Outerwear company Blacks Leisure has swung to a GBP0.6m (US$1.23m) loss in the first-half of the year, from a profit of GBP51,000 in the year-ago period, after cutting prices to clear stock.

The UK retailer's revenue was up 4.0% to GBP146.8m from GBP141.3m last year, with like-for-like sales growth of 3%.

Blacks said there was a marked improvement in performance at its Blacks and Millets stores during the May to August period, but that group margin was negatively impacted by an aggressive stock clearance during March.

David Bernstein, Blacks chairman, said: "We 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."