UK Retail News

Whistles has reported a pre-tax loss of £5.1m for the 12 months ending January 31, 2009 in its first year under the leadership of former Topshop boss Jane Shepherdson.

Sales were £35.2m for the year.

According to accounts filed at Companies House, the group's gross profit margin was 59%, resulting in gross profit for the period of £20.9m.

The company's distribution costs and administrative expenses were £24.3m - 69% of sales.

Shepherdson joined Whistles as chief executive in January 2008 and set about repositioning the premium womenswear chain away from its boho roots to have a more contemporary and minimal handwriting.

According to sources close to the business sales initially dipped as traditional Whistles shoppers deserted the new look. However, sales are thought to have been on an improving trend in recent months as new customers discover the collections.

Blacks Leisure has begun a store rollout programme which it said is the next phase in the company's turnaround plan.

The outdoor retailer has agreed terms on five shops in Glasgow, Chester, York, Cheltenham and Stratford-upon-Avon. Two of the shops, York and Chester, have started trading and the retailer said "customer reaction has been very positive".

The rollout is being funded from cashflow within the business which "has been made possible by the strong trading performance over the key Christmas period".

Last week rival Sports Direct said it might make a bid for Blacks.

In a statement, Blacks Leisure said: "In the absence of any concrete takeover offer from Sports Direct, the company intends to continue with the process of raising additional equity to further support the store rollout programme and is currently negotiating further new sites for both the Blacks and Millets brands."  

Neil Gillis, chief executive of Blacks Leisure, said: "We are now two years into the turnaround programme for Blacks Leisure. The restructuring of the company last year has put us into an ideal position to now expand the business and the commencement of the store rollout programme is a critical point in the next phase of this turnaround programme."