Jessops share price slumps on profits warning

Discussion in 'UK Photography' started by Tony Polson, Mar 2, 2007.

  1. Tony Polson

    Tony Polson Guest

    Earlier this week, Jessops warned investors that profits for the
    current financial year would fall well short of targets, mainly due to
    lower sales of digital cameras.

    The share price dropped rapidly. An idea of how rapidly is seen here:

    http://www.iii.co.uk/investment/detail?code=cotn:JSP.L&it=le

    Look at the "Performance Graph", which shows the share price
    plummeting from a high of over £1.50 per share in January 2007 to a
    low of only 54.5p today, a loss of over 60%.

    When Jessops floated onthe Stock Market in October 2004, the initial
    share price was £1.55.
     
    Tony Polson, Mar 2, 2007
    #1
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  2. Milton Keynes, UK
    Will we miss them?
    They've bought up many once independent traders, and imposed their one size
    fits all, so to keep going they really have to get it right, and keep it
    right. Since their physically larger shop in Milton Keynes stopped offering
    s/h items, I've hardly gone in, now buying my paper and ink from other
    sources. I'm fairly price savvy, so there's no way I'm paying their listed
    shop prices when I do buy new items.
     
    Malcolm Stewart, Mar 2, 2007
    #2
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  3. Tony Polson

    monopix Guest

    And your point is?
     
    monopix, Mar 2, 2007
    #3
  4. Tony Polson

    Flying Rat Guest

    somehow I fail to be moved, apart from the thought that people on low
    pay in the shops will probably be the first to suffer.

    Jessops exists to separate the gullible from their money, just like PC
    World. PC World does have the redeeming feature of being somewhere with
    huge stock in branches, and occasionally a bargain or three can be had
    there. Jessops doesn't seem to have either.

    Maybe a buyout and new leadership is what that firm desperatly needs

    FR
     
    Flying Rat, Mar 3, 2007
    #4
  5. Tony Polson

    Mark Dunn Guest

    I still have a soft spot for Jessops. 25-odd years ago in a non-London part
    of the world they were nearly all there was. But when I walked down New
    Oxford Street the other day and there was not a second-hand item in sight,
    well, I don't know.
    somehow I fail to be moved, apart from the thought that people on low
    pay in the shops will probably be the first to suffer.

    Jessops exists to separate the gullible from their money, just like PC
    World. PC World does have the redeeming feature of being somewhere with
    huge stock in branches, and occasionally a bargain or three can be had
    there. Jessops doesn't seem to have either.

    Maybe a buyout and new leadership is what that firm desperatly needs

    FR
     
    Mark Dunn, Mar 3, 2007
    #5
  6. On Fri, 2 Mar 2007, Tony Polson wrote:

    TP> Earlier this week, Jessops warned investors that profits for the
    TP> current financial year would fall well short of targets, mainly due to
    TP> lower sales of digital cameras.
    TP>
    TP> The share price dropped rapidly. An idea of how rapidly is seen here:
    TP>

    It doesn't surprise me. Their models always seem to be old ones compared
    to those that you see on the interweb. And the service is a bit lazy. I
    went into a Jessops the other day to look at a Fuji F30. They had one (it
    is a tad old - I think there have been two updates). As I looked at it, I
    said to the salesperson that I was interested because it had a waterproof
    case at a reasonable price. "Could you get the waterproof case if I buy
    the camera", I asked. "No" was the answer.

    --
    Alan

    ( If replying by mail, please note that all "sardines" are canned.
    However, unless this a very old message, a "tuna" will swim right
    through. )
     
    Alan Clifford, Mar 3, 2007
    #6
  7. Tony Polson

    Fred Guest

    Over priced.
    Poor selection of goods.
    Won't be missed here.

    Fred.
     
    Fred, Mar 3, 2007
    #7
  8. Tony Polson

    Flying Rat Guest

    maybe others have different views, but I think the company suffers from
    extremely poor management and strategy.

