JJB Sports sees like-for-like sales fall as margins improve
JJB Sports saw like-for-like sales fall by 5.7% in the five weeks to 29 January as the sportswear retailer continues to implement its planned turnaround.
JJB said cumulative like-for-like sales in the second half of its financial year for the 26 weeks ending 29 January decreased by 7.6% compared to a decrease of 17.9% in the first half. However the retailer’s like-for-like cash gross margin increased by 0.3% in the period compared to a decrease of 37.4% in the first half.
Cumulative like-for-like sales for the 52 weeks ending 29 January 2012 decreased by 13.1% and like-for-like cash gross margin decreased by 22.0%.
The company’s net debt stood at £11.3 million.
Keith Jones, CEO at JJB, said: "Since our Christmas trading update our like for like cash margins have continued to improve and our full year trading performance is broadly in line with our expectations in the face of an extremely challenging consumer environment.
"As we commented last month, weaker UK employment numbers and the ongoing credit squeeze on consumers create a tough environment. However, we are continuing to implement our turnaround aware of the importance of the key trading opportunities afforded by the European football championships and London Olympics."
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