposure). To protect its foreign currency position, the Group sets a buying rate in each country for the purchase of goods in US Dollars at the start of the buying season (typically six to nine months before the product actually starts to appear in the stores) and then enters into a number of local currency/US Dollar contracts whereby the minimum exchange rate on the purchase of Dollars is guaranteed. Our European supply chain strategy has continued to reduce the Sterling/Euro exposure as the European Distribution Centres increasingly source the goods in Euros and create a natural hedge. Surplus Euros are also used to fund the international store developments across Europe, thus alleviating the need for local third-party financing.As at 3 February 2024, the fair value of these instruments were assets of \u00a33.5 million (2023: \u00a314.5 million) and liabilities of \u00a32.0 million (2023: \u00a330.4 million). The net asset of \u00a31.5 million is split as \u00a30.8 million due within one year and the remaining \u00a30.7 million is due between one and two years (2023: net liability of \u00a315.9 million split as \u00a310.9 million due within one year and \u00a35.0 million due between one and two years). A gain of \u00a316.6 million (2023: loss of \u00a332.2 million) has been recognised in cost of sales within the Consolidated Income Statement for the change in\ue61ffair value of these instruments.We have considered the credit risk of the Group\u2019s and counterparty\u2019s credit risk and this is not expected to have a material effect on the valuation of these options.The Group has considered the impact of a 10.0% strengthening or weakening of Sterling relative to the following currencies as\ue61fat\ue61fthe reporting date. The reduction to profit before tax illustrates the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. The reduction in equity illustrates the impact of the translation of\ue61fthe Group\u2019s subsidiaries whose functional currencies are different to the Group\u2019s presentational currency of Sterling plus the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. A 10.0% strengthening would have reduced profit before tax and equity as follows:Profit before tax Equity2024202320242023\u00a3m\u00a3m\u00a3m\u00a3mEuros 13.6 4.7 57.8 43.7US Dollars 13.1 2.0 167.3 141.4Australian Dollars 2.1 2.0 4.6 6.5Other 2.2 2.1 16.1 6.131.0 10.8 245.8 197.7Hedging of Monetary Assets and Liabilities continuedA 10.0% weakening of Sterling relative to the following currencies as at the reporting date would have increased profit before tax and equity as follows:Profit before tax Equity2024202320242023\u00a3m\u00a3m\u00a3m\u00a3mEuros 16.6 5.8 70.6 53.4US Dollars 16.1 2.5 204.5 172.8Australian Dollars 2.5 2.4 5.6 8.0Other 2.7 2.6 19.8 7.937.9 13.3 300.5 242.1Calculations are performed on the same basis as the prior period and the method assumes that all other variables remain\ue61funchanged.",
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"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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},
"s9_notes__6__111": {
"value": "Liquidity RiskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages its cash and borrowing requirement to minimise net interest expense, whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of\ue61fthe business. The forecast cash and borrowing profile of the Group is monitored on an ongoing basis, to ensure that adequate headroom remains under committed borrowing facilities. Further, the Board regularly reviews the current financial position and performance and assesses the future prospects of the Group. As part of this assessment, the Board reviews the Group\u2019s income and expenditure projections, cash flows and other key financial ratios along with the potential impact of, and challenges presented by, the principal risks outlined on pages 44 to 55. The Group\u2019s strategy along with the factors likely to affect the development, performance and position of the businesses are\ue61fdetailed throughout the Strategic Report on pages 1 to 93. In accordance with the requirements of the UK Corporate Governance Code, the Board has assessed the viability of the Group for a period of three years to 30 January 2027. See pages 54 and 55 for the Group\u2019s Going Concern and Viability Statement.The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and\ue61fundiscounted. 2024 0\u20133 months 3\u201312 months1\u20132 years2\u20135 years > 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instruments Bank loans and overdrafts 132.5 55.0 35.8 31.9 8.9 0.9(1)Trade and other payables 1,401.9 1,144.8 93.6 25.5 69.3 68.7(2)Lease liabilities2,945.7 122.5 367.3 440.0 1,016.6 999.3(3)Put and call options899.7 \u2013 \u2013 176.1 723.6 \u2013Derivative financial instruments Forward contracts (gross cash outflow) 137.8 40.6 97.2 \u2013 \u2013 \u20135,517.6 1,362.9 593.9 673.5 1,818.4 1,068.9(1) Trade and other payables exclude accruals related to salaries, as these are non-financial instruments. (2) This is the undiscounted value of the lease liabilities (see note 16).(3) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.Restated(1)20230\u20133 months 3\u201312 months1\u20132 years2\u20135 years> 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instruments Bank loans and overdrafts 115.0 46.4 29.8 18.8 20.0 \u2013(2)Trade and other payables1,341.7 861.1 371.6 12.1 36.3 60.6(3)Lease liabilities2,684.5 118.8 356.4 411.0 920.6 877.7(4)Put and call options1,279.7 \u2013 216.8 23.6 774.2 265.1Derivative financial instruments (5)Forward contracts (gross cash outflow) 1,906.0 173.1 917.1 815.8 \u2013 \u20137,326.9 1,199.4 1,891.7 1,281.3 1,751.1 1,203.4(1) Please refer to Note 39 for further details of the restatement.(2) The prior period has been restated to remove salary accruals from the trade and other payables balance.(3) This is the undiscounted value of the lease liabilities (see note 16).(4) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.(5) Comparatives have been re-presented on a gross basis, whereas previously this has been presented on a net basis.",
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"s9_notes__6__112": {
"value": "Fair ValuesThe fair values together with the carrying amounts shown in the Statement of Financial Position as at 53 weeks to 3 February 2024 are as\ue61ffollows:Carrying amount Fair value 20242024 Note\u00a3m\u00a3mTrade and other receivables 20 77.5 77.5Cash and cash equivalents 21 1,152.7 1,152.7Interest-bearing loans and borrowings \u2013 current 22 (92.9) (92.9)Interest-bearing loans and borrowings \u2013 non-current 22 (36.6) (27.6)(1)Trade and other payables \u2013 current(1,238.4) (1,238.4)(1)Trade and other payables \u2013 non-current(155.4) (155.4)(293.1) (284.1)Unrecognised gain (9.0)(1) Trade and other payables included contingent consideration of \u00a32.2 million (2023: \u00a35.4 million) split between current of \u00a30.2 million (2023: \u00a30.2 million) and non-current of \u00a32.0 million (2023: \u00a35.2 million). The comparatives at 28 January 2023 are as follows:Restated(1)CarryingRestated(1) amount Fair value 2023 2023 Note\u00a3m\u00a3mTrade and other receivables 20 124.3 124.3Cash and cash equivalents 21 1,508.0 1,508.0Interest-bearing loans and borrowings \u2013 current 22 (75.2) (75.2)Interest-bearing loans and borrowings \u2013 non-current 22 (38.0) (29.1)(2)Trade and other payables \u2013 current(1,232.7) (1,232.7)(2)Trade and other payables \u2013 non-current(89.3) (89.3)197.1 206.0Unrecognised gain (8.9)(1) Please refer to Note 39 for further details of the restatement.(2) The prior period has been restated to remove salary accruals from the trade and other payables balance. No salary accruals are included in the non-current trade and other payables figure.The carrying value and fair value of the put/call option liability is approximately equal, please refer to Note 24(b) for further information in respect of measurement.In respect of the Group\u2019s non-current financial assets and liabilities as at 3 February 2024 and 28 January 2023, the fair value has been calculated by discounting contractual cash flows using a discount rate of 9.9% (2023: 9.2%) which reflects the current market assessments of the time value of money and the specific risks applicable to the liability. The valuations were categorised as level 2 in the fair value hierarchy as significant inputs to valuations are observable.",
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"s9_notes__6__116": {
"value": "24. Trade and Other Payables and Put and Call Option LiabilitiesTrade and other payables are non-interest-bearing and are stated at their cost. Restated (1)Restated (1)20242023 2022 \u00a3m\u00a3m\u00a3mCurrent liabilities Trade payables 782.8 723.7 526.6Other payables and accrued expenses 474.9 548.0 591.7Forward contract liability 2.0 24.6 3.1Refund liabilities 53.7 30.8 27.2Other tax and social security costs 132.7 144.1 130.9Trade and other payables 1,446.1 1,471.2 1,279.5Non-current liabilities Other payables and accrued expenses 155.4 96.6 8.7Forward contract liability \u2013 5.8 1.9Other payables 155.4 102.4 10.6(1) Please refer to Note 39 for further details of the restatement.Restated (1)Restated (1)20242023 2022 \u00a3m\u00a3m\u00a3mCurrent liabilities \u2013 184.4 97.1Non-current liabilities 809.8 920.3 762.0Total put and call option liabilities 809.8 1,104.7 859.1(1) Please refer to Note 39 for further details of the restatement.24a. Trade and Other Payables and accrued expensesOther payables and accrued expenses include the following:Reebok brand licenceIn December 2021, the Group signed a contract with ABG Reebok LLC to license the Reebok brand in various territories. The\ue61fagreement became effective during the 52 week period ended 28 January 2023. As a result, the Group has recognised an\ue61fintangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 10 year term of \u00a373.0 million.Hoodrich brand licenceIn December 2023, the Group signed a contract with Hoodrich Limited to license the Hoodrich brand in various territories. The\ue61fagreement became effective during the 52 week period ended 3 February 2024. As a result, the Group has recognised an intangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 7 year term of \u00a358.9 million.24b. Put and Call Option LiabilitiesPut and call options are in place over all or part of the remaining non-controlling interest shareholding in various subsidiaries. The Group recognises put and call options over non-controlling interests in its subsidiary undertakings as a liability in the Consolidated Statement of Financial Position at the present value of the estimated exercise price of the put and call option. The only material put and call option remaining as at 3 February 2024 is Genesis at \u00a3763.5 million (2023: Genesis (restated) \u00a3782.9million).The Group has used a third-party valuation expert to estimate the present value of the Group\u2019s material put and call option liabilities using a Monte-Carlo simulation model, applying a geometric Brownian motion to\ue61fproject the share price and an arithmetic Brownian motion for the projection of EBITDA. The option formula and multiple are usually stated in the option agreement allowing the strike price to be calculated from the simulated EBITDA; however, in the absence of a specified formula or\ue61fmultiple, we estimate this based on current evidence in the Mergers and Acquisitions market and the Group past experience of\ue61fmultiples paid for similar