UK retailer Blacks Leisure H1 losses widen - AFX


LONDON, Oct 31 (Reuters) - Blacks Leisure Group, the British outdoor clothing and footwear retailer, on Friday said half year losses widened by 55 percent but the group's turnaround plan was making good progress.

The company, which has 428 stores selling camping equipment and outdoor clothing, reported a pretax loss for the six months to end-August of 6.7 million pounds on sales 9.4 percent lower at 133 million pounds.

Blacks, in the first year of a turnaround plan under new Chief Executive Neil Gillis, said its outdoor business -- 260 Millets stores and 110 Blacks Outdoor stores -- performed broadly in line with expectations in the first half, recording a 5.2 percent fall in like-for-like sales.

However, it said its boardwear business -- 57 Freespirit, Mambo, Animal and O'Neill stores -- endured a 'very difficult' market with like-for-like sales slumping 16.1 percent.

Blacks said group like-for-like sales were down 7.7 percent in the first-half but that its trading performance over Christmas would be key to shaping the group's annual results.

'The outlook for the remainder of the year will be influenced by trading over the important Christmas period and possibly, wider economic factors,' Chairman David Bernstein said in a statement.

The retailer, which has issued three profit warnings already this year, said the initial phase of its turnaround plan was going well and that it had reduced costs by 5.6 million pounds and had made improvements in working capital, with stock at the half year being 10.5 percent below the prior year.

Over and out.

A wind -up agreement before the years end I believe.

This is the end.
no surprise my local was run by long haired hippies more concrned with talking to their drug adled mtes than serving any customers.

http://www.bing.com/videos/search?q=video+of+dad's+army+were+doomed&docid=1280241697588&mid=6A8870D22D0050F274DA6A8870D22D0050F274DA&FORM=VIRE1#

were doomed..lol.

Not me . lol, You dont hold these mitzy?

http://www.bbc.co.uk/news/business-16313138

No way do I hold.

I thought you might buy in on the low today.lol . JJb sports could struggle soon to.

Staff will lose their jobs but its inevitable but still sad.

Trading less than 1 new penny.

1.25

+0.50 (+66.67%) wow

Incredible.

Blacks Leisure Group Share Price


1.12 -0.12 (-11.11%)

Into administaration according to SKY news .

From the proverbial - Blacks Leisure to go into administration

Blacks Leisure has said it is to briefly enter administration as part of a takeover deal.

The so-called prepack arrangement will wipe out the value of existing shares, which have now been suspended from trading on the London Stock Exchange.

MORE than 3500 workers face an agonising wait after outdoor chain Blacks confirmed plans to go into administration.

Blacks, who have 98 stores and own 208 Millets outlets yesterday said they had failed to find a buyer after they were put up for sale.

After they go into administration next week, the bulk of the chain is expected to be bought by JD Sports.

The deal would see most of their £36million debts wiped out and their worst-performing stores closed.

JD Sports’ £20million cash offer is believed to have beaten rivals including Newcastle United owner Mike Ashley’s Sports Direct, Blacks’ largest shareholder.

Dragons’ Den tycoon Peter Jones was thought to be among the bidders, as were Scots outdoor chain Trespass and Mountain Warehouse.

Millets and Blacks leisure in administration? Now is the winter of our discount tent.

Gausie ur so camp