Jessops is the picture of health

JESSOPS, the photographic retailer, yesterday said it was confident of rebuilding profits after slashing stock levels under a restructuring plan.

The group, which recorded losses of almost £70 million in its last financial year, said like-for-like sales were 5.1 per cent lower in the 25 weeks to 22 March.

But Jessops added that good management and the previously-announced closure of 81 stores, including eight in Scotland, had cut stock levels to £29m from £51m a year earlier – a reduction it said had been achieved without affecting product availability.

It is hopeful the second half of the financial year, which includes the busy summer trading period, will see further benefits.