JJB Sports scores £0.4m loss
JJB Sports said the country is going through the "worst retail recession" ever known as it reported a 103.6 per cent plunge in profits for the first half.
JJB Sports said the country is going through the "worst retail recession" ever known as it reported a 103.6 per cent plunge in profits for the first half.
In the 26 weeks to July 27th, JJB Sports made a pre-tax loss of 0.4 million, compared to a £11.2 million profit last year.
"My non-executive board colleague David Jones, formerly chairman and chief executive of Next, has described the current climate as 'the worst retail recession I have ever known'.
"I can only say that David's statement is borne out by our trading results as reported today," JJB chairman Roger Lane-Smith said in a statement.
The company will not be issuing an interim dividend, Mr Lane-Smith added.
Despite the results, JJB said it is "absolutely convinced" that its business model is right.
The retailer said it is cautious but more confident about the second half.
JJB Sports has been closing many of its standalone stores and opening combined fitness club and retail sites instead.
During the period, JJB said it shut 96 of its branded stores, more than the original 72 closures originally planned.
Earlier this week, rival JD Sports reported rising profits, driven by fashion sales.
