Blacks singing in the rain

Black Leisure Group was unaffected by consumer slowdowns in other areas of fashion and across the retail sector generally throughout last year.

The retailer increased sales by 15 per cent in the 12 months to February 28, to£295 million from£255.5 million the previous year. Profit before tax shot up 18 per cent compared with the previous year, to£21.1 million. Gross margins rose by 0.8 percentage points, while like-for-like sales increased by 8.1 per cent.

Although the retailer's outdoor divisions flourished, with operating profit rising 40 per cent, its O'Neill franchise business fared less well. This was because of poor summer weather last year and tough market conditions for boardwear, with operating profit down by nearly two thirds.

Current trading is satisfactory, the retailer said, with like-for-like sales up 1.1 per cent for the eight weeks to April 23. Blacks chairman David Bernstein welcomed newly appointed chief executive Russell Hardy and expressed his thanks to outgoing managing director of outdoor Terry Maywood.

Of current trading, he said: 'The early Easter and mixed weather have contributed to a slowdown in both outdoor and boardwear, with customers waiting for the warmer weather to participate fully in outdoor activities. This effect has been reduced by the very strong performance of wet and cold weather products, such as fleece, skiwear, hats, scarves and gloves, which once again demonstrate the benefits of the group's balanced portfolio of products and stores.'