JJB Sports announces losses of £66m
UK sportswear retailer JJB Sports has warned it faces a number of critical trading periods as it plunged deeper into loss. The group said pre-tax losses widened to £66.5 million in the 26 weeks to July 31, 2011 from £24 million a year ago as total sales slumped by more than a fifth to £142.4 million.
Trading conditions were worse than expected, the group said, and remain “extremely challenging”. It added that the losses were worsened by a huge sale to clear old stock and the costs of closing 41 stores.
Chief executive Keith Jones said trading deteriorated further in September and October and if current trends continue, the year-end performance will be worse than expected. He added that the business, which employs 4,500 staff, faces a number of critical trading periods, including Christmas, the January sale and the 2012 European football championships and Olympics.
