Trading improves at JJB Sports
Sportswear retailer JJB Sports has reported that trading improved in the second half of its financial year and that Christmas trading was in line with expectations.
The company saw a 5% increase in group like-for-like sales in the four weeks to 26 December 2011. Like-for-like cash gross margin increased by 6% in the period.
Like-for-like sales for the 21 weeks to 26 December decreased by 7.8% compared to a decrease of 17.7% in the first half. In the same period like-for-like cash gross margin decreased by 3.2% compared to a decrease of 31.7% in the first half. For the 47 weeks to 26 December, like-for-like sales fell 13.5% and like-for-like cash gross margin decreased by 20.8%.
Commenting on the results, Keith Jones, CEO, said: "Our overall trading has improved in the second half of the financial year and we achieved a Christmas trading performance broadly in line with our expectations in the face of an extremely challenging consumer environment."
JJB Sports is currently implementing a turnaround plan that includes the closure of unprofitable stores.
Regarding the outlook Jones said: “The ongoing credit squeeze on consumers and weaker UK employment numbers creates a tough environment. We continue to implement our turnaround aware of the importance of the periods of the January sales, European football championships and London Olympics."
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