TABLE OF CONTENTS
Executive summary 4
Competitive landscape 6
Capacity has come out of the market 6
Differentiation in front of the consumer 9
Carving out their own niches 9
Focus on ‘big brand’ strategy – Nike & Adidas 12
Financial performance 14
Sales growth 14
Trends in physical capacity 15
Margin analysis 16
The Balance Sheet 20
Additional fundraising for Blacks Leisure and JJB? 21
A phase of restructuring for Blacks Leisure and JJB 22
A clean slate for JJB 22
Full exit from Boardwear still some way off for Blacks Leisure 23
The key drivers of future growth 26
Major sporting events 26
International expansion 29
Website development 31
Five year historic data 32
Companies section 34
Valuation 34
JD Sports 36
JJB Sports 38
Blacks Leisure 41
Sports Direct 43