Jessops finds the going tough

Jessops have closed 81 stores, 47 were stores that overlapped with existing stores, 31 were loss-making and 3 were subject to redevelopments. Stock at the year end was reduced to £38.0 million from £61.9 million last year with the average stock holding per store on a like for like basis reduced by over 17 per cent year on year. David Adams, Executive Chairman, said: 'We have put the business in a stronger

position for the future. Despite challenging market conditions we have delivered on our initial goals, with the restructuring programme and have set out the strategic framework for the business to operate from; we have solid relationships with suppliers and an enviable market position; and our programme to deliver sustainable profitability in the future is on track, although there is clearly a long road ahead. The Christmas period is hugely important to the business. Whilst trading conditions remain tough we are well prepared with good stock availability and the key period is still to come.'