JJB Sports blames Euro 2012 disappointment for profit warning

Neil Saunders, managing director of Conlumino, the research company, said: "Considering that this year is one of the most significant in the sporting calendar for a generation, JJB?s numbers are extremely disappointing ? all the more so as they demonstrate a marked deterioration in trading since the last update."

However, Mathew McEachran, an analyst at Singer Capital Markets, said that he was confident the Olympics will be a definite boost to sporting goods retailers, but JJB was struggling with the competition. "I'm inclined to believe this is a JJB problem, not a market problem."

JJB also revealed that Robert Corliss, an American who has worked for a number of sporting goods retailers, will replace chairman Mike McTighe on September 1. Mr McTighe is leaving after just 20 months in the post. The company statement said that this short period had been "intense" for Mr McTighe.

Mr Corliss is currently president and chief executive of menswear company Robert Talbott and will continue to live in America. A source said that he would dedicated five to ten days of his time to JJB.

Mr Corliss said: "JJB has been through some difficult times yet it is clear that there is a real market opportunity for a national authentic sports retailer here in the UK. JJB can be that retailer and I'm energised by the prospect of leading the company through the next phase of its turnaround."

JJB secured crucial funding from Dick's Sporting Goods, America's biggest sportswear retailer, in April. The US giant promised to pour up to ?40m into the struggling British chain. In return Dick's could end up with a 61pc stake.

Last year, JJB was forced to secure ?96.5m in funds from major shareholders, which include Bill Gates's foundation, as well close 43 unprofitable stores. Last year it suffered a pre-tax loss of ?101m, with like-for-like sales down by 13.1pc.

JJB shares fell 2.1p to 7.75p by lunchtime, with JD Sports falling 26p to 715.5p and Sports Direct dipping 3.6p to 306.8p.

Source: http://telegraph.feedsportal.com/c/32726/f/568796/s/21289d7e/l/0L0Stelegraph0O0Cfinance0Cnewsbysector0Cretailandconsumer0C9386550A0CJJB0ESports0Eblames0EEuro0E20A120Edisappointment0Efor0Eprofit0Ewarning0Bhtml/story01.htm

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