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SBD Global/July 10, 2012/Finance

JJB Sports Says Poor Weather Partly To Blame For Poor Sales

British sportswear retailer JJB Sports is "using the gloomy summer as an excuse for poor trading," according to Simon Goodley of the London GUARDIAN. The retailer said in a statement, "The group had experienced a deterioration in trading performance against management expectation, particularly during May and June when the expected peak in sales in connection with sales of replica football kits and associated products generated from consumer interest in the European football championships did not materialise to the extent anticipated." The company added: "This sales performance has been further exacerbated by the poor early summer weather, which has adversely impacted sales of seasonal product." The company also said that "like-for-like sales" for the 22 weeks ending on July 1 decreased by 8%. They also revealed that as of that date net debt was £15.4M ($23.9M) (GUARDIAN, 7/9).
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