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Trading Statement

14 Jan 2009 07:00

RNS Number : 6027L
JJB Sports PLC
14 January 2009
 



JJB Sports plc ("JJB", the "Group" or the "Company")

TRADING STATEMENT

JJB is today publishing its trading statement which includes information on its trading performance over the period for the five weeks from 8 December 2008 to 11 January 2009.

 

TRADING UPDATE

Sales trends have continued to be broadly in line with those we reported at the IMS on 10 December. During the 5 weeks from 8 December 2008 to 11 January 2009, Group sales (excluding the Original Shoe Company and Qube), on a like-for-like* basis were 6.8% lower than during the same period last year. This consisted of an 8.4% increase in revenue for health clubs and an 8.0% decrease in retail sales.

Further improvements to the stock holding position have been achieved, with the stock holding in the retail business now 36% lower than last yearThe core retail gross margin achieved during the same period was nevertheless still 50 basis points higher than last year, although this is a reduction on the increase achieved prior to the important Christmas trading period. The Company is continuing to aggressively clear non-current stocks.

LFL sales defined as sales on operating units that have been trading for over 52 weeks

RESULTS TO 25 JANUARY 2009

As a result of the extremely difficult trading conditions experienced in this financial year impacting both sales achieved and also the gross margin as outlined above, the Company is now expecting to record a loss before tax and exceptional items of between £5m-£10m, before any one-off costs associated with the banking facilities, for the 52 weeks ending 25 January 2009. Within this result the LifeStyle division is expected to incur losses of around £15m for the full year. 

UPDATE ON POTENTIAL DISPOSALS

Further to the announcement on 10 December 2008, an information memorandum for the sale of the Fitness Clubs business will be released by Lazard to a number of interested parties in the next few days. As the LifeStyle division continues to trade at a loss, the Board is considering its options in respect to the future of this business. 

UPDATE ON FINANCIAL POSITION AND BANKING ARRANGEMENTS

The group expects year end net debt to be in line with market consensus of just under £60m.  The banks remain supportive of the Company and constructive discussions are continuing with a view to agreeing a basis for providing ongoing support. 

Sir David Jones, Executive Chairman of JJB, 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." 

 

Enquiries 

JJB Sports plc

020 7379 5151

Sir David Jones

Lazard & Co., Limited

020 7187 2000

Melanie Gee

Gregory Bret

Maitland

020 7379 5151

Neil Bennett

Emma Burdett

Lazard & Co., Limited is acting solely for JJB in connection with the matters referred to in this announcement and will not be responsible to anyone other than JJB for providing the protections afforded to clients of Lazard & Co., Limited or for providing advice in relation to the matters referred to in this announcement.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
TSTUSSNRKURAARR
Date   Source Headline
5th Nov 20099:15 amRNSHolding(s) in Company
2nd Nov 20095:17 pmRNSDirector/PDMR Shareholding
2nd Nov 20095:06 pmRNSDirector/PDMR Shareholding
29th Oct 200912:57 pmRNSResult of General Meeting
28th Oct 20091:58 pmRNSResults of Firm Placing and Placing and Open Offer
26th Oct 200911:50 amRNSHolding(s) in Company
20th Oct 20099:33 amRNSHolding(s) in Company
19th Oct 20099:41 amRNSHolding(s) in Company
19th Oct 20097:00 amRNSStatement re investment in JJB Sports Plc
16th Oct 20092:25 pmRNSDirector/PDMR Shareholding
16th Oct 20092:24 pmRNSDirector/PDMR Shareholding
16th Oct 20092:19 pmRNSDirector/PDMR Shareholding
16th Oct 20092:15 pmRNSDirector/PDMR Shareholding
16th Oct 20092:13 pmRNSDirector/PDMR Shareholding
13th Oct 20097:00 amRNSPublication of Prospectus
12th Oct 20094:47 pmRNSIssue of Equity
12th Oct 20097:00 amRNSStatement re. Press Speculation
9th Oct 20099:01 amRNSStatement re press speculation - Replacement
9th Oct 20097:00 amRNSJJB Sports PLC Statement re press speculation
24th Sep 20097:01 amRNSInterim Results 2009
16th Sep 20098:30 amRNSNotification of Interim Results
10th Sep 200910:34 amRNSOFT Investigation
27th Aug 20092:42 pmRNSHolding(s) in Company
14th Aug 200911:40 amRNSMerger Update
7th Aug 20097:00 amRNSOFT REFERS SPORTS DIRECT ACQUISITION OF JJB STORES
30th Jul 20099:19 amRNSDirectorate Change
24th Jul 20094:06 pmRNSResult of AGM
24th Jul 200911:00 amRNSAGM Statement
17th Jul 20094:53 pmRNSHolding(s) in Company
17th Jul 20091:47 pmRNSHolding(s) in Company
16th Jul 200910:02 amRNSHolding(s) in Company
7th Jul 20097:00 amRNSSir David Jones, Executive Chairman
7th Jul 20097:00 amRNSStatement in response to press speculation
6th Jul 20097:00 amRNSStatement in response to press speculation
22nd Jun 20095:32 pmRNSStatement re Notice of AGM
22nd Jun 20099:56 amRNSHolding(s) in Company
15th Jun 20094:59 pmRNSAnnual Financial Report
3rd Jun 20093:16 pmRNSStatement re Financing Arrangements
2nd Jun 20095:14 pmRNSHolding(s) in Company
29th May 20094:45 pmRNSHolding(s) in Company
29th May 200912:59 pmRNSCVA Implementation
28th May 200910:34 amRNSHolding(s) in Company
26th May 20099:49 amRNSHolding(s) in Company
21st May 20097:00 amRNSInterim Management Statement
21st May 20097:00 amRNSPreliminary Results
18th May 20093:28 pmRNSJJB Sports plc strengthens senior management team
15th May 200911:58 amRNSNotification of Preliminary Results
1st May 20091:00 pmRNSMerger Update
30th Apr 200911:15 amRNSCVA: Detailed results from members' meetings
29th Apr 20092:43 pmRNSResults of General Meeting

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