Jessops plans closure of 81 stores

Jessops posted a pre-tax loss of £25.2m for the 26 Weeks to 1 April versus a £5.1m profit a year ago on sales up a touch to £178.9m from £177.8m. Like for like sales dropped 2.8 per cent.

The company also said total sales in the 12 week period had fallen by 9.8 per cent, which was compounded by shortages of key product lines.

Jessops revealed the results of its strategic review that will see the planned closure of 81 stores and a reduction in central overheads of 20%, with total overheads reduced by over £15m. Commenting on the Strategic Review, David Adams, Executive Chairman, said 'Since I joined as Chairman at the beginning of May I have been delighted with the progress that has been made by Chris Langley and his team in developing our strategy for the future. The strategy allows us to re-position Jessops as a true multi-channel retailer, building on our core strengths in the digital imaging market place.