High Street electronics retailer Jessops’ like for like sales were down 5.1 per cent for the 25 weeks ending March 22nd, while total sales were down 24.6 per cent, reported Retail Bulletin.
This significant drop follows the closure of 81 stores last year. The board at Jessops said it will take actions to reduce the cost base and improve efficiency, which will translate to reductions in supply chain costs, ‘savings’ at head office, and increased ‘efficiency’ in store staffing levels.
‘Our trading performance reflects the difficult and uncertain environment we operate in and we continue to take actions to reduce the cost base of the business,” said David Adams, executive chairman at Jessops. “These actions plus the restructuring activity undertaken in the second half of last year, which caused significant disruption to trading through store closure and stock clearance, should benefit the business as we move into the second half of this year. Our stock levels are significantly down on last year’s level. This has been achieved without affecting product availability.”