Deathwatch: JJB shares drop through the floor
JJB Sports have watch their shares plummet by a whole 25 per cent after they the expected sales boost from the Euro 2012 championships never emerged. Basically, sales from replica kits didn't happen, which is probably something to do with the fact it feels like England have released around 9 kits since the last international tournament.
Of course, the weather has been pretty lousy too, meaning that people haven't been going to the shops like they would normally.
Sales have a dropped by eight per cent in the 22 weeks ended July 1st, and the net debt as of July 1 was £15.4 million. And Bill Gates has shares in the company, just in case you want a cheap laugh at someone's expense. JJB made losses of £101 million in the year to January.
The Wigan-based JJB Sports narrowly avoided collapsing last year, before striking a partnership with American retailer Dick’s Sporting Goods, which has a funny name. Funds were going to be used to sorting out 60 of its most important outlets, but things are still pretty bleak.
Seymour Pierce analyst Freddie George does not expect JJB to break-even until the 2015 financial year at the earliest and said: "To date there is no evidence that the company has found a niche in sporting goods and a format which is differentiated from its competitors. There must now be question marks over the refurbishment programme."
TOPICS: High Street News