| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: GENERAL RETAILERS |
Blacks Leisure lfl sales down 7.5% |
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Wed 21 Jul 2010
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LONDON (SHARECAST) - Blacks Leisure said like for like sales for the 17 weeks to the end of June fell 7.5% but is encouraged by the new store programme and is confident about its plans for the key winter trading period.
Group sales during the period fell to £53.9m compared to £76.9m for the same period last year after Blacks closed 107 stores as part of its restructuring programme last year.
The firm, which raised net proceeds of £19.7m in March through a placing, said it has been able to cancel the more expensive £7.5m top-up element of its bank facility. The continuing core bank facility is £35m.
Blacks' previous attempt to raise cash was scuppered by rival and 28.5% shareholder Sports Direct who also pulled out of a takeover of the group back in March.
Commenting on trading Blacks said, "Despite the adverse trading conditions in May the Board is encouraged by the progress on the new store programme and confident that the plans for the critical winter trading period are well advanced."
Initiatives include the launch of a customer loyalty card, a store training programme and new branded lines exclusive to Blacks.
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