04:35 ET<\/span><\/span><\/p>\nBlacks Leisure has reported a sharp reduction in losses, helped by a restructuring programme involving the closure of under-performing stores.<\/p>\n
Blacks reported pre-tax losses of \u00a35.3m for the year to 26 February, compared with losses of \u00a343.6m a year earlier.<\/p>\n
But the outdoor goods company, which owns the Blacks and Millets brands, said recent trading had been difficult.<\/p>\n
Blacks also named Julia Reynolds, the current boss of lingerie chain Figleaves, as its new chief executive.<\/p>\n
She will join the group towards the end of the summer, replacing Neil Gillis, who resigned in February.<\/p>\n
‘Difficult year’<\/span><\/p>\nBlacks sells products ranging from ski jackets and sleeping bags to binoculars and camping furniture.<\/p>\n
“This has been another difficult year for both the group and the UK retail sector generally, with consumer confidence still continuing to be fragile,” said chairman David Bernstein.<\/p>\n
“Despite this, action taken by the group has resulted in the delivery of a much reduced loss for the year.”<\/p>\n
Total revenue fell 16% from \u00a3240.5m to \u00a3201.9m, but last year’s figure included sales from 88 stores which closed at the end of 2009, Blacks said.<\/p>\n
Excluding these stores, revenue fell by 4.2% or \u00a38.8m.<\/p>\n
Blacks had been in talks with parties interested in buying all or parts of the business, but in January said it had ended talks with potential suitors.<\/p>\n
Since then, shares in the company have lost 64% of their value.<\/p>\n
Following Wednesday’s announcement, shares in Blacks rose 2.7% to 14.25p.<\/p>\n<\/div>\n
Continued here:
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