Sportswear-to-health clubs retailer sick as a parrot
JJB Sports is predicting profits well below market expectation for the 53 weeks ending January 30. Management said the expected figure was betweenÂŁ63 million andÂŁ64 million.
The group, dogged by surplus stock and sluggish Christmas sales, brought its New Year clearance Sale forward to December 13. This increased turnover, but had a negative impact on the group's gross margin.
Health club turnover was described as 'buoyant', indicating that the overall shortfall was because of a poor clothing performance.
Like-for like turnover at stores and health clubs for the 23 weeks to January 2 was down 1.1 per cent at units that had been trading for the whole year. Total group turnover for the period fell 2 per cent, and dipped 1.4 per cent on a like-for-like basis.
No comments yet