The parent company of The White Company and Charles Tyrwhitt has attributed the hit to its annual profits to a “highly competitive retail environment”.
The fashion retail group, Bectin, saw profits drop by 8.5 per cent to £19.5 million in the year to March 31, 2018.
The company’s turnover increased up to four per cent to £411 million in 2017.
The White Company on its own saw operating profits fall by 33 per cent year-on-year to £17.6 million since opening stores in Ireland and US.
On the other hand, the retailer’s turnover increased by four per cent in 2017 to £206.5 million despite what it described as a “highly competitive retail environment”.
Meanwhile, sales at menswear retailer Charles Tyrwhitt increased by five per cent during the year to £204.6 million.