Sports chain to close 72 stores

British retail chain JJB Sports said today it will shut 72 stores by the end of the month as it looks to recover from a sharp drop in profits.

JJB, which has more than 400 outlets in The Republic of Ireland and the UK, began implementing the closure plan earlier this year after a review of the business by new management.

It said the stores in question were unlikely to make any “significant contribution” to group profits and that many were already close to newer and larger stores in its estate.

The moves were announced as JJB said adjusted profits fell 28% to £33.8m (€41.9m) in the year to January 27.

A £25m (€31m) hit relating to the cost of closing the stores meant bottom-line profits fell 72% to £10.8m (€13.4m).