JJB sales fall sharply
JJB Sports sales have fallen sharply in the first quarter.
Revenue in the 13 weeks to 27th April 2008 slipped by 8.3 per cent against last year. Like-for-likes revenue was 5.3% lower. This consists of a 6.5% decrease for retail stores and a 5.0% increase for health clubs. The combined gross margin achieved during the same period was 100 basis points higher than last year. The Board said it ‘remains confident about its strategy going forward but is also aware of the challenging retail environment’. The Group also confirmed the completion of its recent store closure programme. Roger Lane-Smith, non-executive Chairman of JJB said: ‘Whilst the retail environment remains very challenging, we have taken significant action to strengthen our store portfolio and continue to invest to improve the quality of our stores and product. Our health club division continues to perform well.’
