JJB Sports has published a 5.7 per cent decline in like-for-like sales for the five weeks ending 29 January 2012 on the same period in 2011, despite a much improved cash margin.
The sports retailing group – which received a multi-million pound cash injection for turnaround purposes one year ago – blamed an ‘extremely challenging consumer environment’ for the ongoing poor performance.
Keith Jones, chief executive officer of JJB Sports group said the full year trading performance would be broadly in line with its expectations.
He added: “As we commented last month, weaker UK employment numbers and the ongoing credit squeeze on consumers create a tough environment. However, we are continuing to implement our turnaround.”
Jones said the business was “aware of the importance of key trading opportunities afforded by the European football championships and London Olympics.”
Sales down once more
Cumulative like for like sales for the second half of the financial year were down 7.6 per cent for the period ending 29 January, compared to the same period on the previous year.
Cumulative like for like sales for the 52 weeks ending 29 January 2012 were down 13.1 per cent and the like for like cash gross margin was down 22.0%. At 29 January 2012 net debt was £11.3million.
JJB sports proposed a second CVA in February of last year, facilitated by advisers at KPMG.