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Footwear seller JJB Sports posts interim results

14
Oct '05
JJB Sports revenue decreased by 8.8 percent in the face of difficult trading conditions and strong competition on the high street, together with the impact of replica kit sales during the Euro 2004 tournament in the comparative figures for which there was no equivalent competition in 2005.

• The gross margin increased due both to a slightly higher gross margin obtained in the retail stores together with increased health club revenue on which a materially higher gross margin is achieved.

• Operating profit fell from £27.4 million to £17.6 million. 2005 operating profit benefited from a change in the basis of calculation of depreciation of £4.3 million (see page 4), and from the creation of provisions relating to the OFT penalty of £1.3 million.

• The increased rate of expansion within the Leisure Division has seen an increase in revenue of 37.8 percent and an increase in operating profit, before a share of head office and distribution centre costs, from £4.5 million to £7.6 million, benefiting from the change in the calculation of depreciation of £1.6 million.

• The interim dividend is maintained at the same level as last year.

• Current trading conditions continue to be difficult, although the decrease in like-for-like revenue for the 10 weeks to 9 October 2005 was 4.3 percent, an improvement over the results for the 26 weeks to 31 July 2005.

'These are the first results since He was appointed Chairman in July and it is disappointing for him to present results which show a lower profit than that achieved last year. However, JJB, along with many other retailers, cannot escape the effects of what is clearly an economic downturn in the retail industry which in turn leads to margin pressure as retailers seek to maintain market share.


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