Jessops sales down 5%
Jessops Plc said on Tuesday that its like for like sales dropped five per cent in the six months ended 30 March. The photographic retailer said that trading was down particularly in the spring, with like for like sales down eight per cent in the eight weeks to 25 May.
Go-Ahead profits in line with expectationsLike for like sales in the 34 weeks to 25 May were down overall by 5.6 per cent.
In a statement the company said, "Against the background of a worsening retail environment, trading since 29 May has not improved going into the key summer period as anticipated based on prior years' experience. Therefore, like for like sales in the 41 weeks ended 13 July are now down 5.7%, with the last 3 weeks trending at an average of 11% down."
Despite this the firm said it still expected full year earnings to be ahead of last years £4.4 million thanks to strong cash generation.
However, due to the worsening retail environment together with the increased costs of interest and depreciation, Jessops said it expected to make a pre-tax loss worse than last years £7.5 million loss.
David Adams, Executive Chairman of Jessops, said, "The actions we have taken throughout the course of this year have resulted in a gross margin increase of over 200 basis points, significantly decreased overheads and stock levels. The retail environment has worsened significantly over the last few weeks but the strategy the Board is implementing means that we still expect to deliver an EBITDA that is higher than last year."
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