GENERAL MERCHANDISE NEWS
Blacks profit diluted by boardwear business
7 January, 2009 | by Retail Bulletin
As a consequence, operating profits for the Group are expected to be below market expectations.
In the 18 weeks to the 3rd January, which covers the second half to date, like for like sales for the combined group result were -3.9% with the Outdoor business performing strongly at -0.5% and Boardwear at -19.2%. Like for like sales in the 6 weeks ended January 3rd were -3.9% below last year broken down between the Outdoor at -1.3% and Boardwear at -14.9%. (This compares to +4.5% and -14.2% last year).
The group said it is continuing to reduce the impact of the boardwear unit on the business, adding that there are plans to convert 10 FreeSpirit stores into outdoor stores in this financial year.
