The retailer posted a group like-for-like sales fall, excluding the original Shoe Company and Qube chains, of 6.8 per cent in the five weeks to January 11.
Comparable store sales at the core sports retail business fell eight per cent but the health clubs division notched up an 8.4 per cent rise.
JJB will distribute a sales memorandum for its health clubs to interested parties in the next few days, and is considering options for the future of its “lifestyle division” - Qube and Original Shoe Company – which is expected to lose£15m this year.
JJB executive chairman Sir Davd Jones said the retail stock holding was 36 per cent lower than last year. While the retail gross margin achieved over Christmas was 50 basis points higher than last year, the retailer said “this is a reduction on the increase achieved prior to the Christmas trading period.”
Jones said that that JJB’s net debt is expected to be approximately£60m by the year end on January 25, and its banks remain supportive.
Jones, who assumed executive responsibilities at the start of January, said: “We have started a comprehensive review of the business – including product offer, store layout and operating systems.
“This is an essential part of the plan to re-establish JJB as a major force in the sportswear market.
“We are under no illusions that this is a very difficult task in the present retail environment, but we are determined to succeed.”
Yesterday, JJB revealed it was investigating the transfer of shares from chief executive Chris Ronnie to the administrators of Icelandic bank Kaupthing.