JJB group revenue down 52% on last year
JJB group revenue down 52% on last year
Thursday, 17, Dec 2009 11:56
By Sarah Garrod.
JJB Sports has said today it has seen a drop in sales for the last six months, with group revenue for the 20 weeks to December 13th down 52 per cent on last year.
The high-street retailer said like-for-like sales for the same period were down by 29 per cent on last year, warning that trade over Christmas was likely to remain "difficult".
JJB blamed much of the fall in sales on being unable to secure stock, saying it did not expect to be fully stocked until the first quarter of next year. The beleaguered sports retailer has witnessed a tough year, and was left close to administration earlier this year.
In its interim management statement today, JJB said: "We are beginning to take delivery of the new stock with the result that the stock holding has improved since the half year when it was £50m (56 per cent lower than last year), and is now 19 per cent lower than the same period last year at £81m.
"We do not expect to receive our full stock package until the first quarter of 2010. Consequently we continue to be cautious about Christmas and New Year and expect that trading within the current environment will remain difficult."
JJB shares lost 4.46 per cent in morning trade on the FTSE 100.