Jessops reports rosy picture
Camera chain Jessops said earnings soared by 42 per cent to £5.7 million last year.
The group, based in Braunstone Frith, Leicester, announced yesterday that sales grew by 3 per cent to £236.8 million in 2011 compared to the previous year.
The company is likely to have increased market share after seeing a 1.3 per cent rise in like-for-like sales – which only includes stores open for at least a year – while the digital camera market fell by 7 per cent over the same period.
Jessops said the strong rise in earnings before interest, tax and other costs was the result of improved profit margins and cost control.
Cheap Van Insurance For 17,18 & 19 Year Old Drivers - Call Insure365 01782 898188, Free Legal Protection Cover Included valued at £25.00!
Terms: 1 Voucher Per Customer
Contact: 01782 898188
Valid until: Monday, June 24 2013
The chain, which has more than 200 stores and was founded in Leicester in 1935, said the results came during "a very challenging year" that saw the Japanese Tsunami and the Thai floods, which caused product supply issues.
During the year a further 20 store refurbishments were completed and six new stores were opened. Refurbished and relocated stores saw a 20 per cent increase in sales.
The company's online business grew by 79 per cent, following growth of 100 per cent in 2010. Online sales now account for 32 per cent of total business.
Trevor Moore, chief executive of Jessops, said 2011 had been a difficult year for retailers and this year was expected to remain challenging.
"Jessops will continue to develop its knowledge and service based proposition by investing in its people," he said.
Last month, reports that camera manufacturer Canon was to inject £10 million to prop up Jessops were dismissed as "speculation" by Canon. No one from Jessops would comment.
Last week, 73-year-old rival Cecil Jacobs, which is based in Braunstone and has 19 stores across the country, went into administration after hitting financial problems, putting more than 150 jobs at risk.