    Staff in the shops, when I have visited, do not seem motivated. The
    goods on offer are vastly overpriced and cater to the kind of customer
    who may be wandering in with a credit card and not much of a clue what's
    what. If Jessops could somehow reposition itself as offering both value
    and service then maybe the prosumer and higher level of client would
    start coming back, and it's those people who frequently have their
    opinions sought by novices who want somewhere to spend their money.

    At the moment they seem to be in the tourist trap mentality of selling
    to captive audiences for what they can squeeze them for. Selling
    overpriced burgers to Japanese tourists is the image Jessops evokes to
    me. They also seem blithely ignorant of the EBay and Amazon culture
    nowadays where better value alternatives are widely available and
    delivered straight to the door.

    FR
     
    Flying Rat, Mar 3, 2007
    #8
  9. Tony Polson

    Tony Polson Guest


    If Jessops go under, I will shed no tears for their incompetent senior
    management or their greedy shareholders. On several occasions I have
    found Jessops selling photo equipment at *above* recommended retail
    prices. That's both incompetent *and* greedy. I will feel a lot of
    sympathy for the staff, who cannot be blamed for the management's
    failings and probably do their best, especially given the terribly low
    pay they get.

    But what I already *really* miss, and I have done for some time, are
    the excellent, independent camera shops that were taken over by
    Jessops and turned into branches of "The New Dixons", selling a very
    poor selection of heavily overpriced gear.
     
    Tony Polson, Mar 3, 2007
    #9
  10. Tony Polson

    John Bean Guest

    Indeed. What's more worrying is I even feel some nostalgia
    for the "old" Dixons, a veritable national treasure by
    comparison with Jessops. In Dixons heyday I couldn't imagine
    anything claiming to be a camera shop could ever be worse
    than Dixons, but Jessops have plumbed new depths of bad
    customer service and corporate greed. Long may their decline
    continue - despite my sympathy for (some of) their
    employees.
     
    John Bean, Mar 3, 2007
    #10
  11. Tony Polson

    Tony Polson Guest


    I'm not sure I could ever find any nostalgia for Doxins, no matter how
    hard I try, but I know what you mean.

    I could never forgive Doxins for buying a very good camera shop,
    Wallace Heaton of Bond Street, London W1, and turning it into just
    another mediocre Doxins store. But Jessops have commited exactly the
    same atrocity with hundreds of independent camera shops nationwide.
     
    Tony Polson, Mar 3, 2007
    #11
  12. Hello Tony.

    Sadly, it was not just Jessops who hit independent shops.

    Here in Nottingham we had a very, very good independent photographic shop in
    a suburb.
    It was a one-man business that had a bigger range of Cokin filters, tripods
    and gadget bags than any of the citry centre multiples. The owner knew his
    stuff about photography and trade was good.

    The shop was in Beeston which is near to the University. Mike's D&P woul
    dbe busy on graduation days due to rolls and rolls of film shot at the
    graduations.
    The decline started when the influx of graduation D&P died off. A mini-lab
    was now set up at the University for graduations.
    The end came when one of the multiple mini-lab shops (M** Sp***) moved into
    Beeston. The fall in D&P was too much for the one-man shop and it closed.

    I still have a burst of mostalgia whenever I pass the premises of that shop.
    By the way, all of this was way before digital photography took off. In
    fact, it would have been back in the mid 1990s.

    Nottngham city centre isn't too badly off for photographic shops. Two
    Jessops (with one chap who certainly knows his stuff regarding film SLRs
    which is my sort of thing), a Jacobs which has a small amount of second-hand
    stuff (their big branch near to Leicester station used to have a great
    second-hand section and their London shop near to Jessops World Camera
    centre) and a London Camera Exchange which still does second-hand.
    Personally, I've found London Camera Exchange to be the nearest thing to the
    independent shops so that's where my money and I shop.

    Would I miss Jessops if they left Nottingham? Sorry but no. Like many, many
    other people I stopped visiting the shops regularly when they ceased to
    handle second-hand equipment (and I think that my last major purchase from
    them was itsaelf some second-hand equipment).

