In the most recent three weeks, comparable store sales slumped 11 per cent. Jessops warned it is likely to suffer worse losses this year than last, when it fell into the red by£7.5 million.
However, full-year EBITDA should be ahead of last year’s£4.4 million. Executive chairman David Adams said Jessops remains cash-generative and is operating within its banking facilities.
The retailer will open a World Camera Centre format on New Oxford Street in time for Christmas, adding to its existing 12.
Twelve Jessops Lite shops opened three weeks ago, offering a simplified range. Adams said there is potential for 13 more.
The retailer’s third format, dubbed Project Heartland, is being tested at six stores – three in London and one each in Loughborough, Leeds and Glasgow – and is designed to better highlight the brands Jessops stocks.
Adams said: “We have closed 80 stores in the past year and we are in a lot better shape. We should be able to ride the market out.”