THE the UK's largest sports retailer, JJB Sports, which was built up by former Blackburn Rovers star David Whelan, today announced a slump in profits.
The company blamed competitive trading for pre-tax profits falling from £32.8million to £24.2million for the first six months of the year.
It also revealed it was in negotiations for the sale of TJ Hughes, the discount department store it bought for £42.3 million last year.
JJB said a tough clothing market caused a decline in sales but stressed improvements to buying and merchandising had helped current trading.
Mr Whelan said that although net profits are were lower, there were improvements in the gross margin achieved: "These improvements, together with our expansion programme into the combined health clubs and superstores, and stand-alone superstores, gives me a great deal of confidence in achieving both a successful outcome to the full year results and to continuing future growth."
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