JD Soprts says Blacks still in the red

By GARETH MACKIE
Published on 11/01/2013 00:36

Retailer JD Sports Fashion said its acquisition of ailing outdoor chain Blacks pushed last year’s profits to the lower end of City forecasts.

The firm bought Blacks out of administration a year ago but revival plans have been frustrated by poor Christmas trading and “significant” annual losses, which JD Sports blamed on merchandise brought in by a previous management team.

Blacks’ poor performance offset another record period for the core JD Sports business, with like-for-like sales for the seven weeks to 5 January up by 3.2 per cent.

Executive chairman Peter Cowgill said: “Whilst the performance of outdoor has been disappointing, we remain confident that this business will produce returns.”