Jessops trading worsens
Like for likes fall again.
In May Jessops announced its interim results for the six months ended 30 March which showed like for like sales down 5.0 per cent. Jessops also reported on trading in the 8 weeks ended 25 May when like for like sales were down 8.0 per cent, giving a cumulative 34 week performance that was down 5.6 per cent.
In a trading update today Jessops said ” trading since 29 May has not improved going into the key summer period as anticipated based on prior years’ experience. Therefore, like for like sales in the 41 weeks ended 13 July are now down 5.7 per cent, with the last 3 weeks trending at an average of 11 per cent down.”
David Adams, Executive Chairman said ‘The actions we have taken throughout the course of this year have resulted in a gross margin increase of over 200 basis points, significantly decreased overheads and stock levels. The retail environment has worsened significantly over the last few weeks but the strategy the Board is implementing means that we still expect to deliver an EBITDA that is higher than last year.’
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