The stock holding in the retail business is 28% lower than last year.

 

Given the difficult trading conditions, JJB started its annual sale early, two weeks ago. The retailer was pleased with the result but experienced a resulting pressure on gross margins. It will look to a strong sales performance in January to achieve market expectations for net income.

 

UPDATE ON THE COMPANY'S BANKING ARRANGEMENTS
The company's lenders Barclays, HBOS and Kaupthing have agreed that the Kaupthing £20 million bridging facility need not be repaid in full on the due date of 14th December 2008, but the company will instead repay £20 million pro rata across the three banks today. The banks are continuing constructive discussions with the company and are reviewing the company's plans and forecasts with a view to agreeing a basis for providing continuing support.

Roger Lane-Smith, Non-executive Chairman of JJB, said: “During the period we have made good progress on a number of fronts in the face of the difficult trading conditions that have afflicted the entire high street. The economic outlook is challenging but I am confident that the work we are doing will put JJB in the best possible shape to trade through it.”