New boss at JJB Sports as sales deteriorate
Struggling UK sportswear retailer JJB Sports warned that sales have fallen materially short of expectations since its last update in April as trading became increasingly tough.
Struggling UK sportswear retailer JJB Sports warned that sales have fallen materially short of expectations since its last update in April as trading became increasingly tough.
Group like-for-like sales fell by 8% for the 22 weeks ended 1 July 2012.
JJB said trading deteriorated particularly during May and June when the expected peak in sales of replica football kits and other products, following the European Football Championships, did not materialise to the extent anticipated.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Sales were further hit by the poor early summer weather, with seasonal product the worse affected.
The group, which managed to stave off administration a year ago, partly through raising £65m in capital from shareholders, said net debt was £15.4m at the start of July 2012.
In a separate statement JJB announced the appointment of Robert Corliss as deputy chairman in a bid to accelerate the turnaround of the business.
Corliss has previously been Director of the National Retail Federation (NRF) and a Director of The World Federation of the Sporting Goods Industry.
Following a short handover he will become chairman with effect from 1 September 2012 succeeding Mike McTighe, the group said.
Commenting on the appointment chairman Mike McTighe said: "His deep US and European sports retailing background is exactly what we require right now."
Corliss added: "JJB has been through some difficult times yet it is clear that there is a real market opportunity for a national authentic sports retailer here in the UK. JJB can be that retailer and I'm energised by the prospect of leading the company through the next phase of its turnaround."
CJ
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Premium Bonds winners announced – did you scoop the September jackpot?
NS&I has announced the winners for September’s Premium Bonds prize draw, with two lucky savers becoming overnight millionaires. Did you win this month?
-
What is the 25x retirement rule and does it work?
The 25x retirement rule has been around for decades but many experts question if it is a suitable strategy