    Regards, Ian.
     
    Fred Anonymous, Mar 4, 2007
    #12
  13. Nice to agree with you, Tony. My first 'serious camera' (!) a 127
    Luxette, was bought from WH by my father for me (in 1954). Then I just
    couldn't believe from their catalogue that a Leica M3 *without* a lens
    cost £110/7/6!

    It took me 10 years to save up for one, by which time I worked round the
    corner from WH, and was a frequent visitor to the store. I still have
    much of the darkroom equipment I bought from them.

    I, too, was sad - if not angry - at the demise of a really serious and
    good and helpful camera store, but that was after I'd move to the North
    West in 1976.

    Mike

    [The reply-to address is valid for 30 days from this posting]
    --
    Michael J Davis
    <><
    Some newsgroup contributors appear to have confused
    the meaning of "discussion" with "digression".
    <><
     
    Michael J Davis, Mar 4, 2007
    #13
  14. Tony Polson

    Bandicoot Guest

    [SNIP]
    Ahh, fond memories of Mike Tinkler's shop. My grandmother bought me my
    first SLR there.

    I suppose Castle Camera has probably gone too now.


    Peter
     
    Bandicoot, Mar 5, 2007
    #14
  15. I think that Mike was quite pleased to hit retirement though he always
    seemed to enjoy his shop and its customers.

    Was Castle Camera the shop on Friar Lane and run by an ex-manager from
    Pentax UK?
    If it was then, yes, it went years ago, hit by a poor summer for D+R and the
    opening of a multiple (Tecno or Jessops).

    Regards, Ian.
     
    Fred Anonymous, Mar 5, 2007
    #15
  16. Tony Polson

    Bandicoot Guest

    Yes, I think he'd probably had enough!
    Yes, that's the one I was thinking of. Strange little place, but very
    knowledgeable owner.



    Peter
     
    Bandicoot, Mar 6, 2007
    #16
  17. Hello again Peter.
    Ah - the gentleman who ran that camera shop was a sales rep or sales manager
    for Pentax if I remember correctly. This would explain the large collection
    of Pentax cameras in the shop. They were always shown as "not for sale"
    until the final days of the shop of Friar Lane.

    Oh - the Friar Lane shop was his second site. He'd initially had a shop near
    (or on) the junction of South Parade and Bridlesmith Gate.

    FWIW - there are still some independent shops around.
    Beryl Houghton in Coventry (and, I think, also in Leamington Spa) and George
    Torkarski in Lincoln. I've bought from both and been very satisfied with the
    deals.

    If you every went to Clay Cross thern you'll have known the Camera Centre
    there. Sorry - that's now a children's clothes shop.

    R. G. Lewis in London is still going but is usually quiet when I've visited.

    Regards, Ian.
     
    Fred Anonymous, Mar 9, 2007
    #17
  18. Tony Polson

    harrogate3 Guest

    Clay Cross Camera Centre - one of the few that still did repairs -
    moved to the bottom of Clarence Road in Chesterfield many years ago
    and disappeared some years back.
     
    harrogate3, Mar 9, 2007
    #18
  19. Hello Woody.

    I visited the shop in Clay Cross around 2003 ~ 2004 so I wonder if that was
    an imitator or competitor? I could find the exact date by ploughing through
    my driving logs but that would be a lot of paper.
    We ahd something like that happen in Nottingham with camera shops named
    Colwyn Cameras and Cameo Cameras. Not sure if they were related or
    competitors or just avoiding the creditors. They eventually closed and an
    auction house (I think) had a closing sale.

    Regards, Ian.

    Regards, Ian.
     
    Fred Anonymous, Mar 10, 2007
    #19
  20. Tony Polson

    harrogate3 Guest

    [snip]
    Cameo Cameras ISTR were one of the many camera shops in Cambridge who
    started expanding then died - but I could be wrong of course!
     
    harrogate3, Mar 11, 2007
    #20
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