Karen Millen has stemmed its losses while its profits and sales remained fairly stable, in what has been a “year of change” for the fashion retailer.
In its fiscal year ending February 28, operating losses were slashed by 12 per cent to £9.2 million, while gross profit rose 1.6 per cent to £95.4 million and sales dipped 1.2 per cent to £158.8 million.
It’s the first full-year results Karen Millen has posted under chief executive Beth Butterwick and chief financial officer Emily Tate – both of whom were hired during the year.
The full-year results were boosted by overseas revenue – more than half of it derives from markets outside the UK – which helped it to weather the economic downturn at home due to the weakened sterling.
During the year, Karen Millen also relaunched its online platform, introduced new delivery options and undertook a brand review based on customer and market research.
“This has been a year of change at Karen Millen as we stabilised the business to prepare the ground for a return to profitable growth,” Butterwick said.
“The changes are already having an impact, with our new web platform driving a significant year-on-year growth in our digital business.
“Our work to understand our customer and put the confident purpose that she has traditionally associated with Karen Millen back into our brand and collections is, similarly, already having a positive effect.
“With more than 50 per cent of our revenue coming from overseas, we’re positioned favourably to weather the ongoing challenging market conditions in the UK.”