Blacks Leisure sees losses double
27 October 2011 10:39
Outdoors equipment group Blacks Leisure has revealed that losses plunged by more than double in the six months to August 27th.
In its half-yearly results, the company said that losses before tax from continuing operations was £16.0 million, down from £7.2 million in 2011.
Meanwhile, like-for-like sales declined by 7.2% to £81.1 million in what the company said was "an extremely challenging period for the business and the UK retail sector more widely".
Julia Reynolds, who was appointed chief executive on August 1st, said: "Since August, we have addressed some critical retail issues facing the group, most notably realigning the stock position and strengthening the management team in key functions, while simultaneously implementing a thorough root and branch review of the business.
"While the strategic planning process is nearing completion, it is already apparent that there are multiple opportunities to bring fresh retail ideas and disciplines to the business and more properly exploit its market leadership position, brand heritage and unparalleled brand recognition in the outdoor retail space.
"Notwithstanding the challenges of a difficult economic environment, the potential opportunity for a turnaround is clear."
Peter Williams, chairman, said: "Under new leadership and with a fresh strategy and significantly enhanced retail expertise, there is a real opportunity with the right funding structure for the business to re-establish its forward momentum."
Retail news is updated every weekday and is provided courtesy of: 
