Olympic hero joins Wigan sportswear firm JJB.

An Olympic hero has been appointed to the board of Wigan sportswear firm JJB. JJB’s board announced that sir Matthew Pinsent is to become a non executive director of JJB sports Plc, with immediate effect.

Sir Matthew is a four time Olympic gold medallist and he will be joined on the board by David Adams, who is a retail sector veteran who is currently chairman of Jessop Group and Moss Bros.

The announcement came as JJB predicted their stores would be fully stocked by April as it recovers from the supply issues which crippled the firm last year.

Certain supplier were reluctant to deal with the firm during recent financial crisis, which left JJB stores under stocked.

Wigan experts say the worst now appears to be over for the Martland Mill-based firm.

According to the year end figures, the firm is now on a more secure footing, although like-for-like sales did fall 21 per cent in January.
This was better than the 37 per cent drop in August last year, however. Overall sales for the year to January 24 were down 28 per cent on last year on a same-store basis, while total group revenue was down 51 per cent from the same period last year.

The stock position was steadily improving, adding that new stock for the Spring ranges had been received in recent weeks and further deliveries were expected in coming months.

The report said: "The Company is on target for being fully stocked by April 2010."

JJB also announced that the chairman Sir David Jones is to step down on health grounds.

Sir David became executive chairman in January last year and has overseen the company's rescue which included agreeing the sales of its fitness clubs.
He also secured a restructuring agreement with landlords and creditors and a oversaw City fundraising.

Sir David was diagnosed with Parkinson's Disease in 1982 he is a veteran of the retail industry after previous roles with Grattan, Next and Morrisons

Sir David will remain as a non-executive director of the company and will be available to hand over executive duties to Keith Jones, who was appointed as chief executive in December and is due to join the firm in March.

John Clare, the company's senior independent director, will be acting chairman until a permanent appointment is made.

Matthew McEachran, a retail analyst at Singer Capital Markets, said: "These figures confirm our original view that progress at JJB was not really possible until the first quarter of 2010, and even then the performance of new ranges is hard to predict.

"That said, the bulk of the bad news should now be behind us and sales momentum should soon turn into positive territory."

Sourced: Wigan Today