Sportswear firm JJB's profits hit by price war

British sportswear firm JJB Sports today posted a 45% fall in profits as a vicious price war took its toll.

The England-based company said falling sales and heavy discounting at its 438 stores sent operating profits tumbling from £62.1m (€90m) to £34.3m (€49.7m) in the year to January 29.

The “disappointing” result was in line with revised City expectations and came after a string of profits warnings as JJB suffered at the hands of rivals such as Sports World.