AllSaints profits drop by more than half

AllSaints has a battle ahead after it was reported this week that full year profits had fallen by more than half.

Underlying profits at the fashion retailer dropped from £26 million to £10.6 million in the year to February 2018, according to The Times.

The firm cited property write-offs and weaker in-store sales behind the loss.

There are still signs of hope for the retailer, which posted an eight per cent rise in sales across the financial year, up to £327 million, thanks to online customers and its Asian expansion.

Newly-installed chief executive Peter Wood will now be faced with balancing the retailer’s profit loss with AllSaint’s fledgling overseas business, where the retailer generates almost half of its sales.

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