Blacks Leisure Group, which owns outdoor retail establishments Millets and Blacks Outdoor, has seen sales drop in the 17 weeks to the end of June.
Group sales were £53.9 million, compared to £76.9 million for the same period in 2009, and the main reason for this slump was the 107 store closures over the course of the year.
The company is not standing still though and it has plans to get back on track in the months ahead, following its rescue by creditors last November.
Having raised £20 million in May to speed up turnaround plans, there are company-wide plans to refurbish stores and open a host of new outlets. Some seven new Blacks shops have opened this financial year and there are eight more in the pipeline before the 2011-12 trading period begins.
New non-executive director Tom Knight will join the board on August 1st, having left the business in 2002 and there are also plans to recruit another person in this position later in the year.
Black Leisure Group’s AGM followed the publication of the financial results, and the company announced that the ordinary and special resolutions proposed were all passed.