Missguided has posted another loss in its annual report but said things were now on the up as it undergoes a “year of transition”.
According to accounts filed with Companies House this week, the online fashion retailer recorded a loss after tax of £46.7 million for the 12 months leading up to April 1 last year.
Operating loss also came in at £44.85 million, but group turnover for the year increased 4.9 per cent to £215.91 million.
Despite the worrying figures, Missguided described the current year as one of “transition”, as revenue is on the rise due to sales through its main ecommerce platform as well as its wholesale operation.
Missguided said recent senior management appointments were “premature, materially increasing the cost base and diluting the influence of our founder Nitin Passi”.
In the past year, the retailer has seen chief executive of online Gareth Jones and chief customer officer Kenyatte Nelson step down after eight months in their respective roles.
Missguided also said its stores in Westfield Stratford City and Bluewater were a success, but they have generated insufficient revenue to cover operating costs.
“The year has been an extremely challenging one from which the brand emerges stronger and with a management team that has developed a sharper clarity on the key drivers of value in the business,” Passi said.