UK: World Cup hits profits at Blacks Leisure
Outdoor retailer Blacks Leisure is blaming the football World Cup and continued dry weather in the UK for a dip in like-for-like sales and profits in the 20 weeks to 15 July.
In an update released to coincide with the company's AGM, Blacks said total group sales for the period were up 2.6%, but like-for-like retail sales fell 1%. Gross margins were static.
The outdoor and boardwear clothing, footwear and equipment retailer admitted that the results were "disappointing". But it said the results should be considered in the context of the football World Cup - which "significantly" affected trade in June and early July - the lack of a Glastonbury Festival this year, and continued dry weather.
Describing the current retail environment as "challenging", the company predicted an upturn in business during its traditional camping and hiking season to the end of August, with Blacks in particular recovering well.
However, it added that profits were expected to be below last year's figures.
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