JJB Sports sounds new alert as discounting takes its toll

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The retailer admitted second-half profits will be "slightly below" the £27.4 million previously expected and achieved in the same period last year. The shares fell 6p to 94p.

JJB blamed the latest alert on pricecutting to clear old stock. Revenues over Christmas were up 2.5% but margins were down 4%.

Retailers across Britain were forced to slash prices at Christmas to tempt shoppers on to the High Street. The JJB figures show it is still selling plenty of gear but at a heavy discount. The company said it was "determined" to start 2008 with "a much fresher stock package on which stronger margins can be achieved".

However, it warned: "The board remains cautious about the outlook for 2008 in view of the escalating pressure on consumers' finances."

There was also grim news from sofa store ScS Upholstery, whose shares tumbled 16p to 311/2p after it said business during its sales since Boxing Day "has been disappointing" with like-for-like sales down 16%.

"We see no relief from the credit squeeze and pressures on consumers' disposable income for the remainder of the financial year," the firm said as it cancelled its dividend for the year and put off its store expansion and refurbishment programme.

But it was a good day for home shopping retailer N Brown, which said sales jumped 14% in the last 20 weeks, driven by demand for women's clothing. The shares rose 151/4p to 2231/2p.

Jeweller Theo Fennell said sales were 2% ahead of last year's record Christmas as wealthy Londoners and tourists continued to splash out on expensive rings and necklaces. Clothing chain Ted Baker reported a 12.5% rise in sales in November and December.