ian1964 10,413 Posted April 16, 2008 Share Posted April 16, 2008 LONDON (Thomson Financial) - JJB Sports Plc, the sports retailer and health clubs group, said it plans to close 72 stores as it reported an expected 28.5 percent slump in full year underlying pretax profit. For the year to Jan. 27 2008, the group, which currently trades from about 410 UK stores, made a profit before tax and exceptional items of 33.8 million pounds -- in line with analysts' consensus forecast but down from 47.2 million pounds last time. After taking a 25 million pounds restructuring provision for the proposed store closure programme, pretax profit crashed 71.9 percent to 10.8 million pounds. JJB issued its second profit warning in less than six months on Jan. 14, blaming the alert on aggressive price-cutting to clear old stock, hitting gross margins. Full year revenue was up 0.2 percent at 811.8 million pounds, while the gross margin was up 250 basis points to 50.0 percent. Despite the profit fall the final dividend was maintained at 7.0 pence, making a maintained total for the year of 10.0 pence. Basic earnings per share fell 63.2 percent to 4.07 pence. JJB said total revenue for the seven weeks to March 16 (pre Easter) was 3.5 percent lower than the comparative period and was accompanied by a fall in gross margin of 'less than 100 basis points.' Shares in JJB closed Tuesday at 113-3/4 pence, valuing the business at 281 million pounds. A joint venture between chief executive Chris Ronnie and Icelandic financial group Exista hf owns 29.9 percent of JJB's equity. How will this affect Rangers,if at all ? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,150 Posted April 16, 2008 Share Posted April 16, 2008 Won't affect our deal which is set in stone... If anything it should mean a better quality of service in the shops that continue to exist. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,413 Posted April 16, 2008 Author Share Posted April 16, 2008 Won't affect our deal which is set in stone... If anything it should mean a better quality of service in the shops that continue to exist. Cheers mate,just going for the beer for tonight 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted April 16, 2008 Share Posted April 16, 2008 JJB are very likely to be be making a small profit from Rangers products so they wouldn't want to reduce their profits further, would they? SDM was canny here, as he signed a deal with guaranteed income, at a time he predicted there would be a decreasing market. Looks like he was right and Rangers won't have to take a hit in the slightest. The deal looks better and better as time goes on. 0 Quote Link to post Share on other sites More sharing options...
Gribz 743 Posted April 16, 2008 Share Posted April 16, 2008 Read this on sky news earlier. Why dont they take the brand overseas? Running costs would be far less and SE Asia for one area would be a huge hit for JJB. Ive yet to see a Rangers top for sale in Singapore yet there is quite a number of fans here. Its not just Rangers items, if the british brand of running shoes etc was on sale here it would go like hot cakes. For eg I cant find Reebok classics over here so always buy a pair when Im at home. 0 Quote Link to post Share on other sites More sharing options...
DJBlue72 0 Posted April 16, 2008 Share Posted April 16, 2008 Read this on sky news earlier. Why dont they take the brand overseas? Running costs would be far less and SE Asia for one area would be a huge hit for JJB. Ive yet to see a Rangers top for sale in Singapore yet there is quite a number of fans here. Its not just Rangers items, if the british brand of running shoes etc was on sale here it would go like hot cakes. For eg I cant find Reebok classics over here so always buy a pair when Im at home. You could open your own Rangers sports shop franchise over there make a mint 0 Quote Link to post Share on other sites More sharing options...
m_momo1 0 Posted April 16, 2008 Share Posted April 16, 2008 Read this on sky news earlier. Why dont they take the brand overseas? Running costs would be far less and SE Asia for one area would be a huge hit for JJB. Ive yet to see a Rangers top for sale in Singapore yet there is quite a number of fans here. Its not just Rangers items, if the british brand of running shoes etc was on sale here it would go like hot cakes. For eg I cant find Reebok classics over here so always buy a pair when Im at home. reebok classics are shite anyway :fish: 0 Quote Link to post Share on other sites More sharing options...
Wija 0 Posted April 16, 2008 Share Posted April 16, 2008 JJB are sheeite. Down here they have all the Nike shit up on there racks etc, and fook all Gers stuff. Looked today and the Gers strip is 17:99. Was going to buy, but thought fook it, wait for the new one! Deal we have with them is a guarenteed wage for the club. Don't think it affects us, and think it is them doing some house husbandry in closing there poor rated shops. 0 Quote Link to post Share on other sites More sharing options...
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