Jessops like-for-likes down 4.7%

Jessops has reported like-for-like sales down 4.7% in the 12 weeks ending August 16, against the continuing difficult retail environment.


In a trading update today, Jessops said trade has remained broadly similar to that reported in its interim results for the six months to March 31, which showed like-for-likes down 4.5%. For the eight weeks ending May 24 like-for-likes were down 3.6%.

The board said it continues to expect the business to report a loss before non-recurring charges and taxation for the year.

It also continues to engage with its advisers and bankers HSBC to put the business on a more stable footing, including discussions on a fundamental restructuring of its debt.

It said: ?Discussions with HSBC continue working towards a solvent solution. However, as previously announced, due to the historic high level of debt, the board believes that it is unlikely that any value will be attributed to shareholders.?

The retailer has also decided to change the group?s year end from September 30 to November 30.