Jessops lacks funds for stock

11 April 2007

12 April 2007 | Antony Barton

Photographic chain Jessops has warned of a lack of cash to order stock, just months after it suffered a supply shortage.

The retailer has also announced the resignation of its commercial director. Chris Langley, chief executive, assumes the duties of Robin Whitbread, who had overall responsibility for buying, stores, marketing, developing and printing. The firm refused to comment on why Whitbread had left after less than a year.

Gavin Simonds, the chairman, is also to resign. He said Jessops required "more active leadership of the board" and will leave in May.

A third profit warning in three months revealed digital compact camera sales were down by 16.3 per cent and camcorders by 21.7 per cent compared with 2006. This followed a drop in the share price after poor Christmas figures. It said this was due to worldwide supply shortages of the most popular camera models from Nikon and Canon, which meant it could not meet demand.

It said it would work with the vendors to overcome supply issues.

Langley has announced a strategic review of the firm due to "unusually tough trading conditions", but Jessops would not confirm the focus of the review.

SMapr2007

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