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Blacks Leisure's new stores performing strongly
05 May '11
2 min read
Blacks Leisure Group plc announcement result for the year ended 26 February 2011.
Highlights
• Significant reduction in loss before tax to £5.3m (2010: £43.6m) and in loss before tax and exceptional items to £6.6m (2010: £14.4m)
• Exit from non-core Boardwear segment planned to be completed by half year
• New stores performing strongly
• Julia Reynolds to join as new Chief Executive
• Banking facilities extended to July 2012 and further extended to November 2012 upon the new Chief Executive commencing employment with the Group
David Bernstein, Chairman, said: "This has been another difficult year for both the Group and the UK retail sector generally, with consumer confidence still continuing to be fragile. Despite this, action taken by the Group has resulted in the delivery of a much reduced loss for the year."
"I am delighted to announce that Julia Reynolds has accepted our offer to join Blacks Leisure as Chief Executive towards the end of the Summer. Julia is a very experienced buyer and retailer who will join us from Figleaves.com where, as CEO, she drove a period of significant growth and improvement in results. Prior to that, Julia was Category Director at Tesco plc where she was responsible for the introduction and subsequent success of the Florence & Fred clothing range."
Neil Gillis, Chief Executive, said: "Blacks Leisure now has a more focussed estate of stores, a significantly reduced overhead base and a proven new store format which has been successfully rolled out this year. The business is now well placed to move from turnaround to recovery with a focus on outstanding retailing to restore it to a leadership position within Outdoor retail."
Highlights
• Significant reduction in loss before tax to £5.3m (2010: £43.6m) and in loss before tax and exceptional items to £6.6m (2010: £14.4m)
• Exit from non-core Boardwear segment planned to be completed by half year
• New stores performing strongly
• Julia Reynolds to join as new Chief Executive
• Banking facilities extended to July 2012 and further extended to November 2012 upon the new Chief Executive commencing employment with the Group
David Bernstein, Chairman, said: "This has been another difficult year for both the Group and the UK retail sector generally, with consumer confidence still continuing to be fragile. Despite this, action taken by the Group has resulted in the delivery of a much reduced loss for the year."
"I am delighted to announce that Julia Reynolds has accepted our offer to join Blacks Leisure as Chief Executive towards the end of the Summer. Julia is a very experienced buyer and retailer who will join us from Figleaves.com where, as CEO, she drove a period of significant growth and improvement in results. Prior to that, Julia was Category Director at Tesco plc where she was responsible for the introduction and subsequent success of the Florence & Fred clothing range."
Neil Gillis, Chief Executive, said: "Blacks Leisure now has a more focussed estate of stores, a significantly reduced overhead base and a proven new store format which has been successfully rolled out this year. The business is now well placed to move from turnaround to recovery with a focus on outstanding retailing to restore it to a leadership position within Outdoor retail."
Blacks Leisure Group plc
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