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07-15-2008, 09:42 PM
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Trade picture worsens at Jessops
Trade picture worsens at Jessops
  Photographic retailer Jessops has warned it faces increasing losses after sales failed to improve at the group. Like-for-like sales, which strip out the effect of new stores, fell 5.7% in the 41 weeks to 13 July and dropped 11% in the last three weeks. As a result, the group said it expected its losses to be greater than the £7.5m loss before one-offs posted last year. Shares in the Leicester-based group fell more than 28% on the news, ending down 2.27 pence at 5.68p. "Trading ... has not improved going into the aaa summer period as anticipated based on prior years' experience," Jessops said. In an effort to stem its losses, the group has closed underperforming stores and axed hundreds of staff. The firm blamed competition from online retailers and supermarkets for a drop in digital camera and camcorder sales. |
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