businesses. Upon initial recognition of put and call options, a corresponding entry is made to Other Equity (put and call option reserve), and for subsequent changes on remeasurement of the liability the corresponding entry is\ue61fmade to adjusting items in the Consolidated Income Statement.Inputs to the Monte-Carlo simulation modelsThe Group has used the Board approved 3-year plan to estimate profit and cash flow forecasts for future periods. In estimating the present value of the Group\u2019s material put and call option liabilities, the key inputs to the Monte-Carlo simulation models are: \u2013 The EBITDA forecasts and growth assumptions for future periods including forecast net cash/debt and forecast capital expenditure, working capital movements and taxation. \u2013 The EBITDA which is projected using an Arithmetic Brownian Motion using EBITDA drift. The drift for each time period is\ue61festimated from forecast EBITDA and its standard deviation is estimated from historical EBITDA data. \u2013 The risk-free discount rates, reflecting the current market assessment of the time value of money, used to discount the purchase price (subject to the option pricing cap as defined in the shareholder agreement) to present value. Other OptionsWithin other options the two largest value options at FY24 are Cosmos \u00a323.7 million (2023 (restated): \u00a318.1 million) and DTLR \u00a313.9 million (2023 (restated): \u00a311.2 million). Due to the value of these other options, management has used a third party valuation\ue61fspecialist to value these options. The valuation technique is consistent with\ue61fthat outlined above for material options. The remaining options are valued in house, and total \u00a346.3 million (2023 (restated):\ue61f\u00a363.0 million).Marketing Iberian Sports Investment Group Retail Group Genesis Topco Inc S.A.Total (\u2018ISRG\u2019) (\u2018Genesis\u2019)(\u2018MIG\u2019)Other Liability \u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 30 January 2022 119.0 520.3 51.9 73.5 764.7Effect of prior period restatement 58.2 \u2013 \u2013 36.2 94.4At 30 January 2022 \u2013 restated (1)177.2 520.3 51.9 109.7 859.1Acquisitions \u2013 restated \u2013 \u2013 \u2013 14.1 14.1Options lapsed and disposed during the period \u2013 \u2013 \u2013 (17.6) (17.6)Increase/(decrease) in the present value of the\ue61fexisting\ue61foption\ue61fliability \u2013 restated(1)29.2 262.6 0.5 (43.2) 249.1At 28 January 2023 \u2013 restated(1)206.4 782.9 52.4 63.0 1,104.7Acquisitions (Note 11) 428.8 \u2013 \u2013 \u2013 428.8Options lapsed and disposed during the period (196.7) \u2013 \u2013 (5.0) (201.7)Other movements \u2013 \u2013 \u2013 (13.2) (13.2)Options bought out (Note 33) (434.6) \u2013 (68.7) \u2013 (503.3)(Decrease)/increase in the present value of the\ue61fexisting\ue61foption\ue61fliability (3.9) (19.4) 16.3 1.5 (5.5)At 3 February 2024 \u2013 763.5 \u2013 46.3 809.8(1) Please refer to Note 39 for further details of the restatement.ISRG Put OptionFollowing the receipt of a formal buy / sell notice on 13 April 2023 from Balaiko Firaja Invest, S.L. and Sonae Holdings, S.A. (together the \u2018Minority Parties\u2019), who collectively held 49.99% of Iberian Sports Retail Group, S.L. (\u2018ISRG\u2019), the Group was engaged\ue61fin formal discussions with the Minority Parties with regards to the future ownership structure of ISRG. As a result, the put\ue61foption related to ISRG of \u00a3196.7 million lapsed with a corresponding entry to put and call option reserve of \u00a346.0 million and brought forward retained earnings of \u00a3150.7 million. On 7 July 2023, the Group announced its intention to acquire the remaining 49.99% shares in ISRG for a total consideration of \u00a3428.8 million. As a result, the Group recognised a put option liability with a corresponding entry to put and call option reserve amounting to \u00a3428.8 million. On 10 October 2023, the Group bought out the ISRG put option liability at the completion of the acquisition of the 49.99% shares in ISRG (see Note 11).MIG Put and Call OptionOn 17 July 2023, the Group amended the MIG shareholders agreement and as a result there was a modification to the put and call option for the Group to acquire, or be required to acquire the full 40% shareholding in MIG currently held by the non-controlling interests and therefore remeasured the MIG put and call option liability and disclosed as an increase in the present value of the existing option liability of \u00a316.3 million with corresponding entry to adjusting items (see Note 4). On 21 December 2023, the Group bought out the MIG put and call option liability at the completion of the acquisition of the 40% shares in MIG (see Note 11).Sensitivity Analysis \u2013 Genesis Put and Call OptionSensitivity analysis was performed over the key variable inputs to the valuation of the Genesis put and call option. The key variable input was determined to be the EBITDA forecasts per the Board approved 3-year plan. 10% was determined to be a reasonably possible change for the EBITDA forecasts included in the approved cash flow forecasts, reflecting recent experience in levels of forecasting accuracy.The result was that: \u2013 A reduction of 10% to the forecast EBITDA would result in a reduction to the put and call option liability of \u00a391.8 million.Option DetailsCurrent options \u2013 Options detailsRecognised atShort-term 3 FebruaryEBITDA growth Discount rate 2024Company Options in existence Exercise periods Methodology Maximum priceassumptionsapplied\u00a3mGenesis Topco Put option The put options The option The option 6.4% \u2013 12.5% 3.3% \u2013 4.8% 763.5Inc.whereby JD are\ue61fexercisable price is price shall\ue61fnot Sports Fashion within 30 calendar calculated exceed Plc may be days after the based on a \u00a31.46\ue61fbillion.required to determination of\ue61fthe multiple of acquire the final put/call value earnings remaining 20% for the financial before of\ue61fthe issued period. The first interest, tax, share capital of put\ue61fperiod will depreciation Genesis Topco occur\ue61fafter the and Inc in four determination of the amortisation equal\ue61ftranches put/call value for the for the with\ue61fthe ability financial period relevant to roll\ue61fover a ending on 1 financial tranche that has February 2025.period, less not previously The final put option post-closing been subject to can be exercised cash and the exercise of a within a period of 30 debt.put\ue61foption.calendar days after the end of the fiscal period ending 1 February 2028.Other put option liabilities 46.3Total liability 809.8",
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"s9_notes__6__115": {
"value": "24. Trade and Other Payables and Put and Call Option LiabilitiesTrade and other payables are non-interest-bearing and are stated at their cost. Restated (1)Restated (1)20242023 2022 \u00a3m\u00a3m\u00a3mCurrent liabilities Trade payables 782.8 723.7 526.6Other payables and accrued expenses 474.9 548.0 591.7Forward contract liability 2.0 24.6 3.1Refund liabilities 53.7 30.8 27.2Other tax and social security costs 132.7 144.1 130.9Trade and other payables 1,446.1 1,471.2 1,279.5Non-current liabilities Other payables and accrued expenses 155.4 96.6 8.7Forward contract liability \u2013 5.8 1.9Other payables 155.4 102.4 10.6(1) Please refer to Note 39 for further details of the restatement.Restated (1)Restated (1)20242023 2022 \u00a3m\u00a3m\u00a3mCurrent liabilities \u2013 184.4 97.1Non-current liabilities 809.8 920.3 762.0Total put and call option liabilities 809.8 1,104.7 859.1(1) Please refer to Note 39 for further details of the restatement.24a. Trade and Other Payables and accrued expensesOther payables and accrued expenses include the following:Reebok brand licenceIn December 2021, the Group signed a contract with ABG Reebok LLC to license the Reebok brand in various territories. The\ue61fagreement became effective during the 52 week period ended 28 January 2023. As a result, the Group has recognised an\ue61fintangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 10 year term of \u00a373.0 million.Hoodrich brand licenceIn December 2023, the Group signed a contract with Hoodrich Limited to license the Hoodrich brand in various territories. The\ue61fagreement became effective during the 52 week period ended 3 February 2024. As a result, the Group has recognised an intangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 7 year term of \u00a358.9 million.24b. Put and Call Option LiabilitiesPut and call options are in place over all or part of the remaining non-controlling interest shareholding in various subsidiaries. The Group recognises put and call options over non-controlling interests in its subsidiary undertakings as a liability in the Consolidated Statement of Financial Position at the present value of the estimated exercise price of the put and call option. The only material put and call option remaining as at 3 February 2024 is Genesis at \u00a3763.5 million (2023: Genesis (restated) \u00a3782.9million).The Group has used a third-party valuation expert to estimate the present value of the Group\u2019s material put and call option liabilities using a Monte-Carlo simulation model, applying a geometric Brownian motion to\ue61fproject the share price and an arithmetic Brownian motion for the projection of EBITDA. The option formula and multiple are usually stated in the option agreement allowing the strike price to be calculated from the simulated EBITDA; however, in the absence of a specified formula or\ue61fmultiple, we estimate this based on current evidence in the Mergers and Acquisitions market and the Group past experience of\ue61fmultiples paid for similar businesses. Upon initial recognition of put and call options, a corresponding entry is made to Other Equity (put and call option reserve), and for subsequent changes on remeasurement of the liability the corresponding entry is\ue61fmade to adjusting items in the Consolidated Income Statement.Inputs to the Monte-Carlo simulation modelsThe Group has used the Board approved 3-year plan to estimate profit and cash flow forecasts for future periods. In estimating the present value of the Group\u2019s material put and call option liabilities, the key inputs to the Monte-Carlo simulation models are: \u2013 The EBITDA forecasts and growth assumptions for future periods including forecast net cash/debt and forecast capital expenditure, working capital movements and taxation. \u2013 The EBITDA which is projected using an Arithmetic Brownian Motion using EBITDA drift. The drift for each time period is\ue61festimated from forecast EBITDA and its standard deviation is estimated from historical EBITDA data. \u2013 The risk-free discount rates, reflecting the current market assessment of the time value of money, used to discount the purchase price (subject to the option pricing cap as defined in the shareholder agreement) to present value. Other OptionsWithin other options the two largest value options at FY24 are Cosmos \u00a323.7 million (2023 (restated): \u00a318.1 million) and DTLR \u00a313.9 million (2023 (restated): \u00a311.2 million). Due to the value of these other options, management has used a third party valuation\ue61fspecialist to value these options. The valuation technique is consistent with\ue61fthat outlined above for material options. The remaining options are valued in house, and total \u00a346.3 million (2023 (restated):\ue61f\u00a363.0 million).Marketing Iberian Sports Investment Group Retail Group Genesis Topco Inc S.A.Total (\u2018ISRG\u2019) (\u2018Genesis\u2019)(\u2018MIG\u2019)Other Liability \u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 30 January 2022 119.0 520.3 51.9 73.5 764.7Effect of prior period restatement 58.2 \u2013 \u2013 36.2 94.4At 30 January 2022 \u2013 restated (1)177.2 520.3 51.9 109.7 859.1Acquisitions \u2013 restated \u2013 \u2013 \u2013 14.1 14.1Options lapsed and disposed during the period \u2013 \u2013 \u2013 (17.6) (17.6)Increase/(decrease) in the present value of the\ue61fexisting\ue61foption\ue61fliability \u2013 restated(1)29.2 262.6 0.5 (43.2) 249.1At 28 January 2023 \u2013 restated(1)206.4 782.9 52.4 63.0 1,104.7Acquisitions (Note 11) 428.8 \u2013 \u2013 \u2013 428.8Options lapsed and disposed during the period (196.7) \u2013 \u2013 (5.0) (201.7)Other movements \u2013 \u2013 \u2013 (13.2) (13.2)Options bought out (Note 33) (434.6) \u2013 (68.7) \u2013 (503.3)(Decrease)/increase in the present value of the\ue61fexisting\ue61foption\ue61fliability (3.9) (19.4) 16.3 1.5 (5.5)At 3 February 2024 \u2013 763.5 \u2013 46.3 809.8(1) Please refer to Note 39 for further details of the restatement.ISRG Put OptionFollowing the receipt of a formal buy / sell notice on 13 April 2023 from Balaiko Firaja Invest, S.L. and Sonae Holdings, S.A. (together the \u2018Minority Parties\u2019), who collectively held 49.99% of Iberian Sports Retail Group, S.L. (\u2018ISRG\u2019), the Group was engaged\ue61fin formal discussions with the Minority Parties with regards to the future ownership structure of ISRG. As a result, the put\ue61foption related to ISRG of \u00a3196.7 million lapsed with a corresponding entry to put and call option reserve of \u00a346.0 million and brought forward retained earnings of \u00a3150.7 million. On 7 July 2023, the Group announced its intention to acquire the remaining 49.99% shares in ISRG for a total consideration of \u00a3428.8 million. As a result, the Group recognised a put option liability with a corresponding entry to put and call option reserve amounting to \u00a3428.8 million. On 10 October 2023, the Group bought out the ISRG put option liability at the completion of the acquisition of the 49.99% shares in ISRG (see Note 11).MIG Put and Call OptionOn 17 July 2023, the Group amended the MIG shareholders agreement and as a result there was a modification to the put and call option for the Group to acquire, or be required to acquire the full 40% shareholding in MIG currently held by the non-controlling interests and therefore remeasured the MIG put and call option liability and disclosed as an increase in the present value of the existing option liability of \u00a316.3 million with corresponding entry to adjusting items (see Note 4). On 21 December 2023, the Group bought out the MIG put and call option liability at the completion of the acquisition of the 40% shares in MIG (see Note 11).Sensitivity Analysis \u2013 Genesis Put and Call OptionSensitivity analysis was performed over the key variable inputs to the valuation of the Genesis put and call option. The key variable input was determined to be the EBITDA forecasts per the Board approved 3-year plan. 10% was determined to be a reasonably possible change for the EBITDA forecasts included in the approved cash flow forecasts, reflecting recent experience in levels of forecasting accuracy.The result was that: \u2013 A reduction of 10% to the forecast EBITDA would result in a reduction to the put and call option liability of \u00a391.8 million.Option DetailsCurrent options \u2013 Options detailsRecognised atShort-term 3 FebruaryEBITDA growth Discount rate 2024Company Options in existence Exercise periods Methodology Maximum priceassumptionsapplied\u00a3mGenesis Topco Put option The put options The option The option 6.4% \u2013 12.5% 3.3% \u2013 4.8% 763.5Inc.whereby JD are\ue61fexercisable price is price shall\ue61fnot Sports Fashion within 30 calendar calculated exceed Plc may be days after the based on a \u00a31.46\ue61fbillion.required to determination of\ue61fthe multiple of acquire the final put/call value earnings remaining 20% for the financial before of\ue61fthe issued period. The first interest, tax, share capital of put\ue61fperiod will depreciation Genesis Topco occur\ue61fafter the and Inc in four determination of the amortisation equal\ue61ftranches put/call value for the for the with\ue61fthe ability financial period relevant to roll\ue61fover a ending on 1 financial tranche that has February 2025.period, less not previously The final put option post-closing been subject to can be exercised cash and the exercise of a within a period of 30 debt.put\ue61foption.calendar days after the end of the fiscal period ending 1 February 2028.Other put option liabilities 46.3Total liability 809.8",
"dimensions": {
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"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__119": {
"value": "25. Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event, it is more likely than not that an outflow of economic benefits will be required to settle the obligation and the obligation can be estimated reliably.Property ProvisionWithin the property provision, management has provided for expected dilapidations on stores and warehouses. This provision covers expected dilapidation costs for any lease considered onerous, any related to stores recently closed, stores which are\ue61fplanned to close or are at risk of closure and those under contract but not currently in use. Management maintains all properties to a high standard and carries out repairs whenever necessary during the Group\u2019s tenure. Therefore, if there is no risk of closure, any provision would be\ue61fminimal and management does not consider it necessary to hold dilapidation provisions for these properties. The unwind of the provision will be dependent on management\u2019s decision about when a premises may be vacated, this would typically be over a five to\ue61fseven year period.Other ProvisionsOther provisions comprises various other trade provisions and legal costs. The provisions are estimated based on accumulated experience, supplier communication and management approved forecasts. The unwind of the provision will be dependent on when the expected costs are incurred, this would typically be over a one to\ue61ftwo year period.Onerous Contract ProvisionWithin the onerous contract provision, management has provided against the minimum contractual cost for the remaining term on a non-cancellable logistics services contract for the Azambuja warehouse in Portugal within the Sport Zone division. The provision will be unwound over the remaining period ending 30 September 2030.Property Other Onerous contract provisionprovisionsprovisionTotal\u00a3m\u00a3m\u00a3m\u00a3mBalance at 29 January 2022 18.2 9.8 5.1 33.1Provisions reclassified from accruals 0.9 \u2013 \u2013 0.9Provisions acquired in the period 0.5 \u2013 \u2013 0.5Provisions transferred to held-for-sale (Note 35) (0.4) \u2013 \u2013 (0.4)Provisions divested in the period (Note 12) (0.1) \u2013 \u2013 (0.1)Provisions released during the period (1.5) (5.0) (0.8) (7.3)Provisions created during the period 4.5 1.8 \u2013 6.3Provisions utilised during the period (0.7) (1.5) \u2013 (2.2)Balance at 28 January 2023 as reported 21.4 5.1 4.3 30.8Provisions reclassified from accruals (1)\u2013 \u2013 (0.1) (0.1)Provisions divested in the period (Note 12) (0.2) \u2013 \u2013 (0.2)Provisions released during the period (1.3) (0.7) (0.1) (2.1)Provisions created during the period 1.7 2.9 3.3 7.9Provisions utilised during the period (0.6) (3.2) (3.3) (7.1)Balance at 3 February 2024 21.0 4.1 4.1 29.2(1) Reclassifications relate to mis-classified assets which have been reclassified to the correct financial line item. These net to \u00a3Nil across the reclassification lines within Notes 13, 14, 16, and 18.Provisions have been analysed between current and non-current as follows: Restated(1)2024 2023 \u00a3m\u00a3mCurrent 7. 5 9.7Non-current 21.7 21.129.2 30.8(1) Please refer to Note 39 for further details of the restatement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__124": {
"value": "27. Capital and ReservesIssued Ordinary Share CapitalOn 20 December 2022, JD Sports Fashion Plc completed the placing of new ordinary shares in the capital of the Company. A total of 25,000,000 new ordinary shares were issued, increasing the total ordinary shares in issue to 5,183,135,745.The total number of authorised ordinary shares was 6,240 million (2023: 6,240 million) with a par value of 0.05 pence per share (2023: 0.05 pence per share). All issued shares are fully paid.The capital structure of the Group consists of equity attributable to equity holders of the parent, comprising issued share capital, share premium and retained earnings. The Group is not subject to any externally imposed capital requirements.It is the Board\u2019s policy to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The processes for managing the Group\u2019s capital levels are that the Board regularly monitors the net cash/debt in the business, the working capital requirements and the forecast cash flows. Based on this analysis, the Board determines the appropriate return to equity holders while ensuring sufficient capital is retained in the business to meet its strategic\ue61fobjectives. Full disclosure on the rights attached to shares is provided in the Directors\u2019 Report.Number of OrdinaryShareordinary shares share capital premium millions\u00a3m\u00a3mAt 29 January 2022 5,158.1 2.5 467.5Shares issued on 20 December 2022 25.0 \u2013 \u2013At 28 January 2023 5,183.1 2.5 467.5At 3 February 2024 5,183.1 2.5 467.5Net Debt to Capital RatioThere were no changes to the Group\u2019s approach to capital management during the period. The Board monitors capital using a net debt to equity ratio calculated as follows:Restated20242023\u00a3m\u00a3mNet debt (Note 33) 1,452.0 914.7Capital:Net debt (as above) 1,452.0 914.7Equity (calculated as 5,183.1 million shares in issue multiplied by 113.0 pence per share (1)(2023: 5,183.1 million shares in issue multiplied by 161.6 pence per share)) 5,856.9 8,375.9Total capital 7,308.9 9,290.6Net debt to capital ratio 19.9% 9.8%(1) Share prices taken as at 3 February 2024 and 28 January 2023 respectively.Foreign Currency Translation ReserveThe foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.Other EquityPut and Call Option ReservePut and call options over non-controlling interests are accounted for using the present value method. Upon initial recognition of\ue61fthe put or call option liability, a corresponding entry is made to Put and Call Option reserve, and for subsequent changes on\ue61fremeasurement of the liability, the corresponding entry is made to adjusting items in the Consolidated Income Statement (see\ue61fNote 24).Share-Based Payment ReserveThe Company had four share schemes in operation during the financial year, all of which are primarily equity-settled schemes (save for a proportion of cash-settled awards granted under the JD Sports Fashion Plc LTIP (2022)). Upon initial recognition, an entry is made to Other Equity, and for subsequent changes on\ue61fremeasurement of the liability, the corresponding entry is made to the Consolidated Income Statement (see Note 32).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__123": {
