News article

JJB Sports sees losses widen

JJB Sports sees losses widen
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JJB Sports saw its losses increase during the opening six moths of 2009, news that may interest those trading shares in the company on the stock market.

The retailer posted a figure of £42.9 million for the six months to the end of June, up from the £14.8 million loss it made a year earlier.

Sales were down 21 per cent on a year-on-year basis and the firm narrowly avoided going into administration earlier this year.

It is currently the subject of an investigation by the Serious Fraud Office due to allegations of being part of a sports retail cartel and head of research at Planet Retail Greg Hodge told the BBC that it will be "very, very difficult" for JJB to make a full recovery.

Shares in the company were 3.8 per cent lower at 14:14 BST, taking them to 38p each.

This week, rival retailer JD Sports said it is on track to meet its full-year profit forecasts.ADNFCR-1681-ID-19377407-ADNFCR