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JJB reports 28% fall in revenue

By: Jeff James

Listed Under: News

Published: Thursday, January 28, 2010

JJB has reported a 28 per cent fall in like-for-like revenue for the year ending January 24, 2010. Total group revenue for the period plummeted 51 per cent.

The retailer blamed the figures on a lack of new stock, which significantly damaged sales.

In its trading update released on January 28, the retailer said like-for-like sales continue to improve, however, from -37 per cent in August to -21 per cent in January. It also stated that since the relaunch of its website online sales have risen on a like-for-like basis by 28 per cent.

JJB said its stock position is “steadily improving” and would be receiving its new spring ranges in the next few weeks. The company said it is on target to be fully stocked by April.

In other developments, JJB chairman Sir David Jones is stepping down as chairman on January 31 because of poor health. He will, however, remain on the board as a non-executive director. Jones, who became executive chairman of JJB in January 2009, was diagnosed with Parkinson’s Disease in 1982.

John Clare, the company’s senior independent director, has agreed to become acting chairman until a permanent appointment is made.

JJB has also appointed David Adams and Sir Matthew Pinsent as non-executive directors.

Adams is currently executive chairman of The Jessop Group and chairman of Moss Bros, as well as being a non-executive director of British Retail Consortium (Trading).

Pinsent is a four-time Olympic gold medal winner and currently works as a journalist for the Times newspaper and the BBC as a sports broadcaster.

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