With profits slashed in the year to end of January 2008, JJB Sports will axe 72
of its 420 stores across the UK.
Seen as a touchstone of consumer disposable income, the high street chain has suffered from customers unwilling to part with their money for non-essential items, in reaction to rising food and energy bills and diminishing confidence in the value of their properties.
JJB’s pre tax profits fell from £39m to £10.8 million last year. Revenue and dividend were static, whilst the share price dropped 3.25p to 110.5p.
In response to the economic conditions, JJB is turning to more Superstores and combined fitness clubs which represent stronger business models.
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