Black’s Leisure Comps Increase 3% in First Half…

Black's Leisure fiscal first half revenues increased 3.8% to £146.8
million compared to £141.3 million last year. Comparable store sales
grew 3.0% with a strong recovery at Millets as comps grew 6.4%. There
was also marked improvement in Blacks and Millets performance during
the May – August period. Gross margin was 54.5%, a slight decrease
compared to 55.8% last year.

The retail group's margin and results were negatively impacted by
aggressive stock clearance during March. The new Freespirit banner will
continue to be developed given management's view of its future
potential. The U.K. outdoor retailer reported a 1.04 pence loss per
share compared to earnings per share of 0.12 pence last year.

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Thomas J. Ryan

Thomas J. Ryan Senior Business Editor | SGB Media tryan@sgbonline.com | 917.375.4699

Black’s Leisure Comps Increase 3% in First Half

Black's Leisure, fiscal first half interim results for the 26 weeks
ended 1 September saw Group comparable store sales grow 3.0% with a
strong recovery at Millets as comps grew 6.4%. There was also marked
improvement in Blacks and Millets performance during the May – August
period.

The
retail group's margin and results were negatively impacted by
aggressive stock clearance during March. The new Freespirit banner will
continue to be developed given management's view of its future potential

David
Bernstein, Black's Chairman, said, “We are encouraged by the Group's
progress in the first half and expect further improvement in operating
efficiency during the second half. Millets has shown an impressive
sales turnaround and all the outdoor brands have benefited from product
development and increased focus on retail basics. We believe the
outlook for the year as a whole is in line with our expectations,
provided the normal autumn and winter weather conditions continue and
we achieve a good performance through the important Christmas trading
period.”

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