JJB Sports rally hits a hitch with a trading dip
Retailer JJB Sports' journey back to health faltered today after rocky recent trading.
The Wigan-based business, which nearly collapsed last year, said its latest efforts to draw in shoppers — a spend and save voucher scheme — failed to draw in as many punters as last year.
Like-for-like sales growth slid to 6% in September from 18% the previous month amid "volatile" conditions.
The firm, which is pursuing a "serious about sport" strategy to strike out from rivals Sports World and JD Sports, said January's looming VAT rise "adds to the uncertainty surrounding consumer expenditure".
Pre-tax losses narrowed 44% to £24 million in the 26 weeks to August, but the shares fell 9%, or 1p, to 10p.
Seymour Pierce analyst Freddie George said: "It will be a long haul to put the company back on the recovery track."
