Blacks full year likely to be off target
Declining sales for most of the second half reflecting a subdued clothing market.
The Group saw strong performances over the Christmas period from its main brands, with Blacks like for like sales growing by 5.4% (prior year 4.6% down) and Millets by 7.8% (prior year 8.9% down). Performances in the Boardwear brands – Freespirit and O’Neill – were much weaker with like for like sales declining by 10.8% (prior year 1.7% higher) over the 6 weeks ended 12th January.
“In the 19 weeks to 12th January, which covers second half to date, like for like retail sales were 1.2% down (prior year 5.4% down) with total retail sales falling by 1.5%. The Boardwear brands have experienced declining sales for most
of the second half reflecting the effects of a weak clothing market. As a consequence, operating profits for the Group for the full year, whilst ahead of last year, are likely to be below market estimates.” Blacks said.
