Blacks pins hopes on Glastonbury campers

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Neil Gillis, who took over in November, called for "radical change" at the company after years of tumbling sales and profits which have seen its share price collapse.

With one month to go before the Glastonbury music festival kicks off, Gillis said sales of its new range of "blackout" tents and sleeping bags were booming.

In the past, Blacks has blamed its dismal financial performance on everything from the English weather to the cancellation of Glastonbury.

"Glastonbury is very positive for us," said Gillis. "We have a new Ministry of Sound 'blackout' tent which doesn't let in any light and is perfect for the morning after the night before."

The company, whose outdoor division is made up of Blacks and Millets and whose boardware brands include O'Neill, narrowed losses for the year to March from £13.8 million to £9.3million after revenues slipped from £298.3 million to £294.4 million.

Same-store sales fell 0.4% last financial year but the 12 weeks since the end of March have proved more challenging, with sales down 4.1% as consumers rein in spending and the boardware business suffers a torrid time. It cut the full-year dividend from 5.3p to 3p, saying it would restore it to historic levels "as soon as it is prudent to do so".

Blacks shares fell 7% or 10¾p to 139½p. Gillis, formerly of Linda McCartney Foods and Esporta Health Clubs, said there was "no quick-fix" to turning the company round, particularly "in the midst of a consumer recession". He has already axed 59 jobs in the Northampton head office and 45 at Sandcity, its subsidiary that distributes O'Neill, in a bid to save £3 million a year.

Today he turned his focus to attracting customers looking for brands such as North Face and Berghaus, saying the shops needed to be "as fashionable as the clothes".