JJB Sports beefs up its team with new chief
JJB Sports offered the market a rare bit of good news today when it unveiled a new, highly credible chief executive.
It has poached Keith Jones from electricals group DSG International, where he is retail director.
He will take over the running of a company that has had a traumatic year, flirting with bankruptcy and scrapping with former boss Chris Ronnie.
Chairman Sir David Jones, who was at the helm until today's appointment, said: "I am delighted to welcome someone of Keith's calibre. JJB has been through a lot in the past year but we have now reached a stage where we have the funding, the strategy and the team to plan for the future."
Keith Jones, 45, previously held senior jobs at Virgin and B&Q.
Arch-rival Sports Direct today increased profit forecasts for the second time in a few weeks thanks to a summer sales bounce and the continued attraction of tracksuits and trainers as leisurewear.
In the six months to end-October, sales rose 10% to £760 million, taking profits up 39% to £72 million.
The company says it is on course to make £155 million for the year, well ahead of even recent City upgrades. Debts have been cut by £70 million to £362 million.
