Like-for-like sales at the group dropped 3.3 per cent for the year to February 28.
During the period, the retailer continued its expansion programme, opening six Millets stores and six Blacks outlets. The roll-out of the Blacks out-of-town format was accelerated, with five 10,000 sq feet (929 sq m) stores opening.
So far, two transactional web sites have been launched this year - www.blacks.co.uk and www.millets.co.uk. A third for Freespirit, is also expected before the end of the year.
The retailer said trading for the nine weeks to April 29 was 'satisfactory', with like-for-like sales up 2.1 per cent.
Chairman David Bernstein said: 'The group has, once again, delivered both sales and profit growth, with a substantial 3.5 per cent improvement in gross margin. Although it is still early in the year and the key summer period is still to come, the board considers that the group has made a satisfactory start to the financial year.'
Blacks has appointed Keith Fleming as finance director, with effect from July 19. Fleming has held a number of high-profile retail positions, including managing director and finance director of Woolworths, as well as various director roles at DIY group Kingfisher. He takes over from Peter Hartley who will retire from full time executive roles.
Former Apax Partners chief operating officer Clive Sherling has also been appointed as a non-executive director.
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