Trends & Features

JJB’s loses widen to £66.5 million

The board at JJB Sports admitted the retailer faced a number of critical trading periods in the coming months, as losses for the first half of 2011 increased 177 per cent to £66.5 million.

JJB said performance during Christmas trading, the January sale period, European football championships and the Olympics will be critical to the success of the company’s turnaround plans.

“Despite the consumer environment being extremely challenging and expected to remain so for the foreseeable future, our re-sized store portfolio and other cost-saving initiatives have allowed us to manage the business and maintain tight financial control,” says Keith Jones, JJB’s chief executive officer.

“Our focus on people and processes is yielding early wins and with the continued hard work from colleagues across the group, I remain confident of JJB’s return to profitability and growth.

“Our turnaround plan is now firmly established in the business and good progress has been made in a number of key areas, however there is much to do.

“Our results for the half year have been impacted by the closing of unprofitable stores and the sell-out of old and obsolete stock.

“Despite the tough trading climate, the business is in better shape than of late and has the opportunity to develop the JJB proposition into a truly authentic sports retailer over the next few years.”

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