Blacks warns on profit
This has resulted in lower than expected sales as consumers continue to rein back on discretionary spending.
The group said in a statement that the outcome for the full financial year was substantially dependent on its trading performance over the crucial Christmas period. However based on recent trading, it now expects the outcome to be below expectations.
Blacks said it was taking action to manage margins in order to drive sales.
The group, which has been loss-making for some time, confirmed that it will need additional funding to execute its strategic plans and is considering other financing options including increasing its capital structure.
Blacks reported a £16 million loss last month and the group's shares have lost 88% of their value in the last year. The group has been undertaking a comprehensive review of strategy and operations following the arrival of Julia Reynolds as chief executive in August.
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