U.K. retailer JJB Sports Plc issued an earnings warning, noting that its comparable store sales for the 22 weeks ended July 1 decreased by 8.0 percent. The results mark a significant deterioration in conditions since the company reported results for the nine weeks ended April 1.
JJB operates 188 stores, making it one of the leading sporting goods retailers in the United Kingdom, which is Europe's second largest market for outdoor products after Germany.
Since then the Group has 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 (and previously experienced with other major football championships),” read a statement released by the company Monday. “This sales performance has been further exacerbated by the poor early summer weather, which has adversely impacted sales of seasonal product. Consequently sales have fallen materially short of expectations.”
The company said its comparable store sales for the 22 weeks July 1 decreased by 8.0%. As at 1 July 2012 net debt was £15.4m.
