Shares in JJB Sports were down on the FTSE All Share in afternoon trading after the sports retailer reported another loss for the half year ended 1 August 2010.
The group said that total retail revenue in the period was up three per cent to £184 million. Pre-tax losses were down from £42.9 million in the half year period last year, but still came in at £24 million.
As of 1 August the group said that it had net funds worth £7.3 million, up from £2.1 million at the same time last year.
During the last half year period JJB Sports appointed former Retail Director of DSG International, Keith Jones, as its new CEO. The group also appointed David Adams, who formerly served as a Senior Independent Director, to be the group's new Chairman.
Keith Jones said in a statement, "As I indicated shortly after my arrival in March this year, the turnaround of JJB Sports will not be a quick fix, but will take up to three years to deliver. These results to 1 August 2010 reflect a period of steady progress towards that goal. I am particularly pleased with the performance of our first refurbished store in Slough, which, with the same ranges as available in the rest of the chain, has consistently delivered a performance well ahead of the rest of the Group. Five further refurbished stores will be trading before the end of October.
"Since the half year-end, sales have been more volatile. We have consequently taken further steps to drive autumn and peak season sales through increased promotional activity. This is with the continuing strong support of key supplier partners and our bankers, who have agreed that the EBITDAR covenant will not be tested in October to provide us with the flexibility to implement our plans.
"In the short-term our new sales management and promotional activities will drive our performance to year end. We now have the senior management team in place to develop plans and initiatives to deliver the next phase of recovery. Although there remains much to be done, I remain excited by the size and nature of the opportunity for the business, and confident in management's ability to deliver that opportunity."
By 14:05 shares in JJB Sports were down 11.45 per cent on the FTSE All Share to 9.74 pence per share.