"value": "27. Capital and ReservesIssued Ordinary Share CapitalOn 20 December 2022, JD Sports Fashion Plc completed the placing of new ordinary shares in the capital of the Company. A total of 25,000,000 new ordinary shares were issued, increasing the total ordinary shares in issue to 5,183,135,745.The total number of authorised ordinary shares was 6,240 million (2023: 6,240 million) with a par value of 0.05 pence per share (2023: 0.05 pence per share). All issued shares are fully paid.The capital structure of the Group consists of equity attributable to equity holders of the parent, comprising issued share capital, share premium and retained earnings. The Group is not subject to any externally imposed capital requirements.It is the Board\u2019s policy to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The processes for managing the Group\u2019s capital levels are that the Board regularly monitors the net cash/debt in the business, the working capital requirements and the forecast cash flows. Based on this analysis, the Board determines the appropriate return to equity holders while ensuring sufficient capital is retained in the business to meet its strategic\ue61fobjectives. Full disclosure on the rights attached to shares is provided in the Directors\u2019 Report.Number of OrdinaryShareordinary shares share capital premium millions\u00a3m\u00a3mAt 29 January 2022 5,158.1 2.5 467.5Shares issued on 20 December 2022 25.0 \u2013 \u2013At 28 January 2023 5,183.1 2.5 467.5At 3 February 2024 5,183.1 2.5 467.5Net Debt to Capital RatioThere were no changes to the Group\u2019s approach to capital management during the period. The Board monitors capital using a net debt to equity ratio calculated as follows:Restated20242023\u00a3m\u00a3mNet debt (Note 33) 1,452.0 914.7Capital:Net debt (as above) 1,452.0 914.7Equity (calculated as 5,183.1 million shares in issue multiplied by 113.0 pence per share (1)(2023: 5,183.1 million shares in issue multiplied by 161.6 pence per share)) 5,856.9 8,375.9Total capital 7,308.9 9,290.6Net debt to capital ratio 19.9% 9.8%(1) Share prices taken as at 3 February 2024 and 28 January 2023 respectively.Foreign Currency Translation ReserveThe foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.Other EquityPut and Call Option ReservePut and call options over non-controlling interests are accounted for using the present value method. Upon initial recognition of\ue61fthe put or call option liability, a corresponding entry is made to Put and Call Option reserve, and for subsequent changes on\ue61fremeasurement of the liability, the corresponding entry is made to adjusting items in the Consolidated Income Statement (see\ue61fNote 24).Share-Based Payment ReserveThe Company had four share schemes in operation during the financial year, all of which are primarily equity-settled schemes (save for a proportion of cash-settled awards granted under the JD Sports Fashion Plc LTIP (2022)). Upon initial recognition, an entry is made to Other Equity, and for subsequent changes on\ue61fremeasurement of the liability, the corresponding entry is made to the Consolidated Income Statement (see Note 32).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__127": {
"value": "28. Non-Controlling InterestsThe following disclosure provides summarised financial information for investments that have non-controlling interests (\u2018NCI\u2019). NCI\ue61fis initially measured at the proportionate interest in identifiable net assets of the acquiree (see Note 11 for more detail on Acquisitions of Non-Controlling Interest in the period). The table below provides a list of\ue61fthe subsidiaries which include NCI at 3 February 2024 and 28 January 2023:Net income Net income attributable to attributable to NCI for 53\ue61fweeks NCI for 52\ue61fweeks NCI at NCI at ending NCI at ending NCI at 3 February 28 January 3 February3 February 28 January28 JanuaryCountry of 20242023 20242024 2023 2023incorporation%%\u00a3m\u00a3m\u00a3m\u00a3mName of subsidiary: Genesis Topco Inc US 20.0% 20.0% 46.3 384.8 46.1 343.5Iberian Sports Retail Spain/(1)Group\ue61fSL Portugal0.0% 49.99% 13.0 \u2013 29.6 123.8Marketing Investment PolandGroup\ue61fS.A.0.0% 40.0% 2.8 \u2013 3.4 21.5(2)Other Various5% \u2013 43% 1.5%\u201340% 4.1 2 7.4 5.1 25.166.2 412.2 84.2 513.9(1) Includes subsidiaries with indirect holding of <50% incorporated in Spain.(2) Other includes subsidiaries incorporated in the UK, Canada, Canaries, Cyprus, Germany, Greece, India, Malaysia and the US.The following table summarises the information relating to each of the remaining Group subsidiaries that has material NCI.Genesis Topco Inc Genesis Topco Inc (sub-group) (sub-group) 20242023Summarised Statement of Financial Position\u00a3m\u00a3mCurrent assets 1,049.7 799.7Non-current assets 1,905.7 1,765.4Total assets 2,955.4 2,565.1Current liabilities (666.4) (513.6)Non-current liabilities (573.8) (527.8)Net assets 1,715.2 1,523.7Genesis Topco Inc Genesis Topco Inc (sub-group) (sub-group) 53 weeks to 52 weeks to 3 February28\ue61fJanuary 20242023Summarised results of operations\u00a3m\u00a3mRevenue 3,443.0 3,068.5Profit for the period, net of tax 214.5 267.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__133": {
"value": "29. DividendsDividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group and Company financial statements in the period in which it is approved.After the reporting date, the following dividend was proposed by the Directors and will be payable to all shareholders on the register at 12 July 2024. The dividends were not provided for at the reporting date.53 weeks to 52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023\u00a3m\u00a3m0.60 pence per ordinary share (2023: 0.67 pence) 31.1 34.6Dividends on Issued Ordinary Share Capital53 weeks to 52 weeks to 3\ue61fFebruary28\ue61fJanuary 2024 2023\u00a3m\u00a3mFinal dividend of 0.67 pence (2023: 0.35 pence) per qualifying ordinary share paid in respect of prior period, but not recognised as a liability in that period 34.618.1 Interim dividend of 0.30 pence (2023: 0.13 pence) per qualifying ordinary share paid in respect of\ue61fcurrent\ue61fperiod 15.5 6.750.1 24.8",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__129": {
"value": "29. DividendsDividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group and Company financial statements in the period in which it is approved.After the reporting date, the following dividend was proposed by the Directors and will be payable to all shareholders on the register at 12 July 2024. The dividends were not provided for at the reporting date.53 weeks to 52 weeks to 3\ue61fFebruary 28\ue61fJanuary 20242023\u00a3m\u00a3m0.60 pence per ordinary share (2023: 0.67 pence) 31.1 34.6Dividends on Issued Ordinary Share Capital53 weeks to 52 weeks to 3\ue61fFebruary28\ue61fJanuary 2024 2023\u00a3m\u00a3mFinal dividend of 0.67 pence (2023: 0.35 pence) per qualifying ordinary share paid in respect of prior period, but not recognised as a liability in that period 34.618.1 Interim dividend of 0.30 pence (2023: 0.13 pence) per qualifying ordinary share paid in respect of\ue61fcurrent\ue61fperiod 15.5 6.750.1 24.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
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"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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},
"s9_notes__6__131": {
"value": "0.67",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"s9_notes__6__132": {
"value": "34600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00",
"unit": "iso4217:GBP"
}
},
"s9_notes__6__135": {
"value": "30. CommitmentsAs at 3 February 2024, the Group had entered into contracts to purchase property, plant and equipment as follows:20242023\u00a3m\u00a3mContracted 58.8 29.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__136": {
"value": "31. Pension SchemesThe Group operates defined contribution pension schemes, the assets of which are held separately from those of the Group in\ue61findependently administered funds. Obligations for contributions to the defined contribution schemes are recognised as an\ue61fexpense in the Consolidated Income Statement when incurred.The pension charge for the period represents contributions payable by the Group of \u00a323.2 million (2023: \u00a320.1 million) in\ue61frespect\ue61fof employees. Disclosure of the pension contributions payable in respect of the Directors is included in the Directors\u2019 Remuneration Report on pages 117 to 130. The amount owed to the schemes at the period end was \u00a36.9 million (2023: \u00a36.1 million).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__141-1": {
"value": "32. Share-Based PaymentsShare Option and Share SchemesThe Company had three share schemes in operation during the financial year, all of which are primarily equity-settled schemes (save for a proportion of cash-settled awards granted under the JD Sports Fashion Plc LTIP (2022)).1. The JD Sports Fashion Plc LTIP (2021) permits the grant of a hybrid of cash and options in respect of ordinary shares to selected Executives. Options are normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The vesting of options will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.2. The JD Sports Fashion Plc LTIP (2022) permits the grant of a hybrid of cash and options in respect of ordinary shares to selected Executives. Options are normally exercisable between the vesting date(s) set at grant and 5 years from the date of grant for nil consideration. The vesting of options will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.3. JD Sports Fashion Plc LTIP (2023) permits the grant of share options in respect of ordinary shares, share awards and cash-settled awards to selected executives. Options are normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The vesting of options, share awards and cash-settled awards will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.4. The Deferred Bonus Plan permits the grant of options in respect of ordinary shares to selected Senior Executives as a proportion of annual bonus following the completion of a required service period and is dependent on the achievement of corporate performance and individual targets. Options are normally exercisable between three and 10 years from the date of grant for nil consideration. There are no awards in the period in relation to this scheme but the details are included as the scheme has been established in the period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__144": {
