JJB sales drive fails to deliver
The retailer launched a price offensive for the autumn and Christmas period to protect its "Serious about Sport" turnaround strategy from the challenging high sreet trading conditions.
Excluding value added tax, like for like (LFL) sales for the period from 2 August 2010 to 7 November were up 11.5% on the corresponding period of last year.
That’s below the rate achieved in the year to date (YTD). Year to date LFL sales are up 13.4% compared to the equivalent period last year, a slight improvement on the 13% YTD rise the company reported at the end of September.
Year to date gross margin is 40.6%, but in the period covered by the trading update it was 37.6%, reflecting significant promotional activity.
The board believes that current trading conditions are having and will continue to have a negative impact on its expectations for the full year - although the outcome remains heavily dependent on our performance during the important pre-Christmas and New Year sale periods.
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