Second half picks up at JJB

Beleaguered sports retailer JJB Sports said overall trading improved in the second half of the year with like for like sales over the key four week Christmas period up 5%, in line with company expectations.

Margins also recovered in the last four weeks, with like for like cash gross margins up by 6%.

JJB, which has seen its share price plunge over 80% in the last 12 months, said like for like sales in the second half ended 26 December 2011 dropped 7.8% compared to a 17.7% decline in the first half.

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Like for like cash gross margin decreased by 3.2% in the second half compared to a decrease of 31.7% in the first half.

Like for like sales for the 47 weeks ended 26 December 2011 fell by 13.5% and cash gross margin decreased by 20.8%.

Commenting on the results, chief executive officer Keith Jones said, "Our overall trading has improved in the second half of the financial year and we achieved a Christmas trading performance broadly in line with our expectations in the face of an extremely challenging consumer environment."

"Looking ahead, the ongoing credit squeeze on consumers and weaker UK employment numbers creates a tough environment. We continue to implement our turnaround aware of the importance of the periods of the January sales, European football championships and London Olympics".

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