"value": "33. Analysis of Net DebtNet debt consists of cash and cash equivalents together with other borrowings from bank loans and overdrafts, other loans, loan notes, lease liabilities and similar hire purchase contracts.As reportedRestated(1)On Restated(1)At 30 Prior period At 30 acquisition/Non-cash At 28 January restatement (1)January disposal of FX movements January 2022 2022 2022 subsidiaries Cash flow movement(2)2023 \u00a3m \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m Cash and cash equivalents 1,314.0 \u2013 1,314.0 1.1 205.8 (12.9) \u2013 1,508.0 Overdrafts (33.6) \u2013 (33.6) \u2013 \u2013 \u2013 \u2013 (33.6)Cash and cash equivalents (3)held-for-sale \u2013 \u2013 \u2013 \u2013 74.5 \u2013 \u2013 74.5Cash and cash equivalents for the purposes of the Consolidated Statement of Cash Flows 1,280.4 \u2013 1,280.4 1.1 280.3 (12.9) \u2013 1,548.9Bank loans (94.5) \u2013 (94.5) (3.8) 21.9 (3.2) \u2013 (79.6)Lease liabilities (restated(1)) (2,242.9) (43.3) (2,286.2) (2.7) 393.0 (95.7) (392.4) (2,384.0)Total liabilities from financing activities (2,337.4) (43.3) (2,380.7) (6.5) 414.9 (98.9) (392.4) (2,463.6)Net (debt)/cash (1,057.0) (43.3) (1,100.3) (5.4) 695.2 (111.8) (392.4) (914.7)As reportedRestated(1)At 28 Prior period At 28 On Non-cash At 3 January restatement (1)January acquisition of FX movements February 2023 2023 2023 subsidiaries Cash flow movement(2)2024 \u00a3m \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m Cash and cash equivalents 1,582.5 (74.5) 1,508.0 \u2013 (326.6) (28.7) \u2013 1,152.7 Overdrafts (33.6) \u2013 (33.6) \u2013 (25.3) (1.0) \u2013 (59.9)Cash and cash equivalents (3)held-for-sale \u2013 74.5 74.5 \u2013 (65.7) \u2013 \u2013 8.8Cash and cash equivalents for the purposes of the Consolidated Statement of Cash Flows 1,548.9 \u2013 1,548.9 \u2013 (417.6) (29.7) \u2013 1,101.6(4)Bank loans (79.6) \u2013 (79.6) 5.0 5.8 (0.8) \u2013 (69.6)Lease liabilities (restated(1)) (2,339.2) (44.8) (2,384.0) \u2013 400.0 41.0 (541.0) (2,484.0)Total liabilities from financing activities (2,418.8) (44.8) (2,463.6) 5.0 405.8 40.2 (541.0) (2,553.6)Net (debt)/cash (869.9) (44.8) (914.7) 5.0 (11.8) 10.5 (541.0) (1,452.0)(1) Please refer to Note 39 for further details of the restatement.(2) Other movements for the period ended 3 February 2024 include additional lease drawdowns of \u00a3592.8 million and remeasurements credit of \u00a351.8m (at 28 January 2023 this includes \u00a3420.3 million of lease drawdowns and credit of \u00a327.9 million).(3) See Note 35 for details of assets held-for-sale.(4) \u00a35 million relates to the divestment of Gymnation. See Note 12 for further details.In addition to the liabilities included in the table above, the Group has accrued put and call option liabilities at 3 February 2024 of\ue61f\u00a3809.8 million (2023: \u00a31,104.7 million). \u00a3551.8 million is included in financing activities in the Consolidated Statement of Cash Flows for the acquisition of non-controlling interest (NCI). Of this cash outflow \u00a3503.3 million relates to the purchase of NCI where the\ue61fGroup held put and call options on the minority interest. The remaining \u00a348.5 million is related to acquisition of NCI with no\ue61fassociated put and call options.In addition to the liabilities included in the table above the Group had accrued put and call option liabilities at 28 January 2023 of\ue61f\u00a31,104.7 million (2022: \u00a3859.1 million). \u00a329.3 million is included in financing activities in the Consolidated Statement of Cash Flows for the acquisition and divestment of NCI. Of this cash outflow \u00a314.1 million (restated) relates to the purchase of NCI where the Group held put and call options on the minority interest. The remaining \u00a315.2 million is related to acquisition of NCI with no associated put and call\ue61foptions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__150": {
"value": "34. Related Party Transactions and BalancesTransactions and balances with each category of related parties during the period are shown below. Outstanding balances are unsecured (unless otherwise\ue61fstated) and will be settled in cash.Transactions with Related Parties who are not Members of the GroupPentland Group LimitedDuring the financial period, Pentland Group Limited and its subsidiaries owned 51.6% (2023: 51.6%) of the issued ordinary share capital of JD Sports Fashion Plc. The Group made purchases of inventory from Pentland Group Limited in the period and the Group also sold inventory to Pentland Group Limited. The Group also paid royalty costs to Pentland Group Limited for the use of\ue61fa\ue61fbrand. During the period, the Group entered into the following transactions with Pentland Group Limited:Income from Expenditure with Income from Expenditure with related partiesrelated partiesrelated partiesrelated parties2024202420232023\u00a3m\u00a3m\u00a3m\u00a3mSale of inventory 0.3 \u2013 1.2 \u2013Purchase of inventory \u2013 (32.3) \u2013 (43.3)Royalty costs \u2013 (5.1) \u2013 (4.0)Marketing costs \u2013 \u2013 \u2013 (0.4)Dividends \u2013 (26.0) \u2013 (12.8)At the end of the period, the following balances were outstanding with Pentland Group Limited:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related partiesrelated partiesrelated partiesrelated parties2024202420232023\u00a3m\u00a3m\u00a3m\u00a3mTrade receivables/(payables) \u2013 (1.3) 0.4 (4.9)Associates and Joint VenturesDuring the period, the Group entered into the following transactions with its associates and joint ventures:Income from Expenditure with Income from Expenditure with related partiesrelated partiesrelated partiesrelated parties2024202420232023\u00a3m\u00a3m\u00a3m\u00a3mSale of inventory \u2013 \u2013 0.1 \u2013Purchase of inventory \u2013 (3.3) \u2013 (12.4)Recharge of expenses 1.9 \u2013 2.6 \u2013Dividends and distributions received \u2013 \u2013 3.4 \u2013At the end of the period, the Group had the following balances outstanding with its associates and joint ventures:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related partiesrelated partiesrelated partiesrelated parties2024202420232023\u00a3m\u00a3m\u00a3m\u00a3mTrade receivables 3.8 \u2013 2.9 \u2013Loans receivable in less than 1 year 0.4 \u2013 0.2 \u2013Loans receivable in more than 1 year \u2013 \u2013 7.6 \u2013Trade payables \u2013 \u2013 \u2013 (1.0)Other receivables from associates and joint ventures relate to costs incurred by the Group on behalf of these entities, which have then been recharged. The loan receivable in less than one year of \u00a30.4 million (2023: \u00a30.2 million) is presented within other receivables within current assets. In addition to the above transactions a number of non-controlling interest buyout transactions occurred in the course of the financial period, as disclosed in Note 11.Transactions with Directors and Key Management PersonnelDuring the period, the Group entered into the following transactions with its key management personnel:Income from Expenditure with Income from Expenditure with related parties related parties related parties related parties 2024 2024 20232023 \u00a3m\u00a3m \u00a3m\u00a3mProperty rental \u2013 10.8 \u2013 10.8At the end of the period, the Group had the following balances outstanding with its key management personnel:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related parties related parties related parties related parties 202420242023 2023 \u00a3m \u00a3m\u00a3m\u00a3mTrade receivables/(payables) \u2013 0.9 \u2013 0.6Transactions with Directors and Key Management PersonnelMembers of the Board of Directors and Executive Committee of JD Sports Fashion Plc are deemed to be key management personnel. The Executive Committee are comprised Heads of Centres of Excellence and Heads of Business Units as outlined on pages 98 to 99.Cost of key management personnel compensation for the financial year is as follows: 2024 2023 \u00a3m\u00a3mSalaries and short-term benefits 13.1 16.3Pensions and cash in lieu of pensions 0.1 0.113.2 16.4Attributable to:The Board of Directors (including Non-Executive Directors) 4.6 6.9Executive Committee (members not on the Board of Directors) 8.6 9.513.2 16.4At 3 February At 28 January 20242023Number of key management personnel (Executive committee) 11 13The JD FoundationThe JD Foundation receives its income from, but is independent of, JD Sports Fashion Plc. The Foundation is dependent on all\ue61fincome net of VAT arising from the sale of single-use carrier bags in JD stores in England, Scotland, Wales, Northern Ireland and\ue61fother European countries, as well as micro-donations from customers at the store point of sale and colleague donations and\ue61ffundraising.During the period, the Group entered into the following transactions with The JD Foundation:Income from Expenditure with Income from Expenditure with related parties related parties related parties related parties 2024 2024 20232023 \u00a3m\u00a3m \u00a3m\u00a3mDonations \u2013 (2.6) \u2013 (1.7)",
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"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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"s9_notes__6__151": {
"value": "Pentland Group Limited",
"dimensions": {
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"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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},
"s9_notes__6__155": {
"value": "35. Held-for-saleMainline Menswear Holdings LimitedMainline Menswear Holdings Limited (\u2018Mainline Menswear\u2019) was classified as held-for-sale at 3 February 2024 in line with the conditions of IFRS 5. As at 3 February 2024, the sale process was ongoing and Mainline Menswear and its associated subsidiaries were held at the lower of carrying value or fair value less costs to sell. A reconciliation is provided in the table below. Mainline Menswear Holdings and its subsidiary Mainline Menswear Limited specialise in the retail of premium branded Men\u2019s apparel and footwear. The group forms part of the Sports Fashion segment (see Note 2) and was initially marketed for sale in July\ue61f2023. Included in the 53 week period ended 3 February 2024 was revenue of \u00a375.2 million and a profit before tax of \u00a310.8 million in\ue61frespect of Mainline Menswear Holdings and its subsidiaries.As at 3 February 2024\u00a3mIntangible assets 7.5Property, plant and equipment 0.5Right-of-use assets 0.2Inventories 14.8Trade and other receivables 1.9Income tax receivable 0.1Cash and cash equivalents 8.8Assets held-for-sale 33.8Lease liabilities (0.2)Trade and other payables (8.0)Liabilities held-for-sale (8.2)Non-Core Fashion BusinessesSeven of the Group\u2019s non-core fashion businesses were held-for-sale as at 28 January 2023. In addition, the Group agreed to the sale of Source Lab Limited (\u2018Source Lab\u2019) to its non-controlling interest prior to 28 January 2023 and this completed on 28 February 2023. Therefore this business also was held-for-sale as at 28 January 2023. All businesses formed part of the Sports Fashion reportable segment (see Note 2).As at 3 February 2024, the divestments had all taken place (see Note 12 for more detail on the divestments).Included in the 52 week period ended 28 January 2023 was revenue of \u00a3223.8 million and a loss before tax of \u00a36.9 million in respect of the non-core fashion entities held for sale. There was also revenue of \u00a37.0 million and a profit before tax of \u00a30.6 million in respect of Source Lab.Included in the 53 week period ended 3 February 2024 was revenue of \u00a34.6 million and a loss before tax of \u00a30.2 million in respect of the non-core fashion entities held for sale. There was also revenue of \u00a30.5 million and a profit before tax of \u00a30.1 million in respect of Source LabAs at 28 January 2023, the non-core fashion businesses and Source Lab were held at the lower of carrying value or fair value less costs to sell. A reconciliation is provided in the table below. Restated (1)As at Non-core fashion 28 January businessesSource Lab2023\u00a3m\u00a3m\u00a3mIntangible assets 9.2 \u2013 9.2Property, plant and equipment 17.1 0.1 17.2Right-of-use assets 30.8 \u2013 30.8Inventories 51.9 0.8 52.7Trade and other receivables 11.9 1.2 13.1Cash and cash equivalents 72.3 2.2 74.5Assets held-for-sale 193.2 4.3 197.5Lease liabilities (32.1) \u2013 (32.1)Trade and other payables (131.7) (1.4) (133.1)Provisions (0.4) \u2013 (0.4)Liabilities held-for-sale (164.2) (1.4) (165.6)(1) Please refer to Note 39 for further details of the restatement.Restated (1)As at 28 January 2023Reconciliation to lower of fair value less costs to sell or carrying value\u00a3mNet assets held-for-sale 31.9Intercompany liabilities currently eliminating on consolidation (9.9)Impairment to lower of fair value less costs to sell (Note 12) (17.5)Cash consideration due to be received on completion 4.5(1) Please refer to Note 39 for further details of the restatement",
