Jessops finds Christmas trading period tough

There was minimal Christmas cheer at Jessops plc, the UK's leading photographic and video specialist retailer. After closing 81 stores during 2007, inevitably there was a sizeable drop (20.6%) in Christmas and New Year revenues compared with the previous year. But at least Jessops was able to retain its margins and like for like trading was up a fraction of a percent. Unfortunately, compared to the overall retail sales figures which saw a 2.6% rise in the UK over a similar period, Jessops' performance doesn't look good.

DSLRs kept Jessops' sales afloat during Christmas. David Adams, Executive Chairman said: 'We were prepared for a tough Christmas trading environment and managed the business accordingly. Strong working capital management aligned with a robust sales performance has resulted in an improved stock profile. We have a clear position in the digital imaging market with a full range of products and services. Much work remains to be done to return the business to sustainable profitability and this performance over the key Christmas period is an encouraging step.'

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