Improvement in losses for JJB Sports
Half yearly results for the 26 weeks to 1 August 2010 show that progress is being made with the company¬ís turnaround plans
The group lost £24m in the six months to July, down from £42.9m this time last year. Sales rose from £178.6m to £184m.
Commenting on the interim results, Keith Jones, Chief Executive Officer, said,"As I indicated shortly after my arrival in March this year, the turnaround of JJB Sports will not be a quick fix, but will take up to three years to deliver. These results to 1 August 2010 reflect a period of steady progress towards that goal. I am particularly pleased with the performance of our first refurbished store in Slough, which, with the same ranges as available in the rest of the chain, has consistently delivered a performance well ahead of the rest of the Group. Five further refurbished stores will be trading before the end of October.
Since the half year-end, sales have been more volatile. We have consequently taken further steps to drive autumn and peak season sales through increased promotional activity. This is with the continuing strong support of key supplier partners and our bankers, who have agreed that the EBITDAR covenant will not be tested in October to provide us with the flexibility to implement our plans.
In the short-term our new sales management and promotional activities will drive our performance to year end. We now have the senior management team in place to develop plans and initiatives to deliver the next phase of recovery. Although there remains much to be done, I remain excited by the size and nature of the opportunity for the business, and confident in management's ability to deliver that opportunity."
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