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28 Jan 2010 07:00
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JJB Sports plc
Trading Update
JJBΒ Sports plc ("JJB" or the "Company")Β is today publishingΒ a Trading update before its year end on 31 January 2010.
Trading Update
On a like-for-like basis (on operating units which have been trading for over 52 weeks) revenue for the 52 week period to 24 January 2010 wasΒ 28% lower than for the same period last year. TotalΒ Group revenue for theΒ sameΒ period wasΒ 51% lower thanΒ forΒ the same period last year.Β Β The trading period for the year to 31 January 2010 will be 53 weeks.
Since the half year,Β like-for-like sales continued to improve from -37% in August to -21% in January. TheΒ SaleΒ commenced on Boxing Day and ran to 22 January. This was a week longer than planned due to theΒ disruption caused to trade by the heavy snow falls and freezing conditions experienced across much of the country.Β Since the re-launch of the internet site sales have steadily improved. DuringΒ January,Β salesΒ through the internetΒ have increased byΒ 28% like-for-like.
Overall gross marginΒ has improved since the first half year byΒ 6.4Β percentage points toΒ 40.4%Β for the 26Β week period toΒ 24 January.Β Β This isΒ 260Β basis points lower than the comparative period last year.
As previously reported, the lack of new stock has damaged sales. This position is steadily improving with stock for the newΒ SpringΒ RangesΒ beingΒ receivedΒ over the recent weeks with further deliveries due over the coming months. The Company is on target for being fully stocked by April 2010.Β Β Stock holding at 24 January was Β£74m which is Β£24m higher than at the half year end when it was Β£50m.Β
Board Changes
Sir David Jones
The Board has reluctantly accepted Sir David Jones' decision to step down from the role of Chairman onΒ 31 January 2010 for reasons of continuing issues withΒ his health.
TheΒ Board isΒ howeverΒ delighted that Sir David has agreed to remain a Non-executiveΒ director of the Company and be available to hand over his executive responsibilities personally to Keith Jones and continue to give theΒ Board the benefit of his outstanding experience and retail skills.
John Clare, the Company's Senior Independent Director,Β has agreed to become the Acting Chairman until a permanent appointment is made.
Sir David was diagnosed with Parkinson's Disease in 1982, and despite this has had an outstanding career inΒ retailing at Grattan PLC, NextΒ plc,Β Wm.Β Morrison Supermarkets PLC, Shop Direct PLC and JJB SportsΒ plc.
He joined JJB as a Non-executiveΒ director in 2007 and became Executive Chairman in January 2009. He has been responsible for leading the rescue of JJB over the past year, steering it through the sale of its fitness clubs, an innovative CVA and a very successful capital raising in the autumn.
He has also managed a restructuring of the Board,Β appointing the Finance,Β Legal andΒ Operations, andΒ Retail andΒ Product Directors as well a new Chief Executive, Keith Jones, who will take up his position onΒ 1Β MarchΒ 2010.
New Non-executive directors
TheΒ Board isΒ alsoΒ delighted to announce the appointment of David AdamsΒ and Sir Matthew PinsentΒ as Non-executive directorsΒ of JJB Sports plcΒ effective immediately.Β
David hasΒ enjoyed a long andΒ distinguishedΒ retailΒ career. He is currently Executive Chairman ofΒ TheΒ JessopΒ GroupΒ and Chairman of Moss Bros as well as being a Non-executive director of British Retail Consortium (Trading).Β He has also heldΒ non-executive positions at Whittard of Chelsea, Ottakars and Eidos.Β Between 1997 and 2006, David wasΒ Finance Director of House of Fraser, becoming Deputy Chief Executive in 2001. Prior to 1997, he held senior positions at Asprey, Ladbrokes and Burton Group.
Sir Matthew is internationally known for winning 4 Olympic gold medals forΒ Great Britain, as well asΒ 10 World Championship gold medals in his distinguished rowing career. In 2005 he was an ambassador for the successfulΒ LondonΒ bid to bring the Olympic Games to theΒ UK. He is now a journalist broadcaster,Β reporting on a wide range of sports for the BBC and the Times newspaper.Β
There are no other details to be disclosed in relation to either David Adams or Sir Matthew Pinsent in accordance with Listing Rule 9.6.13.
Enquiries:
|
Maitland |
+44Β (0)Β 20 7379 5151 |
|
Neil Bennett |
|
|
Emma Burdett |
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