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Blacks Leisure reports half-yearly results
Archived article dated Friday October 31st 2008
Group sales for the 26 weeks ended 30 August 2008 decreased by 9.4% to £133.0m (2007: £146.8m) while like- for -like retail sales decreased by 7.7% (2007: increase of 3.0%).
Revenue came in at £133.0 million (2007:146.8m) with gross margins staying about the same at 54%.The Group has reduced costs reduced by £5.6m including the removal of almost a third of head office roles with further reductions being targeted. The total number of stores already closed or will be closed is 21.
David Bernstein, Chairman, said,”'During the first half the Group made good progress with the initial phase of its turnaround plan. The Outdoor business delivered an encouraging performance against challenging comparatives and we are pleased with the performance of the new Outdoor store formats, which will now be rolled-out steadily across the estate. Boardwear continues to be a very difficult market and we are examining all options for this business.
We are encouraged by this better start to the second half and our plans for restoring sales growth to the business will be the key focus for the remainder of the current year and into 2009. The outlook for the remainder of the year will be influenced by trading over the important Christmas period and possibly, wider economic factors."
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