JJB to close 72 stores as profits fall
16/04/2008
Sportswear and equipment retailer JJB Sports is to close 72 UK stores – one in six of its outlets – by the end of the month having reported a significant decline in profits.
It recorded that pre-tax profits fell 72% to £10.8 million for the year to the end of January. Adjusted profits fell 28.5% to £33.8 milion.
Chairman, Roger Lane-Smith, says: "Whilst we have identified a number of stores for closure, which will itself strengthen our remaining store portfolio, we are also investing to improve the quality of our stores and product."Whilst we expect current difficult market conditions to continue to affect consumers in the short term, we believe the action we are taking represents a turning point for the company, which will benefit performance over the medium-term."
Share this story:
