Sportswear retailer says sales have 'fallen materially short of expectations' since last update in April
The British weather and the performance of the country's sports stars has already had a depressing effect on the country's mood, but sportswear retailer JJB Sports is now using the gloomy summer as an excuse for poor trading.
The company warned on Monday that sales had "fallen materially short of expectations" since its last update in April.
In a statement, the struggling retailer said: "The group had experienced a deterioration in trading performance against management expectation, particularly during May and June when the expected peak in sales in connection with sales of replica football kits and associated products generated from consumer interest in the European football championships did not materialise to the extent anticipated.
"This sales performance has been further exacerbated by the poor early summer weather, which has adversely impacted sales of seasonal product."
Like-for-like sales for the 22 weeks ending on 1 July decreased by 8%, the company said as it revealed that as of that date net debt was £15.4m.
The news comes just three months after the loss-making company said that current trading had been on track and after it was thrown a £20m lifeline by US retailer Dick's Sporting Goods.
Dick's, which runs 561 stores in the US selling guns and ammunition alongside more traditional sporting goods, said it had committed to an initial £20m investment, with the option of doubling it to £40m to give Dick's a 61% controlling stake in JJB.
Last year a restructuring deal with its landlords prevented JJB falling into administration and 41 store closures helped the company reduce its losses.
The company's list of woes was added to in April when former boss, Chris Ronnie, was charged with a series of fraud offences. Read More
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