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| JJB Sports sees 29% fall in sales | JJB Sports sees 29% fall in sales |
| (about 5 hours later) | |
| JJB Sports has reported a huge drop in sales for the last six months, following a year of financial problems. | JJB Sports has reported a huge drop in sales for the last six months, following a year of financial problems. |
| The sports retailer said like-for-like sales over the last 20 weeks were down by 29%, as compared with the same period last year. | The sports retailer said like-for-like sales over the last 20 weeks were down by 29%, as compared with the same period last year. |
| JJB blamed low stock levels for the fall in sales. | JJB blamed low stock levels for the fall in sales. |
| It said efforts to raise capital and bring in new stock were going well, but warned that the trading environment "will remain difficult". | It said efforts to raise capital and bring in new stock were going well, but warned that the trading environment "will remain difficult". |
| Financial troubles | Financial troubles |
| JJB is trying to recover from financial difficulties that left it close to administration earlier this year. | JJB is trying to recover from financial difficulties that left it close to administration earlier this year. |
| The chain has struggled with high levels of debt, amid stiff competition from the higher-end JD Sports and its discount rival Sports Direct. | The chain has struggled with high levels of debt, amid stiff competition from the higher-end JD Sports and its discount rival Sports Direct. |
| JJB reported a loss of £42.9m for the first half of the year and admitted that it had narrowly avoided administration. | JJB reported a loss of £42.9m for the first half of the year and admitted that it had narrowly avoided administration. |
| The company raised £100m from shareholders in a rights issue earlier this year and used the money to pay off its outstanding debts. | The company raised £100m from shareholders in a rights issue earlier this year and used the money to pay off its outstanding debts. |
| It is also currently being investigated, along with Sports Direct, by the Serious Fraud Office (SFO) over a suspected sports retail cartel. | It is also currently being investigated, along with Sports Direct, by the Serious Fraud Office (SFO) over a suspected sports retail cartel. |
| Replenishing stock | Replenishing stock |
| Concern over the future of JJB hit confidence among the company's suppliers in recent months, making them reluctant to deliver stock to JJB's stores. | Concern over the future of JJB hit confidence among the company's suppliers in recent months, making them reluctant to deliver stock to JJB's stores. |
| The company said stock levels were down more than 50% on last year's levels at one stage this year, but had now recovered to 19% below expected levels. | The company said stock levels were down more than 50% on last year's levels at one stage this year, but had now recovered to 19% below expected levels. |
| "We are beginning to take delivery of the new stock... [but] we do not expect to receive our full stock package until the first quarter of 2010," the company said. | "We are beginning to take delivery of the new stock... [but] we do not expect to receive our full stock package until the first quarter of 2010," the company said. |
| "Consequently we continue to be cautious about Christmas and New Year." | "Consequently we continue to be cautious about Christmas and New Year." |
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