BikeBiz Bicycle and cycling retail news
Total turnover for the year ended 31 January 2002 was £739.4m, an increase of 11 percent over the previous year, including a like-for-like increase of 7 per cent.
Profits before taxation and goodwill amortisation increased by 31 per cent to £110.2m, with earnings per share increasing by 32 per cent to 31.39p. Gross margin increased from 47.2 percent to 49.1 percent.
JJB has opened 32 superstores over the last 12 months, closing 30 smaller, under-performing stores. Another 35 superstores are earmarked for opening this year.
The chain – said to be Britain’s leading sports retailer – has been trialling a new, snazzier retail format in its newest stores, incorporating a better use of colour themeing and brand/mix merchandising. This revamp will now be rolled out nationwide.
JJB has not been operating its infamous ‘claim back your VAT’ discount scheme since October 2000 and instead now concentrates on individual product promotions in the national tabloid press.
Demand across all product ranges – especially football strips and sports shoes – increased over the previous year. Except, that is, for cycles where there was no increase in the level of turnover. A statement from JJB said this is due to a “weak domestic market for cycles.”
The oddly-paired golf and bike division of JJB accounts for 6 percent of group turnover.
A London-based manager of a JJB cycle section can expect to earn £14 000. Fully-trained ‘bike technicians’ earn up to £5.55 an hour.
