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JJB trims losses
Thursday, 5th April 2012
Sports fashion retailer JJB Sports said revenue fell £78.7m as a result of store closures in the year to end-January, with like-for-like sales down 13.1%.Gross margin increased from 34.4% to 35.7%.
Adjusted operating loss decreased from £73.9m to £56.2m.
The group completed capital raisings with combined gross proceeds of £96.5m.
A Company Voluntary Arrangement with landlords enabled the company to reduce its overhead base - 41 store closures within the first phase of the Company Voluntary Arrangement in the period.
JJB announced £30m of strategic investment including investment by Dick's Sporting Goods, Inc. and further investment by existing shareholders, subject to shareholder approval.
There was agreement with Adidas Group for the provision of security for a two-stage loan of up to £15m to assist in the Group's store transformation programme.
In the nine week period since the period end to 1st April 2012, group like-for-like sales decreased by 5.7%.
Like-for-like cash gross margin decreased by 24.9% in monetary terms.
Trading and margin continued to be affected by management's careful control of the Group's cash intake and stock profile.
Net debt at 1st April 2012 was £20.6m (£11.3m as at 29th January 2012).
Keith Jones, CEO, said: 'The 52 week period to 29 January 2012 has once again proven to be an extremely challenging time for the Company. However, we believe that the investment package and strategic alliance with Dick's will provide a real opportunity to accelerate JJB's turnaround.'
Story provided by StockMarketWire.com
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