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"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
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"s9_notes__6__154": {
"value": "35. Held-for-saleMainline Menswear Holdings LimitedMainline Menswear Holdings Limited (\u2018Mainline Menswear\u2019) was classified as held-for-sale at 3 February 2024 in line with the conditions of IFRS 5. As at 3 February 2024, the sale process was ongoing and Mainline Menswear and its associated subsidiaries were held at the lower of carrying value or fair value less costs to sell. A reconciliation is provided in the table below. Mainline Menswear Holdings and its subsidiary Mainline Menswear Limited specialise in the retail of premium branded Men\u2019s apparel and footwear. The group forms part of the Sports Fashion segment (see Note 2) and was initially marketed for sale in July\ue61f2023. Included in the 53 week period ended 3 February 2024 was revenue of \u00a375.2 million and a profit before tax of \u00a310.8 million in\ue61frespect of Mainline Menswear Holdings and its subsidiaries.As at 3 February 2024\u00a3mIntangible assets 7.5Property, plant and equipment 0.5Right-of-use assets 0.2Inventories 14.8Trade and other receivables 1.9Income tax receivable 0.1Cash and cash equivalents 8.8Assets held-for-sale 33.8Lease liabilities (0.2)Trade and other payables (8.0)Liabilities held-for-sale (8.2)Non-Core Fashion BusinessesSeven of the Group\u2019s non-core fashion businesses were held-for-sale as at 28 January 2023. In addition, the Group agreed to the sale of Source Lab Limited (\u2018Source Lab\u2019) to its non-controlling interest prior to 28 January 2023 and this completed on 28 February 2023. Therefore this business also was held-for-sale as at 28 January 2023. All businesses formed part of the Sports Fashion reportable segment (see Note 2).As at 3 February 2024, the divestments had all taken place (see Note 12 for more detail on the divestments).Included in the 52 week period ended 28 January 2023 was revenue of \u00a3223.8 million and a loss before tax of \u00a36.9 million in respect of the non-core fashion entities held for sale. There was also revenue of \u00a37.0 million and a profit before tax of \u00a30.6 million in respect of Source Lab.Included in the 53 week period ended 3 February 2024 was revenue of \u00a34.6 million and a loss before tax of \u00a30.2 million in respect of the non-core fashion entities held for sale. There was also revenue of \u00a30.5 million and a profit before tax of \u00a30.1 million in respect of Source LabAs at 28 January 2023, the non-core fashion businesses and Source Lab were held at the lower of carrying value or fair value less costs to sell. A reconciliation is provided in the table below. Restated (1)As at Non-core fashion 28 January businessesSource Lab2023\u00a3m\u00a3m\u00a3mIntangible assets 9.2 \u2013 9.2Property, plant and equipment 17.1 0.1 17.2Right-of-use assets 30.8 \u2013 30.8Inventories 51.9 0.8 52.7Trade and other receivables 11.9 1.2 13.1Cash and cash equivalents 72.3 2.2 74.5Assets held-for-sale 193.2 4.3 197.5Lease liabilities (32.1) \u2013 (32.1)Trade and other payables (131.7) (1.4) (133.1)Provisions (0.4) \u2013 (0.4)Liabilities held-for-sale (164.2) (1.4) (165.6)(1) Please refer to Note 39 for further details of the restatement.Restated (1)As at 28 January 2023Reconciliation to lower of fair value less costs to sell or carrying value\u00a3mNet assets held-for-sale 31.9Intercompany liabilities currently eliminating on consolidation (9.9)Impairment to lower of fair value less costs to sell (Note 12) (17.5)Cash consideration due to be received on completion 4.5(1) Please refer to Note 39 for further details of the restatement",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
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"s9_notes__6__153": {
"value": "35. Held-for-saleMainline Menswear Holdings LimitedMainline Menswear Holdings Limited (\u2018Mainline Menswear\u2019) was classified as held-for-sale at 3 February 2024 in line with the conditions of IFRS 5. As at 3 February 2024, the sale process was ongoing and Mainline Menswear and its associated subsidiaries were held at the lower of carrying value or fair value less costs to sell. A reconciliation is provided in the table below. Mainline Menswear Holdings and its subsidiary Mainline Menswear Limited specialise in the retail of premium branded Men\u2019s apparel and footwear. The group forms part of the Sports Fashion segment (see Note 2) and was initially marketed for sale in July\ue61f2023. Included in the 53 week period ended 3 February 2024 was revenue of \u00a375.2 million and a profit before tax of \u00a310.8 million in\ue61frespect of Mainline Menswear Holdings and its subsidiaries.As at 3 February 2024\u00a3mIntangible assets 7.5Property, plant and equipment 0.5Right-of-use assets 0.2Inventories 14.8Trade and other receivables 1.9Income tax receivable 0.1Cash and cash equivalents 8.8Assets held-for-sale 33.8Lease liabilities (0.2)Trade and other payables (8.0)Liabilities held-for-sale (8.2)Non-Core Fashion BusinessesSeven of the Group\u2019s non-core fashion businesses were held-for-sale as at 28 January 2023. In addition, the Group agreed to the sale of Source Lab Limited (\u2018Source Lab\u2019) to its non-controlling interest prior to 28 January 2023 and this completed on 28 February 2023. Therefore this business also was held-for-sale as at 28 January 2023. All businesses formed part of the Sports Fashion reportable segment (see Note 2).As at 3 February 2024, the divestments had all taken place (see Note 12 for more detail on the divestments).Included in the 52 week period ended 28 January 2023 was revenue of \u00a3223.8 million and a loss before tax of \u00a36.9 million in respect of the non-core fashion entities held for sale. There was also revenue of \u00a37.0 million and a profit before tax of \u00a30.6 million in respect of Source Lab.Included in the 53 week period ended 3 February 2024 was revenue of \u00a34.6 million and a loss before tax of \u00a30.2 million in respect of the non-core fashion entities held for sale. There was also revenue of \u00a30.5 million and a profit before tax of \u00a30.1 million in respect of Source LabAs at 28 January 2023, the non-core fashion businesses and Source Lab were held at the lower of carrying value or fair value less costs to sell. A reconciliation is provided in the table below. Restated (1)As at Non-core fashion 28 January businessesSource Lab2023\u00a3m\u00a3m\u00a3mIntangible assets 9.2 \u2013 9.2Property, plant and equipment 17.1 0.1 17.2Right-of-use assets 30.8 \u2013 30.8Inventories 51.9 0.8 52.7Trade and other receivables 11.9 1.2 13.1Cash and cash equivalents 72.3 2.2 74.5Assets held-for-sale 193.2 4.3 197.5Lease liabilities (32.1) \u2013 (32.1)Trade and other payables (131.7) (1.4) (133.1)Provisions (0.4) \u2013 (0.4)Liabilities held-for-sale (164.2) (1.4) (165.6)(1) Please refer to Note 39 for further details of the restatement.Restated (1)As at 28 January 2023Reconciliation to lower of fair value less costs to sell or carrying value\u00a3mNet assets held-for-sale 31.9Intercompany liabilities currently eliminating on consolidation (9.9)Impairment to lower of fair value less costs to sell (Note 12) (17.5)Cash consideration due to be received on completion 4.5(1) Please refer to Note 39 for further details of the restatement",
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"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
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"s9_notes__6__157": {
"value": "36. Contingent Liabilities Accounting policiesContingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote but is not considerable probable or cannot be fully measured.Claims and LitigationThe activities of the Group are overseen by regulators around the world and, whilst the Group strives to ensure full compliance with all its regulatory obligations, periodic reviews are inevitable, which may result in a financial penalty. If the risk of a financial penalty arising from one of these reviews is more than remote but not probable or cannot be measured reliably then the Group will disclose this matter as a contingent liability. If the risk of a financial penalty is considered probable and can be measured reliably then the Group would make a provision for this matter.CMA Investigation On 23 September 2021, the CMA launched an investigation under section 25 of the Competition Act 1998 into suspected breaches of competition law by Leicester City Football Club Limited and JD Sports Fashion Plc (\u2018JD\u2019), together with their affiliates. In the period ended 28 January 2023, the Group reported that there was insufficient certainty that a liability would arise and no provision was made in the financial accounts. On 31 July 2023, the CMA issued a decision finding that JD and Leicester City Football Club Limited broke competition law; however, on the basis that JD reported the conduct to the CMA, no fine was issued to JD.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__161": {
"value": "37. Post Balance Sheet EventsDisposal of 50.1% Shareholding in Bodytone On 7 March 2024, Iberian Sports Retail Group SL (\u2018ISRG\u2019) disposed of its 50.1% shareholding in Bodytone International Sport SL. The shares were sold back to founder management, for total consideration of \u20ac2.4 million. The divestment aligns with the Group\u2019s four strategic pillars.Franchise agreement with The Foschini Retail GroupOn 8 March 2024, JD Sports Fashion Plc signed a franchise agreement with Foschini Retail Group (Pty) Limited (a subsidiary of\ue61fThe Foschini Group Limited) to expand the JD footprint into the South African market.Acquisition of the Trade and Assets of Simply GymsOn 18 March 2024, JD Gyms acquired the trade and assets of four \u2018Simply Gym\u2019 sites from Bay Leisure Limited for \u00a33.4 million (of\ue61fwhich\ue61f\u00a30.7 million was deferred). The sites will be converted to JD Gyms under a phased conversion programme.Acquisition of the Minority Shareholdings in Sport Zone Canaries (40%) and JD Canaries (10%)On 8 April 2024, JD Spain Sports Fashion 2010 SL acquired the 10% minority shareholding in JD Canary Islands Sports SL, (\u2018JD\ue61fCanary\u2019) and SDSR \u2013 Sports Division SR, S.A. (\u2018Sport Zone Portugal\u2019) acquired the 40% minority shareholding in Sport Zone Canarias (SL). Total consideration for both shareholdings was \u20ac19.9m. The JD Canary acquisition aligns with the JD Brand First strategy, whilst the Sport Zone Portugal acquisition promotes the JD Complementary Concepts.Acquisition of 100% of Hibbett, Inc.On 23 April 2024, the Group entered into a binding agreement to acquire 100% of Hibbett, Inc. (\u2018Hibbett\u2019), a company listed on the Nasdaq Stock Market, for $87.50 per share. Genesis Holdings Inc. will acquire 100% of the shares in Hibbett. The Group will fund the total consideration payable of c.$1,083 million (c.\u00a3878 million), and expects to refinance Hibbett, Inc.\u2019s existing debt, through a combination of existing US cash resources of $300 million and a $1,000 million extension to\ue61fthe Group\u2019s existing bank facilities pending finance approval.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2023-01-28T00:00:00/2024-02-04T00:00:00"
}
},
"s9_notes__6__163": {
