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Last Updated: Thursday, 1 March 2007, 15:49 GMT
Jessops shares continue freefall
Jessops store

Shares in photographic retailer Jessops have continued to plummet, a day after it slashed its profit estimates on falling sales of digital cameras.

The company's shares were trading 28% lower on Thursday, at 54 pence, having lost 30% on Wednesday.

The sell-off of shares came as Jessops warned profits for the year to September would be about 6.5m, down by more than 10m on previous estimates.

Sales continued to worsen in January after a tricky Christmas, it said.

Sales lower

The further decline in share price was not unexpected, according to retail analyst Nick Bubb of stockbroker Pali International.

"The share price probably should have fallen further on Wednesday," he said.

"The credibility of the management has been badly damaged and I'm not surprised they've fallen further."

On Wednesday, Jessops said the digital camera market had continued to deteriorate during January.

It said industry data for January had shown that, for the UK market as a whole, digital compact camera sales were down 10.8% by value, memory card sales were 14% lower and sales of camcorders fell 16.8%.

Digital SLR camera sales grew by 14% across the UK market, but this was down from the 30%-plus monthly sales increases seen during 2006.

Jessops said that its like-for-like sales had fallen 3.4% over the past seven weeks.




SEE ALSO
Jessops hit by warning on profits
28 Feb 07 |  Business
Sales fall to hit Jessops profits
08 Jan 07 |  Business
Digital sales focus for Jessops
30 Mar 06 |  Business

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