JJB seeks more funding after sales fall nearly nine per cent

JJB Sports has entered into discussions with its strategic partners for a further cash injection after sales in May and June failed to live up to management expectations.

Group like for like sales for the 24 weeks to July 15 fell 8.7 per cent. As of July 18, JJB said net bank debt was £17.7 million.

In its full year results published on April 4, JJB said additional funding wouldn’t be necessary until the first quarter of 2013.

As cash is now required sooner than expected, the retailer also confirmed it would be reviewing the timing of its refurbishment programme.

JJB has refitted five stores this year, which have shown a significant increase in sales and cash margin compared to the rest of the business’ estate.

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