Page last updated at 07:04 GMT, Wednesday, 16 April 2008 08:04 UK

JJB closes stores as profits fall

JJB Sports store
High Street sports retailers are suffering from the consumer downturn

JJB Sports has reported a big fall in annual profits and announced plans to close 72 of its 410 stores.

The Wigan-based retailer said pre-tax profits for the year to 27 January were down 72% to 10.8m, including a 25m charge related to closing the stores.

The firm struggled to match the strong sales of England replica kits it saw in 2006 around the World Cup. It has also had to cut prices to clear stock.

It has now begun a major restructuring, including store closures and refits.

"We are taking significant action to improve the performance of JJB's retail stores," said JJB's chairman Roger Lane-Smith.

This includes shutting unprofitable outlets, increasing training for staff and focusing on its health clubs range.


SEE ALSO
JJB profit hit by stock sell-off
14 Jan 08 |  Business
JJB to pay replica shirt refunds
09 Jan 08 |  Business
JJB Sports acquires 10% of Umbro
19 Oct 07 |  Business
JJB profit warning on shirt sales
11 Sep 07 |  Business
JJB 'positive' despite sales drop
17 Jul 07 |  Business
JJB founder David Whelan sells up
08 Jun 07 |  Business

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