"value": "38. Subsidiary Undertakings (including Joint Ventures and Associates)The following companies were the subsidiary undertakings of JD Sports Fashion Plc at 3 February 2024:Ownership and Place of voting rights Name of subsidiaryregistration Registered address Nature of business and\ue61foperation interest2Squared Agency Limited UK Hollinsbrook Way, Pilsworth, Distributor of fashion apparel 100%Bury,\ue61fLancashire, BL9 8RR and accessories 24Sevenbikes Ltd^UK Hollinsbrook Way, Pilsworth, Dormant company 100%05625983~Bury, Lancashire, BL9 8RRA Number of Names Limited UK Hollinsbrook Way, Pilsworth, Wholesale of clothing 100%Bury,\ue61fLancashire, BL9 8RR and\ue61ffootwear ActivInstinct Holdings Limited UK Hollinsbrook Way, Pilsworth, Intermediate holding\ue61fcompany 100%08582215~Bury,\ue61fLancashire, BL9 8RR ActivInstinct Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%04478999~Bury,\ue61fLancashire, BL9 8RR Aghoco 1966 LimitedUK Hollinsbrook Way, Pilsworth, Dormant company 100%12970515~Bury,\ue61fLancashire, BL9 8RR Allsports.co.uk Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%01000415~Bury,\ue61fLancashire, BL9 8RR Alpine Bikes Limited^ UK 41 Commercial Street, Leith, Dormant company 100%SC157993~Edinburgh, EH6 6JD Alpine Group (Scotland) Limited^UK 41 Commercial Street, Leith, Intermediate holding\ue61fcompany 100%SC295847~Edinburgh, EH6 6JD AAN USA Holdings, Inc^US 5601 Democracy Drive, Sale of sports nutrition 31%Suite 135, Plano, supplements to trade Texas 75024and\ue61fonlineA AN USA LLC^US 5601 Democracy Drive, Dormant company 31%04592862~Suite 135, Plano, Texas 75024AApplied Nutrition LimitedUK 2 Trio, Acornfield Road, Manufacture of 31%Knowsley, L33 7UGother\ue61ffood\ue61fproductsArk Fashion Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%08568543~Bury,\ue61fLancashire, BL9 8RR Aspecto Holdings Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%09691172~Bury,\ue61fLancashire, BL9 8RR Aspecto Trading Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%07543166~Bury,\ue61fLancashire, BL9 8RR Athleisure Limited UK Hollinsbrook Way, Pilsworth, Intermediate holding\ue61fcompany 100%02641165~Bury,\ue61fLancashire, BL9 8RR BASS (UK) Limited^ UK Hollinsbrook Way, Pilsworth, Provide swimming lessons in 57%Bury,\ue61fLancashire, BL9 8RR partnership with private gymsBecky Adlington Group Holdings UK Hollinsbrook Way, Pilsworth, Dormant company 57%Limited^Bury,\ue61fLancashire, BL9 8RR09573022~Becky Adlington Training Limited^ UK Hollinsbrook Way, Pilsworth, Training academy used to 57%Bury,\ue61fLancashire, BL9 8RRprovide swimming teachers for the GroupBlacks Outdoor Retail Limited UK Hollinsbrook Way, Pilsworth, Retailer of outdoor footwear, 100%Bury,\ue61fLancashire, BL9 8RR apparel and\ue61fequipment Bodytone International Sport\ue61fS.L.^ Spain Calle Leg\u00f3n, 180 \u2013 30500, Molina Manufacture and distribute 50%de\ue61fSegura, Murcia professional fitness equipment Caplan Land & Estates UK 398 Ecclesall Road, Sheffield, South Dormant company 100%Commercial Properties LimitedYorkshire, S11 8PJ08191010~Champion Retail Limited^ ROI 3 Burlington Road, Dublin 4, Retailer of sports and\ue61fleisure 100%D04RD68goods Champion Sports ROI 3 Burlington Road, Dublin 4, Dormant company 100%(Holdings)\ue61fUnlimited^ D04RD68462028~Champion Sports Group Limited^ ROI 3 Burlington Road, Dublin 4, Intermediate holding\ue61fcompany 100%D04RD68Champion Sports Ireland ROI 3 Burlington Road, Dublin 4, Retailer of sports and\ue61fleisure 100%Unlimited^ D04RD68goods Ownership and Place of voting rights Name of subsidiaryregistration Registered address Nature of business and\ue61foperation interestChampion Sports ROI 3 Burlington Road, Dublin 4, Dormant company 100%Newco Limited^ D04RD68 470824~Cloggs Online LimitedUK Hollinsbrook Way, Pilsworth, Dormant company 100%08316456~Bury,\ue61fLancashire, BL9 8RR Cosmos Sport Commercial, Hotel Greece 148, 62 Martiron Ave. 71303, Retailer of sports inspired 80%and Tourism Soci\u00e9t\u00e9 Anonyme Kaminia, Heraklion, Cretefootwear and apparel Cosmossport Trading Cyprus 11 Michail Paridi, 1095, Nicosia Retailer of sports inspired 80%(Cyprus)\ue61fLimited^ footwear and apparel Deporvillage S.L.^ Spain Pla\u00e7a de la Ciencia 1 Local 4, Edifici Retailer of sports and\ue61fleisure 98%Impuls, Manresa, 08240, Barcelona goods DTLR, Inc^ US 1300 Mercedes Drive, Hanover, Athletic footwear and apparel 79%MD\ue61f21076streetwear retailer Duffer of St George Limited UK Hollinsbrook Way, Pilsworth, Licensor of a fashion brand 100%06732497~Bury,\ue61fLancashire, BL9 8RR Exclusive Footwear Limited UK Hollinsbrook Way, Pilsworth, Dormant company 90%05432008~Bury,\ue61fLancashire, BL9 8RR Finish Line Transportation, Inc^ US 3308 N. Mitthoeffer Rd, Retailer of sports and leisure 80%Indianapolis, IN 46235inspired goodsFirst Sport Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%01652620~Bury,\ue61fLancashire, BL9 8RR Footpatrol London 2002 LimitedUK Hollinsbrook Way, Pilsworth, Dormant company 100%09304910~Bury,\ue61fLancashire, BL9 8RR Genesis Finco Limited UK Hollinsbrook Way, Pilsworth, Intermediate holding\ue61fcompany 100%11358451~Bury,\ue61fLancashire, BL9 8RR Genesis Holdings Inc^ US 3308 N. Mitthoeffer Rd, Intermediate holding\ue61fcompany 80%Indianapolis, IN 46235 Genesis Topco Inc US 3308 N. Mitthoeffer Rd, Intermediate holding\ue61fcompany 80%Indianapolis, IN 46235 George Fisher Holdings Limited^ UK 41 Commercial Street, Leith, Intermediate holding\ue61fcompany 100%Edinburgh, EH6 6JD George Fisher Limited^ UK Hollinsbrook Way, Pilsworth, Retailer of outdoor footwear, 100%Bury,\ue61fLancashire, BL9 8RR apparel and\ue61fequipment Go Outdoors Equestrian Limited^UK Hollinsbrook Way, Pilsworth, Dormant company 100%12491970~Bury,\ue61fLancashire, BL9 8RR Go Outdoors Retail Limited UK Hollinsbrook Way, Pilsworth, Retailer of outdoor leisure 100%Bury,\ue61fLancashire, BL9 8RR equipment and apparel Graham Tiso Limited^ UK 41 Commercial Street, Leith, Retailer of outdoor footwear, 100%Edinburgh, EH6 6JD apparel and\ue61fequipment Helium Miracle 311 Limited^UK Hollinsbrook Way, Pilsworth, Dormant company 95%12696940~Bury,\ue61fLancashire, BL9 8RR Henleys Clothing Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%08347754~Bury,\ue61fLancashire, BL9 8RR Hip (Birmingham) Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%13060074~Bury,\ue61fLancashire, BL9 8RR Hip Store Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%09034290~Bury,\ue61fLancashire, BL9 8RR Iberian Sports Retail Group SL Spain Pol\u00edgono Industrial de las Atalayas, Intermediate holding\ue61fcompany 100%Avenida Euro, N2, Alicante 03114 Infinities Retail Group UK Hollinsbrook Way, Pilsworth, Intermediate holding\ue61fcompany 100%Holdings\ue61fLimited Bury,\ue61fLancashire, BL9 8RR 09854624~Infinities Retail Group Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%07751522~Bury,\ue61fLancashire, BL9 8RR J D Sports Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%03146423~Bury,\ue61fLancashire, BL9 8RR Jandernama SL Spain Pol\u00edgono Industrial de las Atalayas, Intermediate holding\ue61fcompany 100%Avenida Euro, N2, Alicante 03114 JD Canary Islands Sports SL^ Spain Pol\u00edgono Industrial de las Atalayas, Retailer of sports inspired 90%Avenida Euro, N2, Alicante 03114 footwear and apparel Ownership and Place of voting rights Name of subsidiaryregistration Registered address Nature of business and\ue61foperation interestJD Newco 2 Limited UK Hollinsbrook Way, Pilsworth, Bury, Intermediate holding\ue61fcompany 100%12659278~Lancashire, BL9 8RR JD Size GmbH Germany Neusser Stra\u00dfe 93, 50670 Cologne Retailer of sports inspired 100%footwear and apparel JD Spain Sports Fashion 2010 SL^ Spain Pol\u00edgono Industrial de las Atalayas, Retailer of sports inspired 100%Avenida Euro, N2, Alicante 03114 footwear and apparel JD Sports (Thailand) Limited^ Thailand Room No. TT04 No. 1106 Sukhumvit Retailer of sports inspired 100%Road, Phrakhanong Sub-district, footwear and apparel Klongtoey District, Bangkok JD Sports Active Limited UK Hollinsbrook Way, Pilsworth, Franchising company 100%Bury,\ue61fLancashire, BL9 8RR JD Sports Fashion (France) SAS France Wood Park \u2013 Parc d\u2019Affaires du Intermediate holding\ue61fcompany 100%Ch\u00e2teau Rouge \u2013 274 bis avenue de la Marne \u2013 59700 Marcq-en-BaroeulJD Sports Fashion AT GmbH Austria Vienna CityTax Steuerberater Retailer of sports inspired 100%GmbH, Untere Donaustra\u00dfe 13-15, footwear and apparel 1020 WienJD Sports Fashion Aus Pty^ Australia Level 12, 338 Pitt Street, Sydney, Retailer of sports inspired 100%NSW, 2000footwear and apparel JD Sports Fashion Belgium B.V. Belgium Wiegstraat 21, 2000 Antwerpen Retailer of sports inspired 100%footwear and apparel JD Sports Fashion B.V. Netherlands Oosteinderweg 247 B 1432 AT Retailer of sports inspired 100%Aalsmeerfootwear and apparel JD Sports Fashion Denmark APS Denmark C/o Harbour House, Sundkrogsgade Retailer of sports inspired 100%21, 2100 Copenhagenfootwear and apparel JD Sports Fashion Finland OY Finland C/o Intertrust Finland Oy, Retailer of sports inspired 100%Lautatarhankatu 6, 00580, Helsinki footwear and apparel JD Sports Fashion Germany B.V. Germany Neusser Stra\u00dfe 93, 50670 Cologne Retailer of sports inspired 100%& KG^ footwear and apparel JD Sports Fashion Holdings Australia Level 12, 338 Pitt Street, Sydney, Intermediate holding\ue61fcompany 100%Aus\ue61fPty NSW, 2000JD Sports Fashion India LLP India B-808 The Platina, Gachibawli, Outsourced multichannel\ue61f 100%Hyderabad, Telangana, 500032 operations JJD Sports Fashion Israel Ltd^Israel HaMelacha 8 Holon, 5881504 Intermediate holding\ue61fcompany 60%JD Sports Fashion Israel (2021) Israel HaMelacha 8 Holon, 5881504 Retailer of sports inspired 60%JLimited Partnership^footwear and apparelJD Sports Fashion Korea Inc Korea 6F Yoonik Bldg. 430 Eonju-ro, Dormant company 100%Gangnam-gu, Seoul JD Sports Fashion NZ Pty New Anderson Lloyd, Level 12 Otago Retailer of sports inspired 100%Limited^ Zealand House, Cnr Moray Place & Princes footwear and apparel Street, Dunedin, 9016 JD Sports Fashion PTE LTD^ Singapore 190 Middle Road, 14-05, Fortune Retailer of sports inspired 100%Centre, 188979 footwear and apparel JD Sports Fashion SDN BHD Malaysia Suite D23, 2nd Floor, Plaza Retailer of sports inspired 100%Pekeliling, No. 2, Jalan Tun Razak, footwear and apparel 50400 Kuala LumpurJD Sports Fashion SRL Italy Via Alessandro Manzoni n. 38. Retailer of sports inspired 100%Milano, 20121footwear and apparel JD Sports Fashion Sweden AB Sweden C/o Intertrust CN (Sweden) AB, Retailer of sports inspired 100%PO\ue61fBox 16285, 103 25 Stockholmfootwear and apparel JD Sports Gyms Acquisitions UK Hollinsbrook Way, Pilsworth, Dormant company 95%Limited^ Bury,\ue61fLancashire, BL9 8RR 07409928~JD Sports Gyms Limited UK Hollinsbrook Way, Pilsworth, Operator of fitness centres 95%Bury,\ue61fLancashire, BL9 8RR JDSF B.V. Netherlands Neusser Stra\u00dfe 93, 50670 Cologne Intermediate holding company 100%JDSF Holdings (Canada) Inc^ Canada 1200 Waterfront Centre, Intermediate holding\ue61fcompany 64%200\ue61fBurrard Street, Vancouver\ue61fBC\ue61fV6C\ue61f3L6 JDSF Retail (Canada) Inc^ Canada 1200 Waterfront Centre, Retailer of sports inspired 70%200\ue61fBurrard Street, footwear and apparel Vancouver\ue61fBC\ue61fV6C\ue61f3L6 Ownership and Place of voting rights Name of subsidiaryregistration Registered address Nature of business and\ue61foperation interestJohn David Sports Fashion ROI 3 Burlington Road, Dublin 4, Retailer of sports inspired 100%(Ireland) Limited D04RD68footwear and apparel Land and Estates Commercial UK Hollinsbrook Way, Pilsworth, Dormant company 100%Properties (Coatbridge) Limited^Bury,\ue61fLancashire, BL9 8RR06248607~Land & Estates Commercial UK Hollinsbrook Way, Pilsworth, Dormant company 100%Properties LimitedBury,\ue61fLancashire, BL9 8RR07575663~Mainline Menswear Holdings UK Hollinsbrook Way, Pilsworth, Intermediate holding\ue61fcompany 80%#LimitedBury,\ue61fLancashire, BL9 8RR #Mainline Menswear Limited^ UK Hollinsbrook Way, Pilsworth, Retailer of premium 80%Bury,\ue61fLancashire, BL9 8RR men\u2019s\ue61ffashion apparel and\ue61ffootwear Marathon Sports Limited^ ROI 3 Burlington Road, Dublin 4, Dormant company 100%NI029105~D04RD68Marketing Investment Group BH Bosnia and Sarajevo-Centar, Sarajevo, Retailer of sports inspired 100%dru\u0161tvo sa ograni\u010denom HerzegovinaKotromani\u0107a br. 48footwear and apparelodgovorno\u0161\u0107u^Marketing Investment Group Bulgaria 53\u0410 Nikola Y. Vaptsarov Blvd., 1407 Retailer of sports inspired 100%Bulgaria EOOD^ Promishlena zona Hladilnika, Sofia footwear and apparel Marketing Investment Group CR Croatia Zagreb (City of Zagreb) Horvatova Retailer of sports inspired 100%d.o.o. za trgovinu^ulica 80Afootwear and apparelMarketing Investment Group Czech Jakubsk\u00e1 647/2, Star\u00e9 M\u011bsto, 110 Retailer of sports inspired 100%Czech s.r.o.^ Republic 00, Praha footwear and apparel Marketing Investment Group Estonia Harju maakond, Tallinn, Kesklinna Retailer of sports inspired 100%Estonia O\u00dc^ linnaosa, Narva mnt 5, 10117 footwear and apparel Marketing Investment Group Hungary Horv\u00e1t utca 14-24 4 .em. 2, Retailer of sports inspired 100%Hungary Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 Budapest, 1027footwear and apparel T\u00e1rsas\u00e1g^ Marketing Investment Group S.A. Poland ul. Prof. Micha\u0142a \u017byczkowskiego 10, Retailer of sports inspired 100%31-864 Krak\u00f3wfootwear and apparel Marketing Investment Group SL, Slovenia Tr\u017ea\u0161ka cesta 515, 1351 Brezovica pri Retailer of sports inspired 100%prodaja \u0161portne opreme in obla\u010dil, Ljubljanifootwear and appareld.o.o.^Marketing Investment Group Slovakia Michalsk\u00e1 7, 811 03 Bratislava Retailer of sports inspired 100%Slovakia s. r. o.^ footwear and apparel Marketing Investment Group SR Serbia Belgrade, Bulevar Mihajla Pupina Retailer of sports inspired 100%doo Belgrade^165G, Belgrade-New Belgrade, footwear and apparelNew Belgrade, 11000 BelgradeJMarshall Artist Holdings Limited UK 97 Alderley Road, Wilmslow, Intermediate holding\ue61fcompany 25%England, SK9 1PTMIG Marketing Investment Group Austria Mahlerstra\u00dfe 13/1B, 1010 Vienna Retailer of sports inspired 100%Austria GmbH^ footwear and apparel MIG Marketing Investment Group Germany Dr. Hans-Lebach-Str. 2, 15537 Erkner Retailer of sports inspired 100%GmbH^ footwear and apparel MIG Marketing Investment Group Romania Calea Floreasca 169, Corp P1, Etaj 3, Retailer of sports inspired 100%R O S R L^ Camera 10, Bucuresti 077190footwear and apparel MIG Wholesale sp\u00f3\u0142ka z. o.o.^ Poland ul. Prof. Micha\u0142a \u017byczkowskiego 10, Wholesale of clothing 100%31-864 and\ue61ffootwear Millets Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%07924256~Bury,\ue61fLancashire, BL9 8RR myBox Spolka z.o.o^ Poland Logistyczna 9, 26-060 Ch\u0119ciny Logistics company 100%Nanny State Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%07274022~Bury,\ue61fLancashire, BL9 8RR Naylor's Equestrian LLP^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%OC327916~Bury,\ue61fLancashire, BL9 8RR NiceKicks Holdings LLC^ US 755 Jarvis Drive, Morgan Hill, Retailer of athletic footwear 80%CA\ue61f95037 and streetwear apparel NQ Retail Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%05171531~Bury,\ue61fLancashire, BL9 8RR Ownership and Place of voting rights Name of subsidiaryregistration Registered address Nature of business and\ue61foperation interestOnepointfive Ventures Limited^ Canada 1200 Waterfront Centre, Retailer of fashion apparel\ue61fand 64%200\ue61fBurrard Street, Vancouver footwear BC\ue61fV6C\ue61f3L6 OneTrueSaxon Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%08064557~Bury,\ue61fLancashire, BL9 8RR Open Fashion Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%08596324~Bury,\ue61fLancashire, BL9 8RR PCPONE Unlimited^ ROI 3 Burlington Road, Dublin 4, Intermediate holding\ue61fcompany 100%382427~D04RD68Pear Sports LLC^ US 3308 N. Mitthoeffer Rd. Retailer of sports and leisure 2%Indianapolis, IN 46235inspired goodsPeter Werth Limited^ UK 41 Commercial Street, Leith, Dormant company 100%SC059582~Edinburgh, EH6 6JDPink Soda Limited UK Hollinsbrook Way, Pilsworth, Intermediate holding\ue61fcompany 100%05418053~ Bury,\ue61fLancashire, BL9 8RR Premium Fashion Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%06963284~Bury,\ue61fLancashire, BL9 8RR JPT JD Sports FashionIndonesia Erajaya Plaza, Jalan Bandengan Retailer of sports inspired 51%Selatan Number 19\u201320, Kel. Pekojan, footwear and apparelKec. Tambora, Adm. City of West Jakarta, DKI Jakarta Province, 11240PT JD Sports Fashion Indonesia Erajaya Plaza, Jalan Bandengan Import and wholesale 49%J DistributionSelatan Number 19\u201320, Kel. Pekojan, companyKec. Tambora, Adm. City of West Jakarta, DKI Jakarta Province, 11240SDSR \u2013 Sports Division SR, S.A^ Portugal Rua Joao Mendo\u00e7a, n\u00ba 505, Retailer of sports and\ue61fleisure 100%Matosinhos Freguesia, S\u00e3o goods Mamede de Infesta e Senhora da Hora, 4464 503 MatosinhosShanghai Go Outdoors Ltd China Room 1104, 11th Floor Ordos Aili Dormant company 100%Mansion, Lane 777 Taolin Road, Pudong, Shanghai, 200135Shoe Palace Corporation^ US 755 Jarvis Drive, Morgan Hill, Retailer of athletic footwear 80%CA\ue61f95037 and streetwear apparel SIA Marketing Investment Latvia R\u012bga, Lienes iela 1\u20133, LV-1009 Retailer of sports inspired 100%Group\ue61fLatvia^ footwear and apparel Size? Limited UK Hollinsbrook Way, Pilsworth, Retailer of sports inspired 100%08709444~Bury,\ue61fLancashire, BL9 8RR footwear and apparel Sonneti Fashions Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%00230120~Bury,\ue61fLancashire, BL9 8RR South South East Limited UK Hollinsbrook Way, Pilsworth, Intermediate holding\ue61fcompany 100%11054546~Bury,\ue61fLancashire, BL9 8RR Spike\u2019s Holding LLC^ US 3308 N. Mitthoeffer Rd, Dormant company 80%52-2035945~Indianapolis,\ue61fIN 46235 Spodis SA^ France Wood Park \u2013 Parc d\u2019Affaires du Retailer of sports and\ue61fleisure 100%Ch\u00e2teau Rouge \u2013 274 bis avenue de goods la Marne \u2013 59700 Marcq-en-BaroeulSport Zone Canarias (SL)^ Spain Avenida el Paso, 10, 1\u00ba, Edificio Retailer of sports and\ue61fleisure 60%Multiusos, Pol\u00edgono Industrial Los goods Majuelos, La Laguna 38201, Santa Cruz de TenerifeSportiberica \u2013 Sociedade de Portugal Avenida das Ind\u00fastrias, n.\u00ba 63, Retailer of sports and\ue61fleisure 100%Arigos de Desporto S.A.^Agualva do Cac\u00e9m, Sintra goods Sports Unlimited Retail B.V.^^ Netherlands Oosteinderweg 247 B 1432 AT Retailer of sports and leisure 100%AalsmeergoodsSprinter Megacentros Del Spain Pol\u00edgono Industrial de las Atalayas, Retailer of sports and\ue61fleisure 100%Deporte\ue61fSLU^ Avenida Euro, N2, Alicante 03114goods Sprinter Pirineos SLU^ Andorra Avenida del Trav\u00e9s, 31. Edifici Santa Retailer of sports and leisure 100%Catarina, Baixos. AD 400 La goodsMassanaSwim Sports Company Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Operator of purpose-built 57%Lancashire, BL9 8RRlearn-to-swim centresOwnership and Place of voting rights Name of subsidiaryregistration Registered address Nature of business and\ue61foperation interestSwimgroupholdings Limited^UK Hollinsbrook Way, Pilsworth, Bury, Dormant company 57%10507556~Lancashire, BL9 8RRThe Alpine Group Limited^ UK 41 Commercial Street, Leith, Intermediate holding\ue61fcompany 100%SC145218~Edinburgh, EH6 6JD The Finish Line Distribution, Inc^ US 3308 N. Mitthoeffer Rd, Retailer of sports and leisure 80%Indianapolis, IN 46235 inspired goodsThe Finish Line MA, Inc^ US 3308 N. Mitthoeffer Rd, Dormant company 80%38-2000558~Indianapolis, IN 46235 The Finish Line Puerto Rico, Inc^ US 3308 N. Mitthoeffer Rd, Retailer of sports and leisure 80%Indianapolis, IN 46235inspired goodsThe Finish Line USA, Inc^ US 3308 N. Mitthoeffer Rd, Retailer of sports and leisure 80%Indianapolis, IN 46235inspired goodsThe Finish Line, Inc^ US 3308 N. Mitthoeffer Rd, Intermediate holding\ue61fcompany 80%Indianapolis, IN 46235The Gym King UK Unit 6 Temple Point Bullerthorpe Intermediate holding\ue61fcompany 40%J(Holdings)\ue61fLimitedLane, Colton, Leeds, West Yorkshire, LS15 9JLJThe Gym King GmbH^Germany Adlerstra\u00dfe 34, 90403 N\u00fcrnberg Online retailer and wholesaler 40%of sports inspired apparelJThe Gym King IE Limited^ROI 6th Floor South Bank House, Dormant company 40%659011~Barrow Street, Dublin 4JThe Gym King Limited^UK Unit 6 Temple Point Bullerthorpe Online retailer and wholesaler 40%Lane, Colton, Leeds, West of sports inspired apparelYorkshire, LS15 9JLJ The Gym King Wholesale\ue61fLimited^UK Unit 6 Temple Point Bullerthorpe Dormant company 40%12485789~Lane, Colton, Leeds, West Yorkshire, LS15 9JLThe John David Group LimitedUK Hollinsbrook Way, Pilsworth, Dormant company 100%06269850~Bury,\ue61fLancashire, BL9 8RRThe Orange House Co (Northern) UK Hollinsbrook Way, Pilsworth, Build and refurbish swimming 57%Limited^Bury,\ue61fLancashire, BL9 8RRpoolsTiso Group LimitedUK 41 Commercial Street, Leith, Intermediate holding\ue61fcompany 100%SC295846~Edinburgh, EH6 6JDTotal Swimming Academies UK Hollinsbrook Way, Pilsworth, Provide swimming lessons 57%Limited^Bury,\ue61fLancashire, BL9 8RRin\ue61fpartnership with schools and\ue61fhotelsTotal Swimming Group Limited^UK Hollinsbrook Way, Pilsworth, Dormant company 57%11007327~Bury,\ue61fLancashire, BL9 8RRTotal Swimming Holdings Limited^UK Hollinsbrook Way, Pilsworth, Intermediate holding company 57%Bury,\ue61fLancashire, BL9 8RRTotal Swimming Limited^ UK Hollinsbrook Way, Pilsworth, Build and refurbish swimming 57%Bury,\ue61fLancashire, BL9 8RRpoolsUAB Marketing Investment Lithuania Gvazdik\u0173 g. 170, LT-10247 Vilnius Retailer of sports inspired 100%Group\ue61fLietuva^footwear and apparelUltimate Outdoors Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%00124030~Bury,\ue61fLancashire, BL9 8RRVarsity Kit Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 100%05418052~Bury,\ue61fLancashire, BL9 8RRWeaver\u2019s Door Ltd UK Hollinsbrook Way, Pilsworth, Dormant company 100%07174475~Bury,\ue61fLancashire, BL9 8RRWellgosh Limited UK Hollinsbrook Way, Pilsworth, Dormant company 100%0470457~Bury,\ue61fLancashire, BL9 8RRWheelbase Lakeland Limited UK Hollinsbrook Way, Pilsworth, Retail sale of sports goods, 78%Bury,\ue61fLancashire, BL9 8RRfishing gear, camping goods, boats and bicyclesX4L Gyms Limited^ UK Hollinsbrook Way, Pilsworth, Dormant company 95%12600419~Bury,\ue61fLancashire, BL9 8RRXLR8 Sports Limited UK Hollinsbrook Way, Pilsworth, Retail sale of bicycles 100%Bury,\ue61fLancashire, BL9 8RR^ Indirect holding of the Company.~ The dormant entities have taken advantage of the exemption from audit.^^ The following entity is owned by Iberian Sports Retail Group SL, and on # Entities marked as held-for-sale as at 3 February 2024.6 December 2023, was declared in a state of bankruptcy and per the bankruptcy A Associated undertaking.document, control over the trading assets was transferred to the curator.J Joint venture.227JD Sports Fashion Plc Annual Report & Accounts 2024",
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