Blacks warns on profits
Wednesday 7th January 2009, 1:06PM GMT.
Blacks Leisure has issued a profit warning as surfing clothing sales plunge, amid tough conditions for high street retailers.
The outdoor leisure equipment and clothing group said a sharp fall in boardwear sales – the group is the UK licensee for surf brand O’Neill – affected overall profits, which will be below expectations for the year.
In the 18 weeks to January 3rd, like-for-like sales for the group were -3.9 per cent.
Although the outdoor business performed strongly at -0.5 per cent, boardwear sales at the group’s FreeSpirit stores dropped sharply by 19.2 per cent.
The group is planning to convert ten FreeSpirit stores, over a quarter of the estate, into the more profitable outdoor stores this financial year.
Analysts are eying announcements from the high street as the retail sector was expected to fare poorly over the Christmas period.
In the days leading up to Christmas, both Zavvi and Adams Childrenswear filed for administration, while Woolworths shut its doors for the last time this week.
However, retailers fought back with aggressive discounting and figures released by Next, Debenhams and Marks & Spencer have been received well by investors, sending their shares soaring.
Despite these performances, there are still widespread concerns for the health of the high street and data specialist Experian has forecast that one in ten stores will be empty by the end of 2009.
Shropshire Star on Twitter
Keep updated with the latest breaking news and content on our Twitter feed.
Lifestyle
Interactive Dining Out map
Hundreds of reviews by the Shropshire Star and Express & Star's teams to help you decide where to eat.
Entertainment
All the film reviews
Before you plan a trip to the pictures, get our critics' verdicts on all the latest movie releases.
OUR NEW APP
Get the new Shropshire Star app
Download the Shropshire Star’s new app to your iPad or iPhone to get one week of access to our digital newspapers absolutely FREE.
shropshirestar.com
Popular sections
Useful links
