Blacks drops its divi amid losses

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Today's figures confirm the profit warning delivered at the beginning of the month and show just how much chief executive Nick Gillies' turnaround plan is being hampered by the once-trendy boardwear business.

Boardwear, which includes 50 shops trading as Freespirit, O'Neill and Mambo, clocked up an operating loss of £4.7 million, while the outdoor business Blacks and Millets suffered a relatively modest loss of £96,000.

Sales in outdoor gear have also picked up since the summer, up 4.5% in September and October, leaving Gillies "relatively optimistic". Like-for-like sales in boardwear plunged by 26.6%.

Gillies said the stores, which he would be happy to offload at the right price, had attracted "a wide range of interest."