 JJB is looking to have more new products from next month. |
JJB Sports has said that its profits for the second half of the year will be hit after it made big price cuts to clear stock. The retailer said sales in the six weeks to 6 January had climbed by 2.5% on the same period a year ago.
However, JJB said price cuts had hit margins, and it now expected profits for the second half of 2008 to be below 2007's figure of �27.4m.
It also added that it was cautious about the outlook for 2008.
The fall in profits was largely due to an "aggressive" clearance of "non-current" products, it said, "and only partly from the economic landscape".
"JJB is determined to start its new financial year form February 2008 with a much fresher stock package on which stronger margins can be achieved," it added.
JJB said that same-store sales for the 23 weeks to 6 January were up 1.9%, and when its health clubs were included the figure rose to 2.2%.
Bookmark with:
What are these?