Select full-year profits fail to offset £61m loss

678
Select administration CVA Cafer Mahiroglu
Select recorded gross profits of £35.2m in 2018, compared to £61m for the 72 week period in 2017
// Select operating profit reaches £2 million in the year to December 2 2018
// Gross profits reached £35.2 million in 2018
// Turnover in 2018 was £72.8 million, compared to £116.7 million for the 18 months to December 2 2017

Select has reported that its operating profit was £2 million in the year to December 2 last year, compared to a loss of £15.5 million in the 18 months to December 2 the year prior.

The fashion retailer recorded gross profits of £35.2 million in 2018, compared to £61 million for the 72 week period in 2017.

Turnover in 2018 was £72.8 million, compared to £116.7 million for the 18 months to December 2 2017.


READ MORE: Select creditors owed over £53m following administration


Select was rescued out of administration by Cafer Mahiroglu in 2008, and currently has 169 stores, employing around 1800 staff members.

However, in May 2019, it collapsed into administration after a period of subdued sales.

During the same month, administrators launched a CVA for Select in a last ditch attempt to save the womenswear retailer from complete collapse and to preserve 1800 jobs.

In June, Select’s CVAs were given the go-ahead by landlords after 87 per cent approved the new terms, and allowed the retailer to cut its rents by up to 75 per cent.

Moreover, in July it was reported that Select creditors could be owed £53.1 million as part of the struggling fashion retailer’s administration process.

Click here to sign up to Retail Gazette‘s free daily email newsletter