JJB.L Regulatory News (JJB)

24 Jul 2008 07:00



JJB Sports plc

AGM Statement

JJB Sports plc ("JJB") is today holding its Annual General Meeting and is taking this opportunity to provide an update on current trading.

Group revenue for the 12 weeks to 20th July 2008 was 1.2% lower than the same period last year on a like-for-like basis (on operating units that have been trading for over 52 weeks).  This consists of a 2% decrease for retail stores and a 5.9% increase for health clubs.

JJB's health clubs, with their strong value-for-money offering, have seen continued positive revenue and gross margins, and have only been slightly affected by the current economic situation.

Outlook for the second half

The ongoing implementation of the 'new era' and 'retro' fit outs across selected sites has produced strong increases in like for like sales. The management believe that the company's future trading position will continue to strengthen as the programme rolls out further. 

Since the setting up of our Training Academy at Head Office, we have now seen virtually all Store Managers go through an extensive residential management training programme in addition to the training given to all staff in store. We have also implemented a monthly sales incentive scheme that applies to all staff in our retail stores, giving employees the ability to earn a significant bonus.

However, the management remain cautious about the outlook for the remainder of 2008 in view of the difficult retail environment.

Roger Lane-Smith, Non-executive Chairman of JJB, today commented:- "I am confident that the Executive Board are taking the right decisions to build a strong foundation for the future of JJB and to get us through, what looks like being, a very challenging second half to the year."

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A copy of this press release can also be viewed on the JJB Sports plc corporate website, www.jjbcorporate.co.uk