Yesterday Blacks Leisure, which operates 400 high street stores, reported a huge drop in profits and said it was being forced to make big changes in its goods as a result of global warming. The Guardian. Financial Times

Blacks has slashed its dividend as it tries to stabilise the troubled business, and the results for the year to 3 March showed the outdoor wear group just managed to break even, with underlying profit of £100,000 on sales little changed at £298m. However, there was an exceptional charge of £13.9m, from closing about 45 loss-making stores, which mainly trade under its worst performing Millets fascia.

Investors in Sports Direct, the sportswear group that floated in February, own a 29.4% stake in Blacks.