JJB shocks City as it admits Euro 2012 blow

By DOMINIC JEFF
Published on 09/07/2012 23:08

STRUGGLING retailer JJB Sports shocked the market on Monday with an unscheduled update saying it failed to get a hoped-for boost from the Euro 2012 football tournament.

It said sales of replica football kits and associated products did not materialise to the extent anticipated in May and June, and were below levels experienced during other major football championships.

With the adverse weather also dampening consumer’s appetite for sport, sales suffered an 8 per cent fall in like-for-like sales in the 22 weeks to 1 July.

The firm, which came close to collapse last year before striking a partnership with American retailer Dick’s Sporting Goods, is struggling to turn itself around after racking up losses of more than £280 million in the previous two years. Yesterday it also announced that retail turnaround specialist Bob Corliss was joining the group and will take over as chairman in September.