Trading improves at JJB Sports
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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