JJB Sports Plc today announces an update on performance following the end of its financial year.
Group like for like sales for the 5 weeks ended 29 January 2012 decreased by 5.7% and like for like cash gross margin increased by 32.1% in the same period.
Our cumulative like for like sales in the second half of our financial year for the 26 weeks ended 29 January 2012 have decreased by 7.6% compared to a decrease of 17.9% in the first half (the 26 weeks ended 31 July 2011). In the same period our like for like cash gross margin increased by 0.3% compared to a decrease of 37.4% in the first half. Cumulative like for like sales for the 52 weeks ended 29 January 2012 have decreased by 13.1% and like for like cash gross margin has decreased by 22.0%. At 29 January 2012 net debt was £11.3million.
All figures for the year ended 29 January 2012 are unaudited.
Commenting on the results, Keith Jones, Chief Executive Officer, said:
"Since our Christmas trading update our like for like cash margins have continued to improve and our full year trading performance is broadly in line with our expectations in the face of an extremely challenging consumer environment.
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 aware of the importance of the key trading opportunities afforded by the European football championships and London Olympics".