Fashion retail chain All Saints reported a loss of £88,837 for the 12 months to January 30th 2011, having posted pre-tax profits of £10.67 million the previous year.
According to accounts filed at Companies House, gross margins reduced nine per cent to 62.6 per cent, highlighting why the business needed to be saved by a private equity buyout earlier this year.
EBITDA fell nine per cent year-on-year to £21.48 million.
Despite sales totalling just over £208 million, expansion in the US and high levels of debt had pushed the retailer close to administration, before Lion Capital and Good Partners acquired the company and injected £105 million into the business in the spring.
Since then All Saints’ long-serving CEO Stephen Craig has resigned, and current Chief Financial Officer Peter Wood is running the business while a replacement is found.
Commenting on Craig’s departure when it was confirmed in September, Lyndon Lea of Lion Capital said that there are still plans to expand All Saints’ global network of stores.
“Without Craig’s tireless determination I am certain that we would not be in the position today of owning such a well-positioned and dynamic brand,” he said.
“We will work with Peter to continue the tremendous growth within the business. We also intend to resolve the question of leadership in the business through the appointment of a new CEO from outside the company.”