SHARES in rapidly expanding chain JJB Sports firmed 6p to 430p yesterday as it remained top of the independent leisure league with an impressive set of full-time results. The company went public two years ago with a flotation price of 215p.
Led by ex-Blackburn Rovers player Dave Whelan, the company's pre-tax profits for the year to January 31 jumped 58% to #20.3m from #12.9m. Turnover was up 46% on 1996, partly due to the increase in size and number of stores.
Shareholders will net a 54% rise in their total dividend, the final part for the year of 1.50p taking 1996's payment to 4.50p on earnings per share up from 9.25p to 14.45p.
The group will target the young, with outlets called JJB Future Stores aimed solely at two-to-10-year-olds.
Mr Whelan said: ''We want to turn babies into Alan Shearers. When they come out of nappies, they're going into replica kits, branded shoes and branded sportswear.''
Its first two Future stores in Halifax and Lincoln have worked ''extremely well,'' he said. More outlets are planned.
The start of 1996 was hit by poor weather denting sales, slightly exaggerating the opening half of this season, which kicked off to an impressive 71% rise in total turnover for the 11 weeks to April 13.
Each of its divisions showed substantial increases in turnover, although footwear's contribution to the total decreased in the face of competition from cheaper products from major manufacturers.
The chain, which has a substantial Scottish presence, started in 1978 when Dave Whelan took on a Wigan sports firm. He had started in business in 1960 with a grocer's store bought with a #400 bonus he received from Blackburn for reaching the 1960 FA Cup Final.
Mr Whelan paid #11,000 for JJ Broughton, which has since expanded to become a 167-strong chain worth close to #400m. JJB pulled out of Spain after trading at the handful of stores fell, and the group's focus is now on out-of-town and High Street superstores.
Some 25 superstores were added during the year, and the company has already opened 11 new sites since the start of 1997, with a further 39 where contracts have either been exchanged or are in the last stages of negotiations.
Its flagship outlet, on London's Oxford Street, is scheduled to open on April 25.
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