JJB Sports’ losses plunge to £66.5m

The 195-strong store group said pre-tax losses widened to £66.5m in the 26 weeks to July 31 from £24m a year ago as total sales slumped by more than a fifth to £142.4m.

The Wigan-based group said trading conditions were worse than expected and remain “extremely challenging”, and added that the losses were worsened by a huge sale to clear old stock and the costs of closing 41 stores.

Chief executive Keith Jones said trading deteriorated further in September and October and if current trends continue, the year-end performance will be worse than expected.

Mr Jones said the business, which employs 4,500 staff, faces a number of critical trading periods, including Christmas, the January sale and next year’s European football championships and Olympics.