Jessops in freefall

Jessops total sales were down 24.6 per cent reflecting the closure of 81 stores last year. Jessops said that 'the Board has taken further actions to reduce the cost base and improve the efficiency of the business. These will result in additional savings at Head Office, improved efficiency in store staffing levels and reductions in our supply chain costs'. David Adams, Executive Chairman said 'Our trading performance reflects the difficult and uncertain environment we operate in and we continue to take actions to reduce the cost base of the business. These actions plus the restructuring activity undertaken in the second half of last year, which caused significant disruption to trading through store closure and stock clearance, should benefit the business as we move into the second half of this year. Our stock levels are significantly down on last year's level. This has been achieved without affecting product availability.'