// Flying Tiger to halt store expansion
// Profits dipped 74% for the year end to December 31, 2018
Flying Tiger Copenhagen will stop its rapid expansion plans as it battles a sharp fall in profits.
Since arriving in the UK in 2005, Flying Tiger has opened 47 stores nationwide, selling low-price party items, homeware and toys.
READ MORE:
Accounts filed show sales were down from £48.1 million to £47.3 million for the year to December 31, 2018.
Profits fell 74 per cent for the period, which was blamed on an increase in expenses and interest payments.
“We generated a profit in 2018 – albeit not at a level which was satisfactory,” Tiger Retail Ltd managing director Peter Casey told the Mail on Sunday.
In its Companies House report, Tiger said the main risks to sales were “a decline in consumer spending, falling footfall in high street shopping centres, and the brand failing to renew itself and stay relevant”.
Casey added: “The UK retail sector is experiencing challenging times with consumer spending pressures, increasing costs – especially rent and payroll – and significant numbers of store closures. Tiger Retail has not been immune to this.”
Casey said was “very positive” about the future for the company in the UK, although Tiger’s end of year filing cited the disruption Brexit had created in retail market, adding “these uncertainties could have an adverse effect on our business, financial results and operational performance”.
Click here to sign up to Retail Gazette‘s free daily email newsletter
