Tuesday, November 21, 2017

LK Bennett strike a sales rise

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LK Bennett report a 4.4% rise in sales in the last year subsiding a gross profit increase of 3.2% to £61.2m during the 12 months running up to August, 2014.

The upmarket fashion chain has entered the first-half of 2015 with confidence. The retailer received £95.3m in sales within the 12 months, and saw a respective 43% increase in its online sales representing 13% of all sales.

The British brand had a climb in sales after expanding its business over to the US market – opening stores in Boston, Chicago and a flagship store on New York‘s Madison Avenue last month. Despite the company‘s success, its investments overseas brought down its underlying earnings, which remained flat at £3.6m.

Chief Executive Robert Bensoussan said the business continues to make progress and its strategy is to focus on better performing stores and “continued rationalisation” of underperforming concessions and regional stores in the UK.

Bensoussan, who stepped back in as chief executive after previous boarder Didier Drouet was ousted last year said:  “While trading conditions remain challenging, we have entered 2015 well positioned to continue to deliver on our growth strategy, building on a robust financial position, strong backing from our shareholders, a disciplined approach to cost and the recent strengthening of our senior team.”

 

By Natalie Whitmore