Fred Perry sales smash £120m thanks to foreign operations

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Fred Perry trading update
Fred Perry said the year-on-year increase was the result of a change in the sales mix and positive currency hedging
// Fred Perry posts pre-tax profit of £28.3m in the year to March
// Sales increased by 3% to £122.2m during the period

Fred Perry has recorded a pre-tax profit of £28.3 million in the 12 months to the end of March, a year-on-year rise on the £21.3 million it had made in the previous period.

The British retailer said the increase was helped by its continued “firm control of the overhead cost base”.

Sales increased by three per cent to £122.2 million during the period, which was boosted by its operations outside of the UK and Europe.

Meanwhile, gross profit rose to £66.1 million from £59.8 million with a gross margin percentage of 54.1 per cent, higher than the 50.4 per cent of a year earlier.

And as well as those cost controls, Fred Perry said the year-on-year increase was the result of a change in the sales mix and positive currency hedging.

During the period, net assets rose to £133.1 million from £122.3 million and cash rose to £7 million from £6.3 million.

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