Overview
- Group revenue declined 4% to £53.9 million for the 26 weeks ended September 27.
- Underlying loss before tax narrowed to £7.4 million from £15.3 million, with operating expenses reduced 16% to £42.7 million; the reported pre-tax loss was £6.9 million.
- Gross margin improved to 69% from 67% as discounting was scaled back in favor of full-price sales.
- Wholesale revenue rose 36% and new UK partnerships were signed with John Lewis, Liberty and Harvey Nichols, while like-for-like sales increased 4% across the UK, Europe and the US.
- Asia-Pacific revenue fell 17% and six stores were closed, as the company prepared for peak trading supported by a £20 million June fundraise from Challice Limited and Frasers Group.