This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.guardian.co.uk/business/2013/apr/17/jd-sports-reprieve-for-millets

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
JD Sports reprieve for Millets JD Sports reprieve for Millets
(5 months later)
JD Sports Fashion is giving a reprieve to the Millets chain despite continuing troubles at its outdoor clothing business.JD Sports Fashion is giving a reprieve to the Millets chain despite continuing troubles at its outdoor clothing business.
Profits for the group, which also owns the JD Sports chain and the Bank fashion stores, slid 18.3% to £55.1m in the year to 2 February, dragged down by £14.9m of losses from the Blacks and Millets chains which sell waterproofs, boots and camping gear.Profits for the group, which also owns the JD Sports chain and the Bank fashion stores, slid 18.3% to £55.1m in the year to 2 February, dragged down by £14.9m of losses from the Blacks and Millets chains which sell waterproofs, boots and camping gear.
JD also suffered £5.3m of exceptional charges including the cost of restructuring the wave of retail businesses it has acquired during the downturn – among them the Blacks and Millets group and online footwear business Cloggs.JD also suffered £5.3m of exceptional charges including the cost of restructuring the wave of retail businesses it has acquired during the downturn – among them the Blacks and Millets group and online footwear business Cloggs.
The new businesses helped lift total sales by 18.8% to £1.3bn.The new businesses helped lift total sales by 18.8% to £1.3bn.
Peter Cowgill, executive chairman, said of the outdoor business: "Although initial results have been more disappointing than originally anticipated we now have a firm foothold in a different and growing lifestyle market in the UK."Peter Cowgill, executive chairman, said of the outdoor business: "Although initial results have been more disappointing than originally anticipated we now have a firm foothold in a different and growing lifestyle market in the UK."
JD Sports had planned to close Millets, part of Blacks Leisure, which it bought in January last year. It has since closed nearly 130 stores but said the fortunes of both chains were improving under a new management team, with tighter stock control and investment in stores. Both have also been boosted by the chilly spring.JD Sports had planned to close Millets, part of Blacks Leisure, which it bought in January last year. It has since closed nearly 130 stores but said the fortunes of both chains were improving under a new management team, with tighter stock control and investment in stores. Both have also been boosted by the chilly spring.
JD said it would close further outlets to leave a group with 140 stores, 60 of which would retain the Millets name.JD said it would close further outlets to leave a group with 140 stores, 60 of which would retain the Millets name.
The struggles with the outdoor business offset a resilient performance from JD's core sports chain, where underlying sales rose 2.5% over the year and operating profit stepped up 4.7% to £77.8m.The struggles with the outdoor business offset a resilient performance from JD's core sports chain, where underlying sales rose 2.5% over the year and operating profit stepped up 4.7% to £77.8m.
The sports chain is now expanding abroad with plans to open more stores in France, where it already has 11 outlets, and other countries. It remains cautious about Spain, where it has six stores.The sports chain is now expanding abroad with plans to open more stores in France, where it already has 11 outlets, and other countries. It remains cautious about Spain, where it has six stores.
Our editors' picks for the day's top news and commentary delivered to your